These days, keeping up with new cybersecurity threats is a full-time job for every business – one that our IT security team takes off your plate! Here’s some insight into a threat that almost every business is vulnerable to – and that you may have already fallen victim to.
What is cryptojacking?
Cryptocurrency mining is a huge industry that’s expected to reach US$32.4 trillion by 2027 with a CAGR of 58.4%.It uses a staggering number of resources to produce cryptocurrency, with Bitcoin alone uses over 204 TWh – that’s as much as the entire country of Thailand. This huge resource requirement has caused a surge in hackers breaking into networks and devices (even smartphones) to illegally piggyback off their resources to generate the currency. This is called cryptojacking, and the most worrying aspect of this crime is that it’s difficult to notice when you’ve been attacked.
Why is cryptojacking difficult to detect?
When we think of hacking and cybercrimes, we usually thing of ransomware that locks us out of our devices and networks, malware that steals data and identities, and other dramatic events that catch our attention quickly. Cryptojacking is different because it’s not designed to interrupt your operations in any way. All it does is very quietly use your computing power and resources, and to keep doing so for as long as possible without being detected.
Why is this a problem?
So, if they aren’t stealing your data, holding your business hostage, or emptying your accounts, is it really a problem? Yes!
This is because your computing resources are being compromised and stolen by an unauthorised individual. This impacts productivity, the speed of your operations, and your energy bill as you unknowingly pay for cryptocurrency mining operations. Systems and devices impacted by cryptojacking experience:
- Slow performance and connectivity issues
- Overheating of batteries and key components
- Shutdowns due to poor processing power availability
- Reduced lifespan and increased maintenance
Another consequence is increased IT support costs as your IT team tries to track down the source of these issues.
How to detect and prevent cryptojacking events
Cryptojacking code can arrive on your system the same way as any other virus or malware – from an infected email link, from a successful hacking attempt, from infected JavaScript advertisements, or from infected downloads. Signs that your device or network is infected includes inexplicable performance and connectivity issues, machine overheating, and unexpected increases in energy costs.
To protect your organisation and personal devices from cryptojacking attempts, it is recommended that you:
- Raise awareness of IT security best practices across the company
- Improve web browser security and add ad blockers
- Use a VPN
- Disable JavaScript
- Visit only whitelisted, secure websites (HTTPS)
- Keep all software and applications up to date, including on mobile devices and browser extensions
- Regularly monitor your CPU usage using Task Manager or Activity Monitor for unknown processes
Let our cybersecurity team in Melbourne secure your business today
At Otto, we’re here to protect your organisation and your people against cryptojacking, RaaS, IT scams and other IT security risks. We’ll educate your team through comprehensive training, ensure you have the best IT protection for your business, and be ready to act quickly if your data or people are compromised. Talk to us today about IT security and data security for your business.
Jordan is the Chief Commercial Officer at Otto. Jordan is here to help clients remove roadblocks and achieve the business goals they’ve set out. Jordan’s biggest focus is Customer Experience, Business Relationship Management, Risk Management and Strategy.
