We’re two month into 2019, yet we can’t help but review what went down in 2018, albeit from our rear mirror. That said, last year was another tailspin-filled year for a good number of computer users. Though we are constantly faced with various cybersecurity threats, Cryptojacking was the worst threat for the year 2018. It was 10 times worse than ransomware.
That is according to a report tabled by the cybersecurity firm Check Point. The firm went further to point that tools and services that could be used to execute a cyberheist have become democratized. These days, virtually anyone with access to the internet can get their hands on advanced tools and services for hacking among other cybersecurity attacks.
Check Point has coined the name ‘malware-as-a-service’ to denote the growing industry of hackers developing tools and services for sale to the general public. The firm further reveals that 37% of firms across the world were hit by some form of cryptomining bots (cryptojacking) in the year 2018.
Though currently, the general value of cryptocurrencies has fallen by about 80%. Yet, Check Point says that 20% of firms around the world still continue getting hit every week by cryptomining bots. Though most organization still underrate the risks posed by cryptomining.
“When asked what they rated as the biggest threats to their firm, just 16% stated cryptomining, compared with DDoS attacks (34%), data breaches (53%), ransomware (54%), and phishing (66%).
This is concerning as cryptominers can easily act as stealth backdoors to download and launch other types of malware.
The report shows how cybercriminals are successfully exploring stealthy new approaches and business models, such as malware affiliate programs, to maximize their illegal revenues while reducing their risk of detection,” said Peter Alexander, the Chief Marketing Officer of Check Point Software Technologies.