Cryptojacking Attacks Surge in 2017, Symantec Report Finds

A recent report from Symantec revealed a startling 8,500% increase in cryptojacking attacks in 2017, largely driven by the surge in cryptocurrency values. The United Kingdom ranked as the fifth highest country globally for coin-miner detections, experiencing a staggering 44,000% increase.

The Rise of Cryptojacking

With a minimal barrier to entry, cyber-criminals are taking advantage of the simplicity of cryptojacking, requiring only a few lines of code to exploit stolen processing power and cloud CPU usage from both consumers and enterprises. The repercussions of these attacks can range from slowing down devices and overheating batteries to rendering devices completely unusable. For businesses, coin-miners can pose a threat to corporate networks and inflate cloud CPU usage, resulting in additional costs.

Furthermore, Symantec identified a 600% increase in IoT attacks in 2017, highlighting the vulnerability of interconnected devices that can be exploited by cyber-criminals for mass mining operations.

Adapting to the Threat

Darren Thomson, CTO and VP EMEA at Symantec, emphasized the need for individuals and organizations to enhance their security measures to combat these evolving threats. “Attackers could be co-opting your phone, computer, or IoT device for their own profit,” Thomson warned. Without adequate defenses, users risk paying the price for someone else using their devices for malicious purposes.

Shifting Trends in Cybercrime

While ransomware attacks persisted in 2017, Symantec noted a decrease in the number of ransomware families and lower ransom demands. The report suggested that many cyber-criminals may have shifted their focus to coin mining as a lucrative alternative, especially with the high values of cryptocurrencies. Additionally, some established ransomware groups have diversified their tactics, with a resurgence in online banking threats.

Although the average ransom demand dropped to $522 in 2017, the number of ransomware variants increased by 46%, indicating the productivity of established criminal groups. However, the decrease in ransomware families suggests a shift in focus towards new, higher value targets.

Mobile Security Concerns

Threats in the mobile space continued to escalate, with a 54% increase in new mobile malware variants. Symantec reported blocking an average of 24,000 malicious mobile applications daily, attributing the prevalence of older operating systems as a contributing factor – only 20% of devices are running the latest version of Android.

Mobile users also face privacy risks from ‘grayware’ apps, which may not be entirely malicious but can still pose issues. Symantec found that 63% of grayware apps leak the device’s phone number, indicating a growing concern. With a 20% increase in grayware in 2017, Symantec anticipates this problem will persist.

Overall, the report underscores the importance of staying vigilant against evolving cyber threats and implementing robust security measures to safeguard against the rising tide of cryptojacking and other malicious activities.