59% of Businesses in the UK Suffered Cryptojacking Attacks at Some Point, Survey Shows

  • A recent study found that 59% of businesses in the UK have ben hit with a cryptojakcing attack at some point.
  • These attacks see bad actors maliciously use their computer resources to mine cryptos.

According to research commissioned by Citrix and executed by OnePoll, 59% percent of large enterprises in the United Kingdom have been targeted with cryptojacking attacks.

The research, which was conducted in May 2018, focused on organizations that employed over 250 people. 750 key IT decision-makers from these companies were polled about the risks posed by cyberattacks from hackers looking to maliciously mine cryptocurrency.

The findings, made public this week, showed that 59% of respondents found crypto mining malware on their computer systems sometime in the past. The last 6 months saw up to 80% of the cases, with 30% of the businesses being attacked last month.

The study’s findings seem to be in line with a McAfee Labs report that stated cryptojacking malware cases had risen by 629% in the first quarter of 2018. On the other hand, 38% of the respondents revealed their companies have never been hit with a cryptojacking attack.

Understanding Cryptojacking

Cryptojacking refers to the use of someone else’s computer resources to maliciously mine cryptocurrencies without their knowledge. This can be done remotely by infecting the target’s devices with malware that uses its machine’s processing power to mine specific cryptocurrencies, often Monero (XMR) for its CPU-friendly mining algorithm.

Finding the attackers in cryptojacking cases is extremely difficult since the cryptos they mine are often untraceable privacy-centric coins like Monero. Since they’re using someone else’s machines, the attackers could be anywhere in the world.

The practice slows down computers for its heavy CPU resource usage. Businesses, including those completely unrelated to cryptocurrencies, have to pay attention to the practice. In some rare cases, computers were forced to overheat while mining.

How Businesses Tackle the Problem

Businesses need more than anti-malware software to tackle the cryptojacking threat, as the study’s findings revealed only 7% of cases were detected by anti-malware applications. Various respondents, 38%, detected the attacks through their network monitoring systems, while 34% did so through their co-workers.

According to the poll, while 21% of companies have no plans to combat crypto mining attacks, the majority, 67%, are aware of the threats posed by cryptojacking and have policies on it.

Various businesses detect cryptojacking attacks the same way they detect other cyber threats. Some, 41%, rely on network monitoring systems, while 24% rely on blocking crypto mining websites

Chainalysis Launches Real-Time Suspicious Transaction Alerts for 15 Cryptocurrencies

Blockchain intelligence firm Chainalysis has introduced "suspicious cryptocurrency transaction alerts" in "Chainalysis Know Your Transaction (KYT)", its "real-time anti-money laundering (AML) compliance solution".

Chainalysis, which was founded in 2014 by Dr. Michael Gronager (the current Chief Executive Officer), Jan Moller (the current Chief Technology Officer), Jonathan Levin (the current Chief Operating Officer), is a company with two main products:

  • Chainalysis Reactor -- its investigation software suite
  • Chainalysis Kknow Your Transaction (KYT) -- its compliance software suite

Chainalysis KYT supports "real-time transaction screening"; "case management capabilities"; "enhanced due diligence"; and "KYT for token issuers".

In a press release published on its blog on Thursday (August 22), Chainalysis says that Chainalysis KYT's alerts are "designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources."

John Dempsey, VP Product, Chainalysis, had this to say:

As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices.

According to Chainalysis, this new feature results in alerts being generated "whenever a transfer involves a risky counterparty and crosses a value threshold." Alert levels (Severe, High, Medium, and Low) are "based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount," and are available for all 15 cryptocurrencies that Chainalysis supports (including BTC, ETH, BCH, LTC, USDT, and DAI).

Michael Breu, Gemini's Chief Compliance Officer, also chose to comment on this announcement:

As a New York Trust company we are required to monitor transactions on and off our platform. Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini's own compliance policies, help us meet our regulatory obligations.

 

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