Cryptocurrency has been in the talk for several years, and Bitcoin, Ethereum, and other digital currencies have attracted millions of enthusiastic people. However, with all the excitement, it brings along unknown peril under the disguise of cryptojacking. This more subtle cybercrime can be a considerable threat not just to individuals but to companies.
Cryptojacking is defined as using another person’s computer or another device for mining cryptocurrency without their authorization. Cybercriminals use malware to hijack processing power, secretly mining digital coins on a victim’s personal computer, smartphone, or even on a big corporate network.
The statistics related to cryptojacking are alarming. Cybersecurity firm McAfee reported a shocking 453% rise in instances of cryptojacking in 2018 alone. With increased investment in cryptocurrencies, hackers begin to be interested in cryptojacking as they can kill without pricey mining equipment costing thousands of dollars. Instead, they exploit victim computers and other devices to get resources.
It is very scary because cryptojacking mostly happens without their knowledge. Sometimes, victims do not even know that their devices are mining until they find that the devices are working very slow or the bills for energy were very ridiculously increased. Mining cryptocurrency requires lots of computing, which causes overheating, thus hurting the computer hardware. Sometimes, the applications will consume a lot of battery to such an extent that users notice loss in performance. In severe cases, users might experience crashes that are not typical for their devices.
This is a significant threat that businesses are most vulnerable to. A malware-infected device could expose an entire network inside an organization to infection. It may range from reduced productivity, elevated cost of maintenance, and possible breaches of data. According to the report by the cybersecurity firm Cybereason, 78% of the organizations were subjected to at least one cryptojacking attack in 2020. This indicates that organizations need to be very alert and have rock-solid security control at the organizational level
So how do people and businesses protect themselves from cryptojacking? The most obvious first step here is to update their software and OS regularly. Many of these updates actually include patches that counter known vulnerabilities, which can help prevent such attacks in the future. The other preventive measure is antivirus software from good providers. Since the cryptojackers want to take your computer for their mining processes, other mainstream defense mechanisms are available in the form of antivirus software to help you in detecting and preventing cryptojacking attempts
Another good approach also involves keeping a close eye on the activity of the gadget. Indeed, if one’s computer or smartphone begins to run much slower or otherwise acts strangely, then it’s worth paying closer attention to this problem. Also, links and files from someone unknown should be used with caution because they could often carry the malicious software in question used for cryptojacking.
In a nutshell, cryptojacking is now a looming threat in the world of cryptocurrency to attack any person, right from an individual user up to a large corporation. As digital currencies become increasingly popular, it becomes important to remain aware and take steps for the protection of your devices. All this can be achieved if vigilance and more powerful cybersecurity measures are emphasized in order to help you outperform your defense against this silent mining threat. Remember that being informed is your best defense in the ever-changing landscape of cybercrime.
