Cryptojacking activities seem to be losing momentum, especially the type of monero mining, as a recent report revealed a slowdown in illegal crypto mining activities in the cloud. The threat intelligence company aggregated the results.

The report focuses on the cryptojacking incident with Monero

According to Unit 42 in its “Cloud Thread Report”, cryptojacking attacks have been on the decline since 2018 (the year the company started tracking illegal mining activities). But the research specifically focuses on monero (XMR).

Threat actors in cryptojacking attacks mainly mine private cryptocurrency, which has been fully proven in the research of other intelligence companies.

According to a report by Unit 42, from December 2020 to February 2021, only 17% of cloud infrastructure-based organizations worldwide had cryptojacking activities. This is a decrease compared to the figures from July 2020 to September 2020, where 23% of companies reported such incidents.

Although the pandemic has intensified authorized crypto mining activities, the latest findings indicate that this is the first recorded crypto hijacking incident since Unit 42 began tracking such attacks in 2018.

The company lacks adequate security measures to prevent attacks

However, Unit 42 warned that the company did not take adequate security measures to prevent such attacks on its cloud infrastructure:

Organizations neglect to invest in the necessary cloud governance and automated security controls to ensure that their workloads remain secure when they migrate to the cloud. In turn, they bring serious business risks, such as exposing unencrypted sensitive data to the Internet and triggering violations by opening insecure ports. Although our 2020 Unit 42 “Cloud Threat Report” also found similar problems, the numerous crises triggered by the COVID-19 pandemic have made the situation more challenging and widespread.

Despite this, the cyber intelligence company has issued warnings about the increasing number of other cyber attacks unrelated to the encryption field. These incidents are related to defects also found in the cloud infrastructure.

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According to data from markets.Bitcoin.com, as of press time, the XMR transaction price was US$269.32, an increase of 0.15% on the day, and the market value was US$4.82 billion.

What do you think of the report’s findings on cryptojacking activities? Let us know in the comments section below.

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