In line with a recent report published by native news media ‘The Korea times’, Microsoft Korea has revealed that the country is facing a serious rise within the cryptojacking incidents.
The research findings were declared by Microsoft security program manager named ‘Kim Gwi-ryun’ within an official press-conference held in Seoul today, that was followed by the annual release of the Microsoft Security Intelligence Report.
As reported earlier, cryptojacking is the illicit employing of other users computer’s processing power to mine cryptocurrencies without the knowledge of its owner.
As per the native reporting media, South Korea’s cryptocurrency mining incident rate in 2018 was around 0.05 percent – reportedly 58% lesser than the global average rate.
Nonetheless, Kim Gwi-ryun isolated the illicit practice from among different cybersecurity attack vectors detected within the country- like supply chain malware and phishing attempts. The representative outlined that Microsoft has detected market correlations within the unsteady prevalence of cryptojacking, adding that:
“We have noticed that as the price of cryptocurrencies rises and falls, thus this mining encounter rate alters.”
Explaining further the report notes, stealth cryptojacking is slightly tough to detect and mostly manifests itself in compromised system performance due to the intensive drain on the processing power that the cryptocurrency mining represents.
As ‘reported‘ earlier, cryptojacking was cited in a very recent criminal conviction of 2 Romanian alleged cybercriminals, who had been tracked within a joint investigation by the Unites States FBI [Federal Bureau of Investigation] along with the Romanian National Police.
A recent March ‘report‘ from AT&T Cybersecurity disclosed that cryptojacking was one among the foremost prevalent ‘objectives‘ of hackers targeting businesses ‘cloud‘ infrastructures, despite the cryptocurrency bearish market.
However at the same time, some ‘reports‘ surfaced of a new strain of Trojan malware for the Android phones. The malware reportedly targets users globally of renowned cryptocurrency apps like Coinbase, BitPay and Bitcoin Wallet, along with major banks together with JPMorgan, Wells Fargo and Bank of America.