Finance Industry victims of Cryptojacking

Posted by Joe Moline on Aug 1, 2022 8:32:29 PM

If the amount of new Crypto currencies and the up and down nature of their value isn't dizzying enough to financial institutions, they now have a new worry concerning the world of crypto.  According to the recently released '2022 SonicWall Cyber Threat Report' the finance industry is now often a target for cryptojacking with the financial firms rarely even aware.  



The report concluded that financial companies are five times more likely to be a victim of this type of attack than any other vertical. One reason for the spike in such attacks is that cyber criminals are attempting to find new revenue streams as companies and public institutions are taking tougher stances on paying the ransom for ransomware attacks. 

Also, ransomware attacks are more work in the sense that the attacker has to ultimately make contact with the victim to finalize any kind of monetary gain.  Whereas in cryptojacking the adversaries can utilize resources of the victim without the victim knowing. It's lower risk albeit less lucrative. 

If there is ever a downward trend in any kind of cyber threat it is often due to companies and security companies deploying better awareness and strategies and should not be seen as a slow down in threats and the amount of bad actors looking to exploit companies. 

As always, if you want to review your organization's security posture, reach out to Cyber Advisors and use our chat feature on the main page 

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Topics: Cyber Security, Penetration Testing, Security Breach, cyberattack, cyberinsurance, ransomware

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