The cybersecurity firm SonicWall says incidents of cryptojacking have surged by 30%, and experts believe this is a sign that some ransomware operators "are ready for a quieter life."
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Ransomware attacks fell substantially in the first half of 2022 — but according to a new report, cybercriminals are now turning their attention to other strategies.
The cybersecurity firm SonicWall says incidents of cryptojacking have surged by 30%, and experts believe this is a sign that some ransomware operators "are ready for a quieter life."
Cryptojacking attacks involve infecting a victim's computer with malware that's designed to mine cryptocurrencies — and more often than not, it's deployed through web browsers.
Governments, healthcare providers and educational institutions have been the industries most affected by cryptojacking in the past, but cybercriminals now appear to be targeting other sectors. Attacks on the retail industry have surged by 63% so far this year, with incidents in the financial sector up 269%.
Explaining why cryptojacking is on the rise, SonicWall explained:
"Changing careers is tough, and this goes for cybercriminals, too. When the price of a coin drops like a rock, it’s still easier to hustle harder than it is to find a new line of work."
The report also notes that awareness about ransomware attacks has risen substantially — with the high-profile incidents affecting the U.S. Colonial Pipeline and Kaseya resulting in government busts:
"Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it. And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday."
