A recent McAfee report revealed alarming information and statistics about the rising threat of Crypto Mining Malware. The numbers might sound brutal, but the reality could be even worse. According to the McAfee report, Crypto Mining Malware has increased by the astronomical 4000% just last year alone.
This is completely normal, ever since the large rallies from 2017 saw a huge increase in overall Crypto usage and popularity. Unfortunately, with the sweet comes the sour and so have criminal attempts to exploit the developing new Digital Asset class and its community. The report shows that the colossal malware increase is well within the 4000% range.
The biggest rises can be seen at the end of 2017 and Q1 of 2018. Q2 and Q3 of 2018 saw a lot of ups and downs, but in the end the malware usage only increased. Q3 sees the largest increase in 2018 as malware rose by 71%.
The McAfee Report shows a 4000% Malware increase
This means that criminals are now massively targeting new miners with Cryptojacking Malware. Most often, targets are users who use routers or IoT devices like video recorders or cameras as Crypto miners. These devices can be exploited mainly because of their weak CPUs and their lack of substantial security.
The December McAfee Labs Threat Report discussed in-depth the increase of underground forums where criminals go to learn, teach, recruit and boost their overall effectiveness. Another topic that not enough people are informed on is Crypto espionage and its all-time highs. Kaspersky Labs is another cyber-security firm that recently released data. The released data shows that Cryptojacking has seen a 40% increase in 2018.
Kaspersky is based in Russia and also creates antivirus software. According to members of the company, there were more than 13 million cases of Cryptojacking in 2018 alone. Considering how disappointing the year was for both miners and investors, it’s important for companies to realize that 2017, the best year for cryptocurrencies by far, saw merely 3.5 million cases of Cryptojacking.
No one is surprised that when a new and unique asset like cryptocurrencies starts to reach more people, criminals will also have access to more potential targets. Companies, investors, miners and traders need to be extremely careful and pay extra attention to security now, more than ever.