Cryptojacking, or more commonly known as malicious Cryptomining, is a threat (usually malware) that covertly infiltrates a computer or mobile computing device, exploiting its resources to mine for Cryptocurriencies while lowering your security. Cryptomining can be expensive and carries a heavy operational cost; however, if the threat actors can use your resources as their operational cost, their overhead drops considerably making Cryptojacking, and therefore, Cryptomining, worth the effort.
What are cryptocurrencies?
- Cryptocurrencies are digital forms of money that exist solely in the online environment without any physical presence.
- They were created as an alternative to traditional currencies, gaining popularity due to their forward-looking design, growth potential, and anonymity. It is noted that early adopters were threat actors looking to disguise their financial transactions from authorities.
- Bitcoin, one of the earliest and most successful cryptocurrencies, emerged in 2009, inspiring other similar digital currencies like Ethereum and Dogecoin.
How Cryptocurrencies work?
- Cryptocurrencies operate based on a complex encryption algorithms.
- They exist as encrypted decentralized monetary units, freely transferable between network participants/nodes.
- Unlike traditional currencies, cryptocurrencies lack backing from any specific government or bank. They are decentralized and managed across a network of millions of computers.
- The cryptocurrency database functions as a digital ledger, using encryption to control coin creation and verify fund transfers while maintaining complete anonymity for owners.
Cryptojacking Mechanism?
- Cryptojacking involves an attacker embedding themselves within a victim’s computer or mobile device.
- The attacker then utilizes the device’s resources (such as CPU power) to mine cryptocurrency without the user’s knowledge.
- The goal is to generate profits for the attacker, but at the expense of the victim’s device performance and overall network health and stability.
Cryptojacking Distribution Channels?
- Malicious cryptominers often infiltrate systems through:
- Web Browser Downloads: Users unknowingly download cryptomining scripts while visiting compromised websites.
- Rogue Mobile Apps: Some mobile apps secretly engage in cryptomining activities.
What is Cryptojacking Impact and Defense?
- Cryptojacking compromises various devices, including desktops, laptops, smartphones, and network servers.
- To protect against cryptojacking:
- –Enable Multi-Factor Authentication (MFA) for added security.
- –Stay vigilant and avoid suspicious downloads or apps.
Protect Yourself from Cryptojacking
Cryptocurrencies offer energizing possibilities. Cryptojacking poses a hidden threat that can impact both individual users and organizations. To learn more about how to securely protect yourself, contact ION Technology Group today at 1.856.719.1818 to schedule your appointment.
