Increasing cryptojacking attacks on the financial sector

Hackers attacks on the financial sector have increased in the last few years. Hackers are also carrying out attacks by which they use the computer systems of banks and trading houses to mine cryptocurrencies. These are called cryptojacking attacks. In these, cybercriminals use malware to break into computer networks.

Cybersecurity firm SonicWall has reported in a report that cryptojacking attacks on financial companies have more than tripled in the first half of this year compared to the same period last year. In these attacks, companies’ computer networks are accessed through malware and that computing power is used to mine cryptocurrencies such as bitcoin. Cryptocurrency mining requires the purchase of expensive equipment and consumes a lot of electricity. The retail industry is the second biggest target of such attacks after the financial sector.

Many companies in the financial sector have shifted their applications to cloud-based systems. Hackers distribute malware to servers and other devices of such companies or use Wi-Fi to access networks. The report states that a major reason for the rise of cryptojacking is the crackdown on ransomware attacks by governments in many countries. Because of this some cybercriminals are changing their ways. “Ransomware is early detection and depends on communication with the victim, but in cryptojacking, the victim is not aware of the attack,” the report said.

However, the number of cryptojacking attacks decreased significantly in the second quarter of the current year. The reason for this could also be seasonal as such attacks tend to subside in the second and third trimesters and increase in the last quarter of the year. Hacking cases related to the crypto segment have also increased in the last few months. Due to this many firms in this segment as well as investors have suffered huge losses. Because of this, many regulators have insisted on increasing the scrutiny of this segment. Some countries are also working on making laws for cryptocurrencies.

Cryptocurrency prices in Indian exchanges

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