Education has now become a victim of a new form of cybercrime. The theft of computer processing resources- cloud services, electricity and other digital assets is termed as cryptojacking. According to a recent report by Cisco, these digital assets are later used for cryptocurrency mining that too without the permission or knowledge of the owner.
According to what the company says, unauthorized activities has grown 19 times, increasing from 600,000 queries in March to 11.3 million by December. Victim companies are being able to feel the impact of it through degraded performance, higher electricity usage, systems attack and possible compliance problems, specifically in the area of security exchange regulations.
While the major target was made up of utility and energy companies, in the Cisco study, 22 percent of all cryptomining attempts were experienced by the colleges, while K-12 made up 4 percent of the total. Cisco, an enterprise cloud security service intended to prevent users from getting redirected to malicious sites, said those companies with fewer than 10,000 employees were the primary focus, making up eight in 10 of the targets hit by crypto mining traffic.