The Surge In Cryptojacking An Emerging Threat To Traders And Institutions

Cryptojacking has become a serious threat to businesses, despite the increasing interest in cryptocurrency investments. The term “cryptojacking” refers to the covert and unauthorized mining of cryptocurrencies by installing malware to seize a computer’s mining power without the knowledge or consent of an individual or organization.

High-Profile Victims

Big companies like Tesla and Capital One Bank have fallen victim to cryptojacking. In Tesla’s case, cryptocurrency mining was initiated after access credentials were breached. The Capital One cryptojacking incident raised concerns about cryptocurrency security, even after the indictment of software engineer Paige Thompson who carried out the attack.

Experts attribute the increase in cyberattacks to weak security protocols in cloud environments.

Vulnerable security practices and insecure databases have given hackers multiple attack vectors to exploit. For instance, Thompson took advantage of some cloud customers with improperly configured firewalls in her attack.

Millions Affected by Data Loss

The Capital One attack led to a massive data breach that affected over 100 million customers in the United States and Canada.

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