Safeonline Emerging Technology Risks: Cryptojacking

Introduction

In the past, ransomware has trumped other methods as the most popular form of cyber espionage. Over the past year however, there has been a spike in criminals searching for new opportunities for revenue generation. Considering the astronomical rise in the value of cryptocurrency, it is unsurprising that they have identified coin-mining as a preferable method. This term has been coined ‘cryptojacking’, and is likely to be contributing significantly to the reported 8,500% increase in detection of coin-miners (Symantec, 2018).

Cryptojacking is defined as ‘a form of cyber attack in which a hacker hijacks a target’s processing power to mine cryptocurrency on the hacker’s behalf.’

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