The ever-evolving nature of cybersecurity threats necessitates constant vigilance against emerging threats. One such threat gaining traction is crypto malware. Recent statistics reveal a disturbing trend: Over 300 million crypto malware attacks were recorded in the first half of 2023 alone, representing a nearly 400% increase compared to the same period in 2022.
The alarming statistics indicate shifting dynamics in the cybercrime landscape, suggesting a growing focus on crypto malware. So, what exactly is crypto malware? Crypto malware is a class of malware that is designed to hijack the processing power of computers or devices for the purpose of mining cryptocurrencies.
Crypto malware accomplishes this through a process referred to as cryptojacking. Usually, the stolen processing power is used to mine privacy-centric cryptocurrencies such as Monero (XMR), which have advanced obfuscation features that make it difficult for authorities to track.
That said, the first publicly available cryptojacking script was released by Coinhive in 2017. The script allowed webmasters to embed mining code on their websites in order to harness the computing power of their visitors’ devices. This marked the beginning of a growing trend, with crypto malware attacks skyrocketing in subsequent years.
Why are crypto malware attacks on the rise, and how are they carried out?
According to current trends, hackers are moving away from disruptive cybersecurity attacks, such as ransomware, to crypto malware attacks, which are considered more passive. Cybersecurity experts attribute this paradigm shift to several factors.
Top among them is that cryptojacking attacks are relatively low-risk compared to tactics such as ransomware attacks that routinely draw the attention of anti-crime agencies. Moreover, the illegality of crypto mining is a gray area, making it easier for malicious groups to avoid scrutiny.
The cost-effectiveness of crypto malware attacks is another factor driving hacker groups to focus more on stealing processing power. Stealing processing power costs next to nothing, and the loot can easily be converted into cash with minimal complications. This aspect makes cryptojacking highly convenient for nefarious groups. Additionally, unlike conventional malware, cryptojacking attacks use low-level exploits, such as browser loopholes, which are difficult to detect.
The widespread use of Internet-of-Things (IoT) devices is another contributing factor to the surge in crypto malware attacks. Because IoT devices usually have weaker security safeguards compared to computers, they are more vulnerable to exploitation. This makes them prime targets for hackers. This factor inadvertently increases the attack surface for crypto malware attacks.
Crypto malware vs. ransomware
Crypto malware and ransomware are two distinct types of malware. While crypto malware is malware used to mine cryptocurrencies on computers without users’ consent, ransomware is utilized by hackers to encrypt files on computers and demand ransom payments for their decryption.
The following is an overview of their fundamental differences:
How do crypto malware attacks spread?
Over the years, black hats have devised numerous ways of compromising computing devices in order to carry out crypto malware attacks. The following is a breakdown of some of the key strategies used by hackers:
Installing crypto-mining code
Injecting crypto-mining malware into a computer is a common tactic used by hackers to exploit the computing resources of compromised devices. In many cases, attackers install the malware on a computer by tricking victims into downloading seemingly innocuous files laden with crypto-mining malware or baiting them into clicking links that lead to malicious websites designed to deliver malware payloads.
In some cases, hacker groups spread the malware through compromised routers, further complicating detection and mitigation efforts.
Injecting crypto mining scripts into ads and websites
Cybercriminals can unleash crypto-mining malware by planting malicious scripts in ads and websites. The scripts typically exploit browser vulnerabilities to force visitors’ computers to mine cryptocurrencies the moment they open the infected pages. This can occur even if the victim refrains from clicking on the infected ads or any trigger elements that are on the website.
Exploiting vulnerabilities in software and operating systems
Hackers regularly exploit vulnerabilities in software and operating systems to install crypto-mining code on victims’ devices. In many cases, they achieve this by taking advantage of known vulnerabilities or employing zero-day exploits.
Some cryptojacking campaigns have also been found to rely on side-loading exploits to install cryptojacking modules that imitate legitimate system processes. Side loading is the injection of code that has not been approved by a developer to run on a device. The technique allows for the deployment of persistent malware, including crypto malware.
Exploiting cloud-based infrastructure vulnerabilities
Hackers have been known to exploit vulnerabilities in cloud-based infrastructure to pilfer their immense processing power for crypto mining.
In some instances, attackers have resorted to using stealthy, fileless payloads to execute crypto malware attacks. The payloads are typically programmed to disappear from memory once cloud workloads are halted, further complicating detection efforts.
Malicious browser extensions
Cybercriminals sometimes use malicious browser extensions to carry out cryptojacking attacks. The extensions, which are often disguised as plugins for legitimate purposes, force victims’ machines to mine digital assets.
