Kaspersky Lab Releases Malicious Crypto Mining “CryptoJacking” Report

Kaspersky Lab, one of the leading cyber security companies in the world has warned of malevolent personalities who have shifted from ransomware to crypto-jacking. The company, which is based in Russia, indicated that ransomware attacks were fast spreading in which a malevolent folder deadbolts a computer until ransom is paid.

The company could not however explain why there seems to be a decline in the number of criminals involved in ransomware. Instead these criminals have now moved to crypto-mining malware, possibly due to the fact that crypto-mining is more lucrative than ransomware.

A press release from Kaspersky indicated that data from April 2016 to March 2017, when compared with data from April 2017 to March 2018 showed that there was a decline in ransomware by over 40%. However, over the same period, there was an increase in crypto-mining malware by 44.5%.

Additionally, cases involving illegal mining rose from 1.87 million in 2016 to approximately 2.7 million towards the end of last year. According to Kaspersky, it is expected that these cases will increase, especially as a result of mobile mining.

Furthermore, the company asserts that further advance in mining will most likely be at the expense of miners. This is because the number of malevolent actors is steadily growing. It is also expected that as soon as these actors find the kind of technology that generates revenue from mining on mobile devices which is equal to those being mined from personal computers, mobile mining will be on the increase.

According to Kaspersky, India and China are some of the major nations likely to face these challenges. While ransomware offers huge but unrepeatable income for these actors, mining on the other hand will offer lesser, but steady returns. It is unfortunate that this crime will continue being on the rise all over the world.

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