The number of "cryptojacking" cases across the financial sector has risen by 269% in the first half of 2022, according to a report by cybersecurity firm SonicWall. Cryptojacking is a type of cyberattack whereby hackers implant a piece of software that mines cryptocurrencies on a victims computer.

Victims are often unaware of the exploit, which has contributed to the rise in cases, the report says. In previous years, government, health-care and education sectors were the most common targets for cryptojacking, but there has been a "dramatic reshuffling" in 2022. "Cryptojacking targeting the retail industry increased 63% year to date, while attacks on the financial industry skyrocketed 269%," the report states.

The number of attacks on the finance industry is now five times greater than retail, which is second highest. The rise has also been attributed to a decline in ransomware attacks, which is also caused by increased interest in cryptocurrency-related cyberattacks coupled with more stringent insurance processes around ransomware. “It [cryptojacking] has a lower potential of being detected by the victim; unsuspecting users across the world see their devices get unaccountably slower, but it’s hard to tie it to criminal activity, much less point to the source,” Terry Greer-King, SonicWall vice president for EMEA, told Tech Monitor.

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