The malicious activities of such extensions are typically difficult to detect due to their seemingly legitimate functions.
Symptoms of crypto malware infection
Crypto malware infections can manifest in a number of ways, ranging from the glaringly obvious to the deceptively subtle. The following is a breakdown of some of the telltale signs of a crypto malware infection:
Increased CPU usage
Crypto malware typically tends to target the central processing unit (CPU) of a computer. The CPU is the primary processing component responsible for coordinating a machine’s hardware, operating systems and applications. It utilizes complex electronic circuitry to process instructions from various components.
As such, computers infected with crypto mining malware often experience an anomalous surge in CPU usage. CPU activity can be monitored using the Task Manager on Windows or Activity Monitor on macOS. A sudden and sustained spike in CPU usage, particularly when the system is idle, could indicate a crypto malware infection.
Slow performance
Crypto malware’s heavy reliance on CPU resources often leads to a noticeable decline in overall system performance. The performance issues can be attributed to the overburdening of the CPU with cryptocurrency mining operations.
In the presence of a crypto malware infection, the decline in performance is usually accompanied by secondary problems such as overheating issues, which sometimes force the computer’s cooling system (fans) to work harder to dissipate the heat. Often, this coincides with increased electricity consumption.
Unusual network activity
Unusual computer network activity could indicate a crypto malware infection. This is because crypto malware is usually set up to ping external servers to receive updates and instructions. As a result, irregular network patterns, such as frequent outgoing connections, could indicate potential infections.
Such activities are usually accompanied by the emergence of unfamiliar processes or applications that usually consume more CPU resources than normal.
Protection against crypto malware attacks
Crypto malware attacks can be deterred through various methods. The following is a breakdown of some of them.
Keeping the operating system and software updated
Regularly updating a computer’s operating system ensures that the software has the latest security patches and could deter crypto malware attacks. The rationale behind the precautionary measure is that the updates will prevent cybercriminals from using loopholes in outdated systems to launch attacks.
Install and use reputable antivirus and anti-malware software
Installing robust anti-malware software is a crucial step in deterring cybersecurity threats, including crypto malware. Top-rated anti-malware programs often scan devices regularly for malicious software and use sophisticated detection methods to identify threats, including crypto miners.
Many of the formidable antivirus software also have real-time scanning features that can identify and prevent crypto malware from deploying on a system.
Be cautious with email attachments and links
Email remains a favored medium for cybercriminals to spread malware, including crypto malware. To avoid falling victim to email malware distribution schemes, one should avoid opening attachments or clicking on links in emails from unknown or suspicious sources.
This is because cybercriminals regularly use deceptive emails to trick users into unknowingly downloading crypto malware onto their devices. Therefore, disregarding suspicious emails could help to avert crypto malware attacks.
Only download software from trusted sources
Downloading software from reputable sources reduces the risk of encountering malicious programs. This is because reputable platforms usually undergo stringent security checks to reduce the chances of distributing compromised software. Untrustworthy websites, on the other hand, usually lack such safeguards and are therefore likely to distribute software that contains malware, including crypto mining malware.
Use a firewall
A firewall acts as a barrier between a computing device and the internet and is usually set up to block unauthorized access by filtering incoming and outgoing connections. The added security layer makes it more difficult for crypto malware to infect machines.
Install an anti-cryptojacking extension
Installing specialized anti-cryptojacking browser extensions can help in the detection and blocking of crypto-mining scripts designed to target browser elements. Legitimate anti-cryptojacking extensions are usually available on official browser developer web stores.
An alternative, albeit more extreme approach, is to disable JavaScript support on a browser. The mitigation measure will prevent the execution of JavaScript-based cryptojacking scripts.
Future crypto malware trends
The number of recorded crypto malware attacks is likely to increase in the future, based on current trends. This is partly due to shifting law enforcement priorities toward addressing high-profile cybercrimes like ransomware and data breaches. The reduced attention from authorities is likely to embolden cybercriminals and lead to a rise in cryptojacking attacks.
Past trends suggest that cybercriminals will continue to develop new cryptojacking techniques to exploit vulnerabilities in emerging technologies. The evolution is likely to make it challenging for traditional security solutions to detect and prevent these types of attacks, at least in the beginning.
Finally, limited user awareness about cryptojacking and its associated risks continues to be a significant obstacle in the fight against crypto malware. The lack of understanding often leads to disregard for preventive measures, leaving more machines vulnerable and contributing to an increase in infection rates.