Russia’s Kaspersky Labs Warns About Growing Threat of Malicious Crypto-Mining

June 29, 2018 10:18 pm Published by
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Russia’s Kaspersky Labs Warns About Growing Threat of Malicious Crypto-Mining

The Russian cyber security company Kaspersky Labs released a report on Thursday which warned how many malicious cybercriminals are switching from ransomware to crypto-jacking, according to CoinDesk. 

Kaspersky Labs said even though ransomware attacks are still used, they have actually declined as many hackers are instead turning to use crypto-mining software since it’s become more profitable than ransomware, which uses a malicious file to shut down a computer until a ransom is paid. 

The Russian company said it compared data from April 2016 through March 2017 and data from April 2017 through March 2018 to uncover how ransomware declined by almost 44.6 percent from 2017 to 2018 while crypto-mining malware increased by 44.5 percent. 

The report also said the number of illicit mining instances increased from 1.87 million in 2016 to 2.7 million at the end of 2017.

The cybersecurity firm said they expect those numbers will continue to grow, especially since mobile miners are already increasing. 

“It is highly likely that the additional growth of mining will come at the expense of mobile miners. For now, they are growing, but at a very steady pace. However, once criminals find a technological solution that makes the profits from mining on mobile devices equivalent to those from mining on PCs, mobile mining will quickly become equal.”

The report especially highlighted how residents of China and India are vulnerable since those countries contain one-third of all the smartphones in the world. 

“While ransomware has provided a potentially large but one-off income for its cybercriminals, miners will provide a lower, but longer lasting one. Last year we asked what tips the scales for cybercriminals? Today, this is no longer a question. Miners will keep spreading across the globe, attracting more people.”, Maureen Foody

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