Cryptojacking attacks utilize malicious software made to hijack vulnerable systems to stealthily mine for cryptocurrency from the background using crypto mining applications without the consent or knowledge of the victims.
This type of attack has become far more appealing to threat actors because of the lesser quantity of work required for endangering vulnerable systems, as well as the considerable higher payoff an extensive system of coin miners can bring.
Known as “cryptojacking,” the clinic is now recognized as a tool of choice for cybercriminals who are increasingly entangled toward crypto technologies to facilitate their activities.
A continuous investigation hasn’t yet found any evidence that the attackers have obtained personal information of students or staff until the media release was published in StFX’s online newsroom.
Globalnews.ca reports that the cryptojacking attack started on Nov. 1, targeting the university’s substantial community infrastructure for unauthorized mining of a yet-to-be-identified cryptocurrency. Following the malware was discovered, the school immediately pulled its entire network offline, effectively paralyzing all actions relating to its online course program, cloud storage, email solutions, debit transactions, and Wi-Fi.
In an announcement released on Nov. 4, the university disclosed that while there’s no indication that personal or sensitive data was compromised by the malware attack, it required the precautionary decision to take its entire network offline while its own IT specialists work to spot and repair the security breach.
Assuring the college community which services will be restored in a staggered manner, the announcement also instructed everyone at the university to reset their college accounts passwords.
Cryptojacking: An International Security Headache
In October, it was disclosed that fake Adobe flash upgrades have been being used as Trojan horses to install crypto mining program.
Earlier, it was also reported that the Indian government suffered a set of cryptojacking malware attacks with different municipal governments throughout the country concentrated.
Against this background, McAfee Labs warned in September that cryptojacking detections jumped a massive 86 percent in Q2 2018, making it one of the fastest rising threat categories in cybersecurity along with ransomware.
At least 30 percent of UK businesses reported crypto miner attacks in July 2018, and the issue appears set to worsen as it’s relatively cheap and easy to present such malware into enterprise-level networks like St. Francis Xavier University.
The St. Francis Xavier University implemented improved security measures and reset all system passwords to block similar attacks which could affect the university’s systems later on.