Mining Malware to Become More Popular Than Ransomware

Mining Malware to Become More Popular Than Ransomware
19 July 2018   1979

Information security company Skybox Security released a report according to which the share of hidden mining malware exceeded the share of previously popular ransomware.

It is reported that at the moment 32% of all cyber attacks are made by hidden miners, while ransomware occupy only 8% of the "computer attacks" market.

Researchers also pay attention to the extent to which the trends in the criminal cyber community have changed: in the second half of 2017 the ransomware made up a third of all attacks, and viruses-miners - only 7%.

Ransomware received a lot of attention in years past, especially thanks to the likes of WannaCry, NotPetya and BadRabbit. To some extent, organizations took note and put effective precautions in place, ensuring they had reliable back-ups and even thwarting attackers with decryption programs. So cybercriminals found — in cryptomining— a path of lesser resistance. The recent uptick in value of cryptocurrencies also made this an incredibly profitable attack option.
 

Marina Kidron

Director of Threat Intelligence, Skybox

Experts of Skybox Security note another reason for the decline in the popularity of ransomware. In their opinion, this is due to the fact that even after paying the requested amount to the ransomware, the data was often still encrypted. Also antivirus programs also help to fight against ransomware.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   165

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.