Saturday, May 30, 2020

Report: Cryptojacking Threats On The Rise In South Korea

According to a report of Microsoft Korea released on April 22, Korea faces a surge in cryptojacking threat. The tech firm advises individuals and organizations to be more security conscious.

Increasing Cyber Attack Threat

The world is experiencing an increasing surge in cyber attack due to its use as a weapon by individuals and countries to undermine national security as well as stealing intellectual property and information from countries they are not in agreement with. It seems one of the top crypto friendly countries in the world is under a great cyber threat according to Microsoft Korea report.

Though cyber attack rate in South Korea has been minimal in comparison with other countries in the world, Microsoft Korea reveals that the country is under siege of a cyber attack.

While presenting the report at Seoul, the capital and the largest city in South Korea, the security program manager at Microsoft Korea, Kim Gwi-ryun, noted that the report was the result of analyzing quite a large amount of data. Kim stated that “We analyzed over 6.5 trillion security signals a day in 2018 to publish the threat intelligence report and share expert insights with clients.”

In addition, Kim explained that supply chain firms and software supply chain companies had become the popular targets of the attacks. Also, she referenced the fact that cleanup software CCleaner suffered a cyber attack in 2017 that affected over 2 million users.

Further, Kim noted that even though email phishing has been dismissed and regarded as outdated by many people, it still appears to be prevalent and effective, with inbound e-mails used as phishing messages increasing by 250% in 2018.

Prevalence Of Cyberattacks

Cryptojacking is a form of cybercrime which involves the injection of mining software into a victim’s machine — thus using the victim’s machine to power cryptocurrency mining without the knowledge or consent of the victim while the criminal profits from the scheme. This has been very much prevalent along with ransomware attack, exchange and wallet hacking.

Considering South Korea is one of the most crypto friendly countries in the world and is equally making efforts to harness the dividend of the space for its citizens, the country could become a top target for cybercriminals.

During the presentation, Microsoft Korea urged individuals and organizations to back up data using cloud computing and other technologies. Also, along with cloud backup, the firm noted that more knowledge was needed in this area for organizations to combat the modern threats truly. Kim stated that “Companies need to carry out regular education on cybersecurity for their employees.”

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