IBM warns: Cryptocurrency mining attacks have surpassed ransomware attacks as the preferred attack vector for cyber criminals

According to a recent report by foreign media, IBM researchers found that cryptocurrency cybercrime activities in 2018 were mainly dominated by cryptocurrency mining attacks (cryptojacking), surpassing ransomware attacks. Experts said that the low intrusiveness and stealthiness of malicious cryptocurrency mining are the main reasons why it has quickly become the preferred attack vector for cyber criminals.

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Cybercriminals turn to cryptocurrency mining attacks

In a report released on February 27, IBM X-Force research team stated that in 2018, there was a significant increase in cyber attacks against organizations around the world.

According to the report, cybercriminals appear to be moving away from ransomware and malware attacks, with cryptocurrency mining taking over the spotlight.

The report noted that stealthy cryptocurrency mining attacks increased 450% from the first quarter to the fourth quarter of 2018. Meanwhile, ransomware attacks fell 45% during the same period. IBM said that cryptocurrency attacks are spreading across both desktop PCs and mobile platforms.

In 2018, there were a number of similar attacks on everything from Tesla's cloud computing platform to the torrent download service The Pirate Bay (TBP).

Cryptocurrency mining attacks are much less destructive

Experts say cybercriminals are turning to malicious cryptocurrency mining because it is less destructive. Charles Henderson of IBM X-Force Red told Fortune:

With ransomware, you lose the customer after one transaction, so it's a one-time transaction, there's no recurring revenue - I mean, it's just a bad business.

Henderson said mining attacks are akin to a revenue subscription model, where the hacker alliance can rely on a continuous revenue stream as long as the victims are unaware. However, with ransomware attacks, the attackers only receive one payment from each victim.

There will be worse effects in the future

While on the surface, malicious cryptocurrency mining may not seem as threatening as ransomware and malware attacks, Henderson said that ignoring its spread could have serious consequences in the future. He added that it is unlikely for criminals to use mining attacks for malicious purposes.

What's more, experts like Henderson say cybercriminals are perfecting their techniques. So, if left unchecked, cryptocurrency mining attacks could move from covert cryptocurrency mining to botnets used for spyware attacks. Therefore, we recommend that readers run the latest antivirus software versions and avoid installing programs from unofficial sources.