Cryptojacking Spikes by 400%: Facts Uncovered in Reports

In recent times, there has been a noticeable decrease in conventional ransomware attacks, as various enterprises have opted against paying ransom. However, cryptojacking still presents a significant threat.

Cryptojacking is a cyberattack where malicious actors hijack others’ devices to secretly use their computing power for mining cryptocurrencies without their consent or knowledge. And according to a new report from cybersecurity firm SonicWall, cryptocurrencies are still being exploited as a means to extort victims.

The SonicWall Mid-Year Cyber Threat Report reveals the changing tactics of digital threat actors, who now opt for different types of malicious attacks compared to previous years. According to SonicWall, cyberattacks have seen a significant global increase of 399% in the past 12 months.

SonicWall EMEA vice president Spencer Starkey stated:

This nefarious practice has become the new modus operandi for hackers, as organizations increasingly refuse to pay ransoms.

Related Reading: SlowMist Security Researcher Reveals Crypto Phishing Attack Exploiting Apple Device 2FA

In the initial half of 2023, there has been a 332.3 million increase in instances of cryptojacking attacks as documented. Simply put, it surpasses the cumulative count of cryptojacking attacks that transpired throughout the years 2020, 2021, and 2022.

Cybercriminals Embrace Discreet Tactics In Their Attacks

The data from SonicWall also indicated that cybercriminals have shifted toward this more discreet method due to heightened law enforcement activity and stringent sanctions.

SonicWall CEO Bob VanKirk said:

Threat actors are relentless, and our data indicates they are more opportunistic than ever, targeting schools, state and local governments, and retail organizations at unprecedented rates.