Cryptojacking attacks on financial institutions surge in 2022 – Report

• The report reveals a surge in crypto-jacking attacks on financial companies in the first half of 2022. 
• According to the report, these attacks grew 30 percent to 66.7 million during the period.

Financial institutions, including banks and trading firms, are now suffering from the increased rate of cryptojacking attacks that are feasting on the industry. Hackers have shifted focus to financial firms and launched attacks using their computer systems to generate cryptocurrencies. Cybersecurity firm SonicWall discussed the alarming rate of crypto-jacking attacks on financial companies.

In a report, the company noted that these attacks have surged about 3X between January and June compared to the previous year. During the first half, cryptojacking attacks on financial institutions grew 30 percent to 66.7 million. 

Cryptojacking attacks on the rise

Usually, hackers use malware to access computer networks in cryptojacking strikes. After accessing the networks, they further use the computing power to mine cryptocurrencies, unaware of the victim. While the financial space is the main target for these criminals, the retail sector comes next. However, SonicWall said the financial industry suffered 3X more in the first half than the retail space. It is getting easier for criminals to launch cryptojacking attacks as many companies transition to cloud-based systems.

Likewise, finance firms are moving their applications to cloud-based systems, which are vulnerable to attacks. Hackers can launch malware on different corporate services and across several devices. At the same time, criminals are able to hijack Wi-Fi networks to gain access. 

Furthermore, the report stated that government crackdowns on ransomware attacks are one of the factors fueling the rise in cryptojacking. The report revealed:

Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it. And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday.

Amid the worrisome cryptojacking attacks, SonicWall said Q2 saw the number reduce. The cybersecurity firm said the attacks declined by over 50 percent to 21.6 million from Q1. However, the report pointed to the typical trend where scams and attacks reduce in Q2 and Q3 and pick up again in the last quarter of the year. 

Hackers use fake trading apps to steal investor funds

Many investors have lost substantial funds to scams and cyber attacks. Early last month, British cybersecurity company Sophos highlighted 167 Android and iOS trading and crypto apps hackers use. These criminals leveraged cryptocurrency’s increasing interest and adoption, pushing crypto lovers to download fake apps. Sophos revealed that these attacks had created a fake iOS App Store download page. Dating sites are other ways innocent people fell victims to these trending scams. 

Hence, crypto traders and investors are advised to only download apps from trusted sources like App Store and Google Play. Regulators also warn against investing in projects that promise unrealistic returns within a short period. Many of these projects promise unbelievable ROI to attract people to invest their funds.