Cryptojacking refers to the act of mining cryptocurrency using another person's computer, smartphone, or other electronic device. This is often done by gaining unauthorized access to the host's computer and using the host's resources to mine cryptocurrency without the host's knowledge, a practice that is increasing globally, according to the report.
Cybersecurity company SonicWall recently released a report showing a 269% increase in the number of “cryptojacking” cases across the financial sector in the first half of 2022.
This usually happens when victims unintentionally run programs containing malicious scripts that allow cybercriminals to access their computer or other Internet-connected device, such as by clicking on an unfamiliar link in an email or visiting an infected website. It's worth noting that this happens when installing. .
Interpol's findings show that programs called 'coin miners' are used by cybercriminals to create or 'mine' cryptocurrency.
Cryptojacking is difficult to detect, and most victims are unaware that their computer has been hijacked. However, there are some signs that may indicate that someone has been a victim of such a crime.
these are:
• Device performance will noticeably deteriorate.
• Overheating of the device's battery.
• Devices shutting down due to lack of processing power.
• Reduces the productivity of your device or router.
• Unexpected increases in electricity bills.
Cryptojacking and India
There is no doubt that with the popularity of cryptocurrencies in India, several issues are raising concerns, including ‘cryptojacking’, also known as cryptocurrency mining attacks.
For example, according to tech giant Microsoft's 2019 Security Endpoint Threats Report, cryptocurrency mining malware attacks affect web users in India at a rate 4.6 times higher than the regional and global averages.
According to the report, in the Asia Pacific region, India has the second highest number of Bitcoin mining attacks after Sri Lanka.
Considering the threats that come with the popularity of cryptocurrencies, the Reserve Bank of India (RBI) has repeatedly expressed concern over cryptocurrencies, which are considered highly speculative assets. Even RBI Governor Shaktikanta Das described cryptocurrencies as an “obvious risk.”
News18 reached out to some cryptocurrency industry experts to understand their perspective on these crimes and what they think about the idea of banning cryptocurrencies in India.
Commenting on this, Vineet Budki, Managing Partner and CEO of Cypher Capital, said: “With any new technology, there are always security issues. “This does not justify a complete ban.”
He believes that investing in companies or projects that are working to find answers to these problems is the best way to overcome these challenges.
“Security and secure infrastructure have been a focus for Cypher Capital, and our recent analysis has led us to invest in companies seeking to address security issues in NFTs. “At this very moment, smart people are working to solve the cryptojacking problem,” he added.
Another industry expert, Vikram R Singh, founder and CEO of Antier, said the problem is not the existence of virtual currencies but the emergence of cryptojacking and other related scams.
“Restrictions on these currencies may seem to eliminate the fundamental problem, but they will bring to a halt the seemingly infinite market for virtual currencies,” he said.
Singh believes that raising awareness and normalization at all levels can reduce these problems.
According to him, businesses can protect against these risks by implementing security measures and maintaining blockchain records, as well as preventing data leaks, and users can enable two-factor authentication on all wallets.
“This measure of blending government structures will reduce the risk of cybercrime associated with virtual currencies,” Singh said.
However, when it comes to cryptojacking, News18 also spoke to Supreme Court lawyer and renowned cyber expert Dr. Pavan Duggal.
He believes that India must put in place an effective legal framework to deal with these types of emerging cybercrimes.
“The current form of the Indian Information Technology Act, 2000 is inadequate to deal with emerging crimes such as cryptojacking. Even the Indian Penal Code of 1860 is not fully applicable in the context of cryptojacking,” said Dr. Duggal, who is also the Chairman of the International Cybersecurity Law Committee.
He told News18 that the emerging cyber crimes, especially those so-called AI crimes, should be explicitly incorporated and addressed under the provisions of the IT Act, 2000. He suggested that these crimes should be punishable by harsh prison terms. Punishments must also be included and applied effectively.
Additionally, Dr. Duggal said: “India needs to build more capacity among law enforcement agencies to ensure they have the latest tools to deal with emerging crimes like cryptojacking, and create awareness among cryptocurrency stakeholders. We investigate and conduct due diligence on cryptocurrency crime and cryptojacking.”
According to him, stakeholders in the cryptocurrency ecosystem should also be educated on the latest technologies to detect, investigate and prosecute the growing number of new crimes.
Moreover, he suggested: “There needs to be adequate training at the level of the judiciary, including judges from lower courts to the Supreme Court and even other court staff like readers, to sensitize the entire judiciary to emerging crimes. “It’s like cryptojacking.”
“The holistic contribution of all stakeholders is important as we move forward,” said Dr. Duggal.
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