Cryptojacking is a new cyberthreat that can take control of your company’s desktops, laptops, smartphones, and network servers. Cryptojacking attacks have doubled over the past year, continue reading to learn what you can do to protect against this growing threat.
What is Cryptojacking?
Before we can understand how to detect cryptojacking and defend against it, we should review what it is. Cryptojacking, also known as malicious cryptomining, uses web browser downloads or rogue mobile apps to hijack computers and mobile devices to mine cryptocurrencies. Cryptojacking uses crypto malware that can be installed on a huge variety of devices, including:
- Network Servers
Cryptojacking aims to take control of your device’s processing power to mine cryptocurrency for the malicious actor. If you’re unfamiliar with the concept of cryptocurrency, it is a form of digital money that only exists in the online world. Cryptocurrency was created as a digital currency designed as an alternative to traditional currency. One of the earliest forms of cryptocurrency, Bitcoin, gained mainstream recognition, leading to crypto’s explosion since then. Popular cryptocurrencies other than bitcoin you may have heard of include Ethereum, Dogecoin, Litecoin, and Tether.
Why Does it Matter?
So, if the crypto malware isn’t taking your money, why is it harmful? Well, cryptojacking works by gaining access to your device’s processing power to run crypto mining scripts. These crypto mining scripts are a huge drain on your computing power and run in the background, meaning that they’ll slow down your device an extreme amount. While this is annoying and inconvenient for home users, it can be catastrophic for businesses.
Businesses are heavily reliant on having fast speeds to do their work effectively. Slow speeds as a result of cryptojacking can tank your business’s efficiency. Some effects of slow speed from cryptojacking scripts include:
- Slow Business Processes
- Poor Customer Service
- Slow File Sharing
- Lagging Video Conferences
- Failed Payments Processing
These issues could be devastating. They slow your business down and paint you as unprofessional to clients and customers. Would you want to work with a business that never gets back to you and has a connection that’s constantly breaking up?
Cryptojacking Can Affect Your Remote Employees
Cryptojacking attacks on remote employees can slow down their devices and tank efficiency.
How to Defend Against Cryptojacking:
Cryptojacking malware is extremely difficult to detect once it enters into your system. The best way to defend against cryptojacking is by stopping it before it ever has the chance to get into your computing resources and run its cryptomining scripts. Follow these steps to make sure that your business stays safe from cryptojacking malware:
Never Click Unsolicited Links or Attachments
Crypto-malware attacks often begin with phishing or social engineering attacks that try to trick you into interacting with unsolicited links and attachments. As a cybersecurity best practice, we would generally recommend that your company avoids interacting with links or attachments if you aren’t 100% confident they are secure.
Implement a Spam Filter
A huge amount of cryptojacking threats come through the email. One of the best ways to protect against email threats is by installing a spam filter that catches and prevents malicious agents from ever accessing your email box. Spam filters are the first line of defense against email scams, so make sure that you invest in them.
Enable Multi-Factor Authentication
If your business isn’t already incorporating multi-factor authentication methods, it should. Multi- factor authentication is one of the most effective techniques at deterring hackers. If you’re unfamiliar with multi-factor authentication, it requires the user to verify their identities in an additional way after inputting the right password before being allowed to log in.
Partner with a Cybersecurity Provider
The final method of making sure that your business and employees stay safe from cryptojacking and other cyberthreats is by partnering with a cybersecurity provider. If you’re looking for the ultimate cybersecurity provider, you’ve found us. 42 Inc. are experts at locking down a business’s security.
Update Your Software
Software updates are often created in responses to security threats. Try to set up automatic software updates, and if that’s not possible, install software updates as soon as they’re available.