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

OKEx Adds Dogecoin Margin Trading and Savings Accounts Amid Viral Pump

Popular cryptocurrency exchange OKEx has announced it’s adding Dogecoin (DOGE) margin trading and savings accounts, as well ads a DOGE/USDT-margined perpetual swap trading pair.

According to the cryptocurrency exchange’s announcement, DOGEª/USDT trading pairs will be available for spot margin trading, and tiered margin trading benefits will apply to it. The cryptocurrency, launched in 2013 as a meme, has been going through a viral pump thanks to a TikTok video.

As CryptoGlobe reported, TikTok user James Galante asked other members of the social media platform to invest $25 into Dogecoin, which would give them 10,640 DOGE on Robinhood at the time the video was created. The goal was to help the cryptocurrency’s price reach $1, giving them a return of over 42,000%

Despite being launched as a meme currency with the popular Japanese dog breed Shiba Inu as its mascot, Dogecoin has a dedicated community behind it that, in 2014, raised $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi, and later on raised $55,000 to support NASCAR driver Josh Wise, among other things.

Since the viral TikTok video was published the price of DOGE moved from $0.0022 to a high of $0.0047, before dropping back to $0.0037 after the hype surrounding it started dying down. Nevertheless, CryptoCompare data shows DOGE is still up over 44% in the last 30-day period. Its volume went up by 683%.

DOGE.pngSource: CryptoCompare

OKEx’s announcement details Dogecoin has also caught the attention of some of the most influential people in the world, including Tesla and SpaceX CEO, who tweeted about DOGE in April of last year and helped the cryptocurrency’s price soar because of it.

Commenting on the listing Jay Hao, OKEx’s CEO, said that the exchange is pleased to offer its users new trading and savings featured for Dogecoin, and added:

DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research.

Featured image via Pixabay.