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India has almost five times more cryptojacking cases than the world average

July 29, 2020

According to the recently published Microsoft Security Threat Report 2019, cryptojackers are paid in India.

The report shows that web users in India are exposed to crypto-mining malware attacks on a Rate 4.6 times higher than the regional and global average. India has the second highest number of cryptocurrency mining attacks in the Asia-Pacific region after only Sri Lanka.

A cryptocurrency mining attack commonly referred to as an “attack” Cryptojacking is an attack in which hackers secretly install cryptocurrency mining malware on someone else’s computer to use their computing power to mine the cryptocurrency.

The targeting of the attackers is linked to the prices of cryptocurrencies

India has almost five times more cryptojacking cases than the world averageIndia has almost five times more cryptojacking cases than the world average

Cryptojacking practices fell significantly as prices for cryptocurrencies were affected in 2018. Microsoft’s report claims that cryptocurrency mining attacks have decreased 40% since 2018.

Currently, only 50 out of 100,000 systems, or 0.05%, have ever experienced a cryptocurrency mining attack.

“As the value of cryptocurrency increases and decreases, the rate of mining encounters increases,” the report said.

With this in mind, Keshav Dhakad, group leader and assistant to the General Counsel for Corporate, External and Legal Affairs, Microsoft India said:

“While the recent fluctuations in the value of cryptocurrencies and the increased time it takes to generate cryptocurrencies have led attackers to realign their efforts, they continue to use markets with low cyber awareness.”

Cryptojacking is here to stay

Although there is a downward trend in cryptojacking attempts, such attacks are still quite common. Cointelegraph recently reported an increase in cryptojacking across Mexico, where cloud network users remain the primary targets. Another attack by the Blue Mockingbird malware gang in May installed the Monero mining malware on more than 1,000 business systems.

In November last year, nearly 80,000 computers were reportedly infected with cryptojacking malware called “Dexphot”.

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