ISACA Cybersecurity Research Says Crypto Mining Malware Trumps Ransomware

Cyber attacks have been common place for a very long time. Developers have been working hard to create internet security guards to curb the numerous cyber attack cases. A new survey, however, has indicated that ransomware attacks are reducing, as cyber criminals have begun focusing their attention in digital currencies, but cyber-crimes are still increasing.

Ransomware is being displaced, most likely by cryptocurrency mining. Learn more in State of Cybersecurity 2018, Part 2: https://t.co/CHFHv93Bmg #ISACA pic.twitter.com/JqRtQtPOsm

— ISACA International (@ISACANews) June 7, 2018

Information Audit and Control Association (ISACA) has in their survey of about 2,366 cyber security leaders revealed that cryptocurrency attacks are on the rise. More than half of those who participated in this year’s survey reported an attack and expressed concern that they may face an attack later on in the year. More than 80% of the same respondents also gave the same report last year.

Despite the increase in cyber attacks and the possibility of more throughout the year, researchers noted that ransomware attacks had reduced significantly. In this year’s survey, only 45% of the participants reported a ransomware attack as compared to 62% that reported the same in 2017.

Asked about how they secure themselves from cyber-attacks, the researchers found out that about four in 10 respondents lacked sufficient security mechanism and also lacked enough information about strong defense mechanisms such as sinkholes and honeypots. This statistic is alarming considering the rate at which cyber attacks are increasing and also poses a threat to the growth of cryptocurrency.

It is imperative that individuals use active defense strategies. Director of cybersecurity at ISACA asserted that these strategies are especially important for security leaders and their institutions. He said that they are some of the most effective security measures to cyber-attacks. Out of those who used these strategies, about 87% confirmed that they worked effectively against these attacks.

A similar study carried out by Malwarebytes indicated that cryptojacking attacks were more than other forms of cryptocurrency attacks. They also reported that ransomware attacks had reduced to 35%, while those of cryptojacking had increased to 27% in the same time period.