Mining Malware Increased More than 4,000 Percent in 2018, According to Mcafee Study

The Internet combined with crpytocurrencies is good. It provides users with exchanges, mining pools, trading platforms, news, and analysis sites. However, when evil people use the World Wide Web to their advantage, bad things can happen.

People that use the web need to be wary about hackers and cybercriminals. They represent an ever-present threat, since theycan easily intercept sensible data by positioning themselves in the middle of usersand Wi-Fi networks.

The Definition of Crypto Mining Malware

One of the most recent forms of making a profit off innocent people’s devices and computers is unauthorized cryptocurrency mining. When they do not expect it, cybercriminals can install mining software in people’s devices without them even finding out about it. This activity can use a lot of processing power and will make the machine practically unusable because of slow performance.

The McAfee company, one of the most influential and widely known in the online security business, recently conducted a study showing that instances of crypto mining malware dramatically increased in 2018.

According to the study, those instances went up by more than 4,000 percent this year: the numbers show that there were four million new mining malware threats just in 2018’s Q3, while in both 2016 and2017, the number did not even surpass half a million.

It goes to show that cybercriminals and hackers are migrating from traditional scams, phishing, and ransomware (when they ‘hijack’ a person’s device or system by encrypting information and asking for a reward, or ransom, to decrypt it and let the owner regain access) to engage into installing crypto mining malware.

The precise number shows that total malware threats grew 4,467 percent in the last four quarters. “Many ransomware actors are switching to a more lucrative business model: cryptomining,” according to thereport.

In fact, Bitcoin mining can be a really lucrative business, and if the person does not have to invest in equipment and power to perform it, the activity gains a special appeal for these shady people. Not only are they messing with computers, but also they are installing the software on IoT devices. Numbers do not lie: malware that targets IoT devices experienced a 203 percent increase in the last four quarters.

Why IoT Devices?

“We would not usually think of using routers or IoT devices such as IP cameras or video recorders as cryptominers because their CPUs are not as powerful as those in desktop and laptop computers. However, due to the lack of proper security controls, cybercriminals can benefit from volume over CPU speed. If they can control thousands of devices that mine for a long time, they can still make money,” explained Remco Verhoef, who acts as the Security Researcher at McAfee.

More than one million devices in China were compromised with crypto mining malware back in July. Cybercriminals “mined” over $2 million worth of cryptocurrencies in a two-year span. The United Kingdom has been one of the most affected countries, as well, with more than half of businesses having been hit with this threat in August.

By Andres Chavez