Eskenzi PR ad banner Eskenzi PR ad banner
  • About Us
Sunday, 1 October, 2023
IT Security Guru
Eskenzi PR banner
  • Home
  • Features
  • Insight
  • Channel News
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Channel News
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
IT Security Guru
No Result
View All Result

Mining for Trouble: Cryptocurrency and Cyber Security

by The Gurus
April 17, 2018
in This Week's Gurus
Share on FacebookShare on Twitter

Cryptocurrency is not a new presence in the world of cyber security. For years cryptocurrencies have been the ransom of choice for hackers looking to make money from cyber attacks. However, over the last six months, we have seen a new strategy from hackers: crypto mining malware. This new motive for hackers has risen in prominence significantly with a 27% increase in use in the first quarter of 2018 and it is on the fast-track to becoming the number one cause of cyber attacks. So, it is incredibly important that enterprise IT security staff get an understanding of what crypto mining is, why it has increased in prominence and what they can do to stop it.

For those who don’t know what crypto mining entails allow us to enlighten you. Cryptocurrencies are virtual money that exists online, kept in crypto wallets and transferable via the use of Blockchains. But unlike physical money which has a governing body in charge of its distribution and printing, cryptocurrencies can be made by anyone. Making cryptocurrency is not easy though. If the average person could generate it, from his or her simple desktop computer at home, then the market would be inflated and the value of the currency diminished. To make just one coin of cryptocurrency requires an absurd amount of computer resources and time, meaning mining it is limited to big business and people heavily invested in the technology to do so.

How crypto mining then relates to cyber security is obvious. Even if someone has the technology to mine cryptocurrencies, the amount of computer power needed makes the entire process very time-consuming. Most people don’t have access to industrial computers or enough computers all running at once to mine the currency. It is this issue that has led crypto mining malware to become so prominent as hackers have discovered the solution to their problems is to secretly install mining software onto the computers of bystanders through malware and then let the infected computers do all the hard work.

The big difference between crypto mining and past cyber attacks around cryptocurrencies is that hackers are not stealing cryptocurrency or demanding it as a payment. As mentioned above, they are using software so that they can use the computers of their unsuspecting victims to do the mining while the hacker reaps the rewards. This method is a lot safer for hackers and can continue as long as they don’t get caught.

Crypto mining was made even easier last September when a bug in the Coinhive software, a crypto mining software, allowed it to be used to distribute malware. Since then reports have found that the frequency of crypto mining attacks on corporations has increased by 500%. In February three of the most wanted malware were crypto mining related and a new report for the first quarter of 2018 is showing that crypto mining is soon to take over ransomware as the biggest cyber threat to enterprises.

The question for enterprises now is how to fight back? In the end, crypto mining malware is still malware and so the methods that all enterprises should already be incorporating – like antivirus, traffic monitoring and mitigation, training employees and so forth – will deal with malware designed to mine cryptocurrency. What enterprises need to be aware of is whether or not they are infected and if so how to deal with it.

Unlike ransomware where the hacker will make his or her presence known, crypto mining malware aims to remain hidden and continue leeching from your computer’s resource and so IT security experts will have to be more proactive in their approach and actively search for the mining software hidden in their network. The main sign that your computer is infected is how slow it will be running, thanks to the mining software using up the CPU. If your computer isn’t performing properly then scan it, look for anomalies, and look for signs of malware. You may just find a little miner chipping away.

Crypto mining and cryptocurrencies, in general, are not going away any time soon so it is important that businesses adapt to the changing cyber security landscape rather than hoping the situation will solve itself or assuming nothing will change.

FacebookTweetLinkedIn
Tags: CybersecurityTechnology
ShareTweet
Previous Post

RAT Gone Rogue: Meet ARS VBS Loader

Next Post

New Accenture study finds 87 per cent of focused cyberattacks are prevented

Recent News

Guide to ransomware and how to detect it

Guide to ransomware and how to detect it

September 28, 2023
software security

Research reveals 80% of applications developed in EMEA contain security flaws

September 27, 2023
Cyber insurance

Half of organisations with cyber insurance implemented additional security measures to qualify for the policy or reduce its cost

September 27, 2023
Fraud and online banking

Akamai Research Finds the Number of Cyberattacks on European Financial Services More Than Doubled in 2023

September 27, 2023

The IT Security Guru offers a daily news digest of all the best breaking IT security news stories first thing in the morning! Rather than you having to trawl through all the news feeds to find out what’s cooking, you can quickly get everything you need from this site!

Our Address: 10 London Mews, London, W2 1HY

Follow Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Channel News
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

This site uses functional cookies and external scripts to improve your experience.

Privacy settings

Privacy Settings / PENDING

This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.

NOTE: These settings will only apply to the browser and device you are currently using.

GDPR Compliance

Powered by Cookie Information