Cryptojacking, used by crypto miners’ gone up to 30%: Report

Context

‘Cryptojacking’ attacks on computer systems have gone up by 30% to 66.7 million in the first half of 2022 compared to the first half of last year, according to a report by a US-based cybersecurity firm.

What is cryptojacking?

• Cryptojacking is a cyber attack wherein a computing device is hijacked and controlled by the attacker, and its resources are used to illicitly mine cryptocurrency. 
• In most cases, the malicious programme is installed when the user clicks on an unsafe link, or visits an infected website — and unknowingly provides access to their Internet-connected device.
  
  

Why is cryptojacking done?

• Coin mining is a legitimate, competitive process used to release new crypto coins into circulation or to verify new transactions.
• It involves solving complex computational problems to generate blocks of verified transactions that get added to the blockchain. 
• The reward for the first miner who successfully manages to update the crypto ledger through this route is crypto coins.
• But the race to crack this 64-digit hexadecimal number code needs considerable computing power involving state-of-the-art hardware, and electrical power to keep the systems involved up and running.
• Cryptojackers co-opt devices, servers, and cloud infrastructure, and use their resources for mining. 
• The use of ‘stolen’ or cryptojacked resources slashes the cost involved in mining.

Concern

• Cryptojacking is hard to detect and the victims of these attacks mostly remain unaware that their systems have been compromised. 
• Some telltale signs are the device slowing down, heating up, or the battery getting drained faster than usual.
• Apart from individuals, businesses too are on the target list of cryptojackers. 
• According to the report, cryptojacking incidents targeting the retail industry rose by 63% year-to-date, while similar attacks on the financial industry skyrocketed 269%.
• The primary impact of cryptojacking is performance-related, though it can also increase costs for the individuals and businesses affected because coin mining uses high levels of electricity and computing power.