Bloomberg: Cryptojacking Is The Most Serious Cyber Threat In Some Countries

The unauthorized use of another one’s hardware to mine cryptocurrency, known as cryptojacking, has recently become the biggest cyber threat in many parts of the world, according to recent reports from Bloomberg.

The latest crypto news shows a research from the cyber security research firm Kaspersky Lab where cryptojacking overtook ransomware as the biggest and fastest rising cybersecurity threat especially in countries like the Middle East, Turkey and Africa.

The data from Kaspersky also showed that “crypto mining attacks have risen almost fourfold in the region from $3.5 million in 2017 to $13 million this year.” The cybersecurity company also claimed that cryptojacking incidents are “likely to continue given the increased use of digital currencies.”

Aside from PC, smartphone users are also targeted by unauthorized mining software. These kinds of attacks have risen by 9.5%. The Senior Security Researcher at Kaspersky named Fabio Assolini, told Bloomberg the following:

“The [Middle East, Turkey, Africa] region is becoming more appealing to cyber-criminals, with financial and malicious cryptomining attacks taking center stage.”

He also claimed that such attacks are becoming more popular since they are “less noticeable” than ransomware.

“Last year we asked what tips the scales for cybercriminals? Today, this is no longer a question.
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Miners will keep spreading across the globe, attracting more people,”  Assolini stated.

Cryptojacking is not the only way in which cybercriminals use cryptocurrency, but definitely the most popular one.