The number of “cryptojacking” cases across the financial sector has risen by 269% in the first half of 2022, according to a report by cybersecurity firm SonicWall.

Cryptojacking is a type of cyberattack where hackers implant a piece of software on a victim’s computer that mine cryptocurrencies. Victims are often unaware of the exploit, which has contributed to the rise in cases, the report said.

In previous years, government, healthcare and education sectors were the most common targets for cryptojacking, however there has been a “dramatic reshuffling” in 2022.

“Cryptojacking targeting the retail industry increased 63% year-to-date, while attacks on the financial industry skyrocketed 269%,” the report states.

The number of attacks on the finance industry is now five times greater than retail, which is second highest.

The rise has also been attributed to a decline in ransomware attacks, which is also caused by increased interest of cryptocurrency-related cyberattacks coupled with more stringent insurance processes around ransomware.

“It [cryptojacking] has a lower potential of being detected by the victim; unsuspecting users across the world see their devices get unaccountably slower, but it’s hard to tie it to criminal activity, much less point to the source,” Terry Greer-King, SonicWall vice president for EMEA, told Tech Monitor.


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