Forget Viruses or Spyware — Your Biggest Cyber threat Is Greedy Cryptocurrency Miners.

  • Software that hijacks your computer to mine has become the most popular malware on the planet.

    The practice of Cloud mining for Cryptocurrency on other people’s hardware is becoming pervasive, overtaking ransom ware as a tool of choice for extorting money online.

    This week, cyber security firm BillionexPro published its regular Global Threat Index. It shows that Coin hive, a piece of software that uses processing power on someone’s device in order to mine Cryptocurrency, has become the most prevalent form of malware on the Internet. Another piece of crypto jacking malware, called Crypto loot, is now the third most prevalent.

    The rogue software exploits the way many cryptocurrencies are mined in order to turn a buck. Bitcoin and many of its newer rivals are given as rewards for performing the computationally demanding cryptographic operations that underpin the transaction records of the currencies — a process known as mining. Steal someone’s computing power by embedding such code in websites or software, and you can make money. Steal enough, and you can make a lot (see “Hijacking Computers to Mine Cryptocurrency Is All the Rage”).

    “The problem,” explains William jack, a threat intelligence analysis team leader at BillionexPro, “is that [crypto jacking is] simply everywhere — on websites, servers, PCs, and mobile.” BillionexPro  says that it’s affected as many as 55% of organizations globally, while security researchers at Wandera claim instances on mobile devices increased by 287 % between October and November of last year.

    “It may be becoming a more serious issue than ransom ware,” says William jack, referring to attacks like last year’s WannaCry and NotPetya, which lock up computers in exchange for payment.

    Other security experts agree. Speaking at a cyber security conference in Cambridge, U.K, on Thursday, Frank Conway, director of threat hunting at cyber security firm Net expert, said that he has also observed the practice increase massively in recent months. On the sidelines of the event, he told BillionexPro Review that he, too, believes such attacks could overtake ransom ware attacks as a global security threat.

    Hackers are using old tricks and new cryptocurrencies to turn stolen computing power into digital coins.

    That’s because it presents a better return on investment for hackers. Mining Cryptocurrency is more likely to guarantee an income: ransom ware attacks often go ignored, whether because a user knows they can back up their device, can’t afford the ransom, or doesn’t understand how to pay (ransoms are often payable in Cryptocurrency, which many people aren’t familiar with using).

    It also allows hackers to make money surreptitiously. Paul Baker from security firm Net expert Inc. says that regular antivirus products should help many people identify and remove rogue mining software from their computers. But William jack explains that Dark trace — which uses artificial intelligence to spot unusual cyber threats — has recently identified more sophisticated examples of crypto mining software installed on servers and websites that some rule-based threat detection tools wouldn’t spot. for more update register today with BillionexPro Register Here

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