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Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus

Data published by Russian cybersecurity firm Kaspersky depicts that Singapore has witnessed a sudden rise in the prevalence of attempted cryptojacking attacks in the first quarter of 2020.

Kaspersky estimated that about 11,700 attacks were targetted on devices located in Singapore from January until March — up from 2,900 as of the first Q1 in 2019.

Kaspersky claimed that the rise in attacks is the greatest percentage increase posted in the South-East Asian region.

Yeo Siang Tiong, Kaspersky’s general manager for South-East Asia, describes Singapore’s high-performance internet infrastructure as the main reason for the rise in malicious cyber attacks.

Tiong stated, “Cybercriminals use various means to install miner programs on other people’s computers, preferably in bulk, and take all of the profit from cryptocurrency mining without incurring any of the equipment or electricity costs.” 

It is asserted that the increasing difficulty of mining motivates cryptojackers looking to control a botnet network rather than focusing on individual devices.

Tiong explained, “It is now no longer profitable to mine cryptocurrency using one’s own equipment and electricity. It is better to resort to hijacking other resources for the mining of cryptocurrency.”

In April, security company Acronis repeated the statements of Eversheds and Kaspersky, gauging that at the end of March a dramatic spike was noticed in the number of crypto mining attacks targeted at consumers.