Over 3 million cryptojacking incidents in 2018, more expected: Quick Heal

Leading IT security provider Quick Heal revealed today that more than three million cryptojacking incidents were detected between January and May 2018 in India.

The number of mobile malware variants grew from eight in 2017 to 25 in May 2018, a three-fold rise.

Chief Technology Officer and Joint Managing Director of Quick Heal Sanjay Katkar said, “Cryptojacking is empowering hackers to make use of infected endpoints for swifter and more assured financial gains. As of now, there are no reported instances of data loss in cryptojacking attacks.”

Katkar explained that cryptojacking is basically a cost-effective alternative to ransomware as the latter does not provide any guarantee that hackers will be paid a ransom.

A “cryptojacker” hijacks an infected system’s processing power to mine cryptocurrency and, as they remain almost undetected, can mine for as long as they want.

To infect a system, a cryptohacker simply drops a mining code on a system, without the user’s knowledge, through an infected link or file.

While on surfs the internet, in infected websites and pop-ups a JavaScript-based cryptomining script is used that can be triggered by just clicking. This doesn't even need a code to be installed just an infected link or file can do substantial damage.

Users can identify a cryptojacking incident if they notice their systems’ performance go down dramatically. A cryptojacking incident directs all the computing power towards mining cryptocurrency, this overheats the device and sometimes devices also achieve abnormally-high fan speeds.

Quick Heal advises users to have a 'robust' security system in place with all solutions and definitions kept up-to-date. Upgrading the system’s operating system regularly is one of the ways that can help. It is also advised to install an ad-blocker plugin on web browsers, avoid suspicious links or attachments, use strong passwords and not post personal information online.

The company also forecasts targeting of cloud-based systems, the rise of mining-malware-as-a-service and a surge in the number of fileless cryptomining malware.

The company - headquartered in Pune - expects that more cybercriminals will soon take to cryptojacking as a means of making a quick (but illegal) buck as smaller and sophisticated versions of mining scripts are being developed.