Cryptojacking: a tale of riches, deceit, and theft

What is cryptojacking

After the restart, don’t allow your browser to autoload the previous session, as this might re-open the cryptojacking tab. Alex Archondakis, a member of the BCS Internet Specialist Group, reports on CryptoJacking, and explains how people and organisations can protect themselves from the practice. Cryptocurrencies are essentially digital currencies that operate independently of a central bank, and examples include Bitcoin, Litecoin, Ethereum and Monero, to name just a few. Given the appreciation in value of these cryptocurrencies, they have come to be seen as an attractive investment. Ransomware calculator Find out how much an attack might set your business back.

What is cryptojacking in cyber crime?

Cryptojacking is a cyber attack wherein a computing device is hijacked and controlled by the attacker, and its resources are used to illicitly mine cryptocurrency.

SonicWall’s report is a valuable peek into the current cybercrime status quo. However, as with most things, it pays to arm yourself with data from a variety of sources, so also check out Sophos’s 2022 Threat Report and WatchGuard’s 2022 Predictions . Honestly, WatchGuard’s just letting Corey and Marc live out their dreams of being a comedy duo at this point and we’re all for it. These sources bring new and compelling topics into the mix, like space-hacking, using AI in the fight against cybercrime, and state-sponsored mobile attacks. So, keep an eye firmly on the cyber security headlines and your wits about you; because whatever happens online during the rest of 2022, it’s certainly not going to be boring. Though cryptojacking malware can be spread in the same ways as traditional malware, some crypto-miners reach victims’ web browsers through infected display ads. So, install ad-blocking and miner-blocking browser extensions/add-ons within your web browser.

How to detect cryptojacking

As cryptocurrency transactions are computer resource-intensive, cryptocurrency providers encourage 3rd parties to legitimately use their own hardware for the task. These miners earn a small commission for every transaction made on their own hardware running secure crypto mining software. Some cryptomining scripts even have worming capabilities, so they can spread and infect multiple devices and servers within a network. But by building a botnet of infected devices, an attacker can create a network with huge processing power. Cryptojacking doesn’t require a download, starts instantly, and works efficiently. Cryptojacking is defined as the secret use of your computing device to mine cryptocurrency.

  • Finally, the crypto mining code may also include other tools to extract sensitive data from the host for future data theft and ransomware attacks.
  • In addition to hacking larger operations with robust hardware, cryptojackers benefit from hacking devices on the network of a small business.
  • However, an unusually slow laptop can also be the sign of something more sinister – cryptojacking.
  • Although Russia denies involvement in cybercrime, two-thirds of the world’s state-sponsored cyberattacks in recent years can be linked to the country, per the report.
  • This operates without installing anything on the victim’s hard drive, making it more difficult to detect.
  • Unlike typical malware, cryptojacking scripts do not damage computers or corrupt the victims’ data.

As our lives increasingly shift online, and computers continue to take over the planet, hackers and spammers and other dodgy operators are finding progressively more ingenious ways to separate us from our cash. And they’re hiding the system that does this in normal webpages and even online adverts so it’s really easy to fall victim without even realising. They call it “cryptojacking” and Chris Smith spoke to Chris Folkerd from web hosting company UKFast… Keeping the software on your servers, desktops, and laptops What is cryptojacking up to date is important because malware droppers often rely on unpatched vulnerabilities. To make your computers even more secure, consider using application whitelisting to prevent the installation of any unauthorised software on your PC. The key is that the cryptomining code works silently in the background as you use your computer in a normal way. You might experience some lag or slower performance – but many people will write this off as a benign issue rather than spotting the sign of cryptojacking.

What is Internet of Things Malware?

Cryptojacking simply means someone has secretly hijacked your personal device to mine cryptocurrencies that can be mined with cpu power. Cryptojacking is a kind of malware that infects a victim’s device and then uses that device’s computing power to secretly generate (or “mine”) cryptocurrency for the cybercriminal in the background. Cryptojacking malware doesn’t usually steal data or ransom anything, its goal is to sit undetected in the background and rake in the cash. It’s possible that cryptojacking attacks are rising alongside the worth of cryptocurrencies, such as bitcoin (although, bitcoin’s worth does tend to crash a lot too). Cryptojacking may be more lucrative for profit-driven cybercriminals compared to other cyber attacks such as ransomware. Especially considering a hijacked device will continue mining indefinitely if unnoticed.

Relying on the anonymous nature of cryptocurrency to bask in her riches. People can send bitcoins to your wallet, and you can send bitcoins to other people. Each bitcoin is basically a computer file which is stored in a digital wallet. All bitcoin transactions are recorded in a public database, called the blockchain.

CleanTech Lithium: rare sustainable lithium miner with two Chile projects

Crypto-mining malware is not easily discoverable on victims’ devices, making it a continuously profit-generating cyberattack. The anonymity of cryptocurrencies is very convenient for threat actors, as they can benefit from their victims without being caught. In addition, cryptojacking software often has multiple intentions, such as data theft or gathering for future ransomware or other cyber attacks. Your staff and IT teams should be diligent in protecting against all types of cyber threats, including cryptojacking. Securus Communications offers consultancy and several security solutions to help protect your business in this modern age of cybercrime. Pleaseget in touchto discuss your security requirements in more detail. The business risk of cryptojacking is that most crypto mining scripts act as worms that infect other devices connected to the network.

What is cryptojacking

It was an absolute pleasure to work with all aspects of their team that includes sales, accounts, field engineers and project management. The attached picture refers to a small part of the Project meetings , external network build internal office build and the completed project . While an individual may be annoyed with a slower computer, enterprises may incur costs arising from help desk tickets and IT support time in finding and fixing problems with slow computers. It can also result in much higher electricity bills for companies affected. Cryptojacking seems like a victimless crime, as no damage is done to a victim’s computer and no data is stolen. Informations Solutions sister company is The Web Orchard, a creative web development and digital marketing agency.

Checking if the site connection is secure

When systems are running very slow for no valid reason, there could be a cryptojacking script silently running on them. Cybercriminals have become very adept at evading detection, and cryptojackers are no exception. When victims click the malicious link, they unknowingly plant or execute the crypto malware on their devices. In the first two quarters of this year, IoT malware attacks rose by 77% globally – a total of 57 million attacks, which was nearly the same as all of 2021. Asia, by contrast, only saw a 74% increase, slightly below the global average. Meanwhile, Europe actually saw a decline, with IoT malware attacks dropping by 19%. While ransomware attacks have globally declined overall during a market downturn after record theft in 2021, malware attacks are on the rise, with a worrying surge in Internet of Things cases.

  • Browser Plug-ins such as AdBlock, uBlock, AdGuard, etc. are good choices.
  • Its anonymous nature makes it a lucrative choice for profit-driven criminals.
  • In reality, anyone can purchase a security certificate for their website for around £30 – it’s not an objective stamp of all-round security approval, it’s just the tech needed to use HTTPS on a site.
  • What they steal are the CPU processing and memory resources of the device.
  • The sneaky malware has been written to stop working and hide itself as soon as this application is open.

Author: William Watts

Leave a Comment

Your email address will not be published. Required fields are marked *