Cyber scammers have increased their use of hidden mining due to increased law enforcement activity and heavy regulation
Over the past 12 months, the number of hidden mining (cryptojacking) cases worldwide has increased by 399%. This is according to data from the SonicWall report.
Cybercriminals are increasingly resorting to remote hacking of servers. And cryptocurrency mining devices. Recent data suggests that cybercriminals have become more likely to use this method due to increased law enforcement activity and strict regulation.
Hidden mining, or cryptojacking, is a cybercrime involving the unauthorized use of someone else’s devices (computers, smartphones, tablets, or servers) to mine cryptocurrency. It is often conducted through vulnerabilities in mobile apps, web browsers and their permissions and remains unnoticed by the victim.
In the UK, cryptojacking incidents have increased by 479% since 2022. In the US, there were 214 million such attacks in 2023 alone. And that’s a 340% increase from the year before.
Our experts note that in June, Google Cloud launched a program to compensate customers for up to $1 million in losses from hidden mining. If an attacker bypasses the cloud service’s built-in defenses. Users with special subscriptions will be able to get compensation for their losses. A subscription to Security Command Center Premium includes specialized hidden mining detection capabilities built into the Google Cloud infrastructure. The service scans virtual machine memory for malware. It can also detect compromised identities. And which allow attackers to access cloud accounts and quickly inject malware.