Cybercrime is outpacing the approaches used to combat it. We've seen the largest monetary heists in the digital world in the last decade, with criminals (a.k.a. hackers) getting away with huge amounts of money by using confidential personal information.
Is data, however, the only way for these criminals to make a lot of money? Many would claim that there are other avenues to benefit, one of which is to mine cryptocurrency using the tools of third-party devices.
Cryptojacking, a form of unethical hacking that targets primarily massive, corporate computer networks, has seen a sharp rise in the current bull market for Bitcoin, as well as the one we're in right now.
So what exactly is cryptojacking? This is precisely what we will discuss in this post. In the following chapters, you'll learn about the most "silent" type of cybercrime, how it operates, and why it's so difficult to detect.
Let's get started!
Cryptojacking
Cryptojacking is a subtle type of hacking that enables cyber criminals to mine cryptocurrency using your computing power. This is accomplished by installing malicious software or scripts on your computer, laptop, or mobile device. When you become a victim of cryptohacking, your computer will begin mining cryptocurrency for the hackers, leaving you fully unaffected. You will almost certainly be faced with extremely high energy costs and an overheated machine by the time you notice the issue.
The crypto term grew in popularity in 2018 when some types of software made it possible for ordinary people to profit from the computing resources of others in a very simple way. In 2020, there was a second surge in cryptojacking cases.
In general, cryptojacking can be divided into two categories. There are the following:
File-based cryptojacking – Like any other form of malware, this type of cryptojacking infiltrates the corporate network, and many of them are self-propagating. These then spread across the internal network, resulting in exorbitant energy bills.
Browser-based cryptojacking – This form of cryptojacking does not require access to your (corporate) network. There is a significant risk if workers use company-owned computers to access such websites. This is how it usually goes:
The intruder finds and infiltrates a compromised website first.
The attacker uses the site to conceal malicious crypto jacking code.
To take advantage of the website's facilities, the employee logs in.
The employee's computer is now giving the intruder access to its computing capacity.
The attacker profits from the process as long as the web browser is open.
For both of these approaches, the mined cryptocurrency is ultimately transferred to the attacker's pocket, while all mining costs are piled onto the monthly bills of the "hijacked" company.
Detecting cryptojacking
Cryptojacking can be difficult to detect, particularly if those who are affected have no technical expertise or experience with the problem. However, there are a few things you can do to learn how to recognize cryptojacking:
A drop in output or a stutter in the execution phase
Overheating of your system on a regular basis (s)
When you visit various websites, keep an eye on your CPU utilization chart.
Antivirus and anti-malware applications can be included.
Keep up with the latest cryptojacking news to see if any new ways or techniques emerge.
By following all of the above guidelines, you can ensure that cryptojacking detection becomes the standard in your business.
Preventing cryptojacking
You must avoid a problem from occurring in order to fix it. And when it comes to cryptojacking, this is especially important since it can take a long time to detect it. As a result, here are the various methods you can use to bulletproof your device(s):
Learn about the various forms of cryptojacking and how they operate.
Use browser extensions to keep malicious scripts from infecting your computer.
Use a privacy browser that automatically blocks advertisements (e.g., Brave browser) and stop installing plugins you don't need.
Using common sense: don't click on suspicious links and regularly search your computer for viruses.
The reasons for the dramatic increase in cryptojacking
Cryptojacking may be used on an individual or corporate level, as previously mentioned. However, the bulk of these efforts are concentrated on massive corporate computer networks. We have established three factors that explain the impetus for such practices as the number of cases has steadily increased:
The increased value of cryptocurrencies – The primary motivation for cryptojacking is to make money. Apart from the fact that the industry is growing faster than any other, the mined cryptocurrencies are also rapidly increasing in value, especially when mining takes place over longer periods of time.
Most businesses are unaware of the dangers because attackers target the company's capital rather than its data or other confidential information. There is no clear danger to the business in the minds of all parties concerned, and the higher costs can easily be ignored or attributed to something else.
It's a "subtle" way to make money – The intruder would have already made a large amount of money on the back of the company's computer network by the time an organization discovers that its machines are running slower than normal and that its energy costs are rising month after month.
Conclusion
You should now be aware of yet another "shady" attempt by cyber criminals to take advantage of you. While this approach is unrelated to hacking or data breaches, it can drain your devices' batteries as well as the contents of your wallet (when its time to pay the bills).
Knowing this, you can follow the guidelines outlined above when it comes to detecting and preventing cryptojacking. You can still use your computing power to mine cryptocurrencies for your own gain, but be mindful of the associated costs.
