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

Warren Buffett Donated the near $40,000 Worth of Cryptocurrency Justin Sun Gave Him

Earlier CryptoGlobe reported that Warren Buffett doubled down on his anti-bitcoin approach, calling the cryptocurrency “worthless” and bashing it by saying its economic impact was to reduce demand for suitcases.

His comments came after a meal with TRON Founder Justin Sun and other prominent figures from the cryptocurrency space – including Litecoin’s Charlie Lee and eToro’s Yoni Assia. In the interview where he made those comments he was asked how it feels to be a bitcoiners as Sun said he sent the billionaire investor 1 BTC and 1.9 million TRX, as well as various TRC-20 tokens.

Buffett responded he didn’t hold any cryptocurrency and added he “never will.” His comments soon became controversial as some claimed Sun was laying. This saw the entrepreneur – who’s acquired crypto exchange Poloniex, BitTorrent, and Steemit – share the transaction records on social media to prove he was telling the truth.

.Sun also shared the TRON account created for Buffett, which currently holds over 1.9 million TRX, 20,000 BTT, 19,000 WINk, and some other tokens. In total, the address has nearly $30,000 worth of TRX and TRC-20 and TRC-10 tokens,

Twitter users responded to Sun’s tweets quickly, prompting CNBC reporter Becky Quick to try and find out why the ‘Oracle of Omaha’ said he didn’t own any cryptocurrency, even though blockchain transaction records show he was gifted some.

Quick revealed later on that she called Buffett to clarify the ordeal. The CEO of Berkshire Hathaway reportedly replied that he donated the nearly $40,000 worth of cryptocurrency to the GLIDE Foundation, which he was raising money for.

Notably, Sun had dinner with Buffett after paying a record $4.6 million in an auction whose proceeds go to the anti-poverty non-profit organization based in San Francisco.

Featured image via Unsplash.