• November 24, 2020

Criminal Hackers Prefer CryptoJacking Over Ransomware

Criminal Hackers Prefer CryptoJacking Over Ransomware

Criminal Hackers prefer Cryptojacking over Ransomware because it’s an efficient money-making scheme. An IBM researcher discovered Cryptojacking as one of the major cyber attacks in 2018.

According to report by IBM, Their X-Force Red Research team monitored millions of spam and phishing attacks daily and checked webpages and images to detect fraudulent activities.

In the report they added that most of the cyber attack are Cryptojacking. And Ransomware and malware attacks are some of the least techniques used by the hackers. In 2018 CryptoJacking attack has been increased 450% from Q1 to Q4. And ransomware attack has fallen 45% during the same year.

Why Do Criminal Hackers Prefer Cryptojacking?

In ransomware the victim needs to pay the ransom to unlock their files and its a one time pay. But in Cryptojacking it’s a continuous payment process until the victim is aware that his system has been hacked.

Thus Criminal hackers prefer Cryptojacking because they can earn revenue continuously as long as the victim is not aware.

Charles Henderson a researcher at IBM X-Force Red says this is the easiest way to make money for criminals. As most of criminals are focus on return on investment.

Henderson also added that,

“With the extortion racket of ransomware, you lose the customer after one transaction, so it’s a one and done, there’s no recurring revenue—I mean its just bad business,”

As per Henderson Cryptojacking will provide the hackers continues revenue.

Recently we had seen hackers had added CryptoJacking Malware on a Non-profit Organisation Make-A-Wish website. In this site the CryptoJacking malware used to mine Monero(XMR) cryptocurrency.

Cryptojacking has been one of the most convenient technique for hackers to use and earn cryptocurrency. But as the awareness arises there are ways to detect the Cryptojacking in the computer systems.

What you think regarding the increase of Cryptojacking attack? Share yours thoughts in the comment below.

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