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Cryptojacking – Are You Compromised? Bitcoining it at Your Expense?

You may be Bitcoin mining without knowing it.

Cryptojacking has replaced ransomware as the #1 digital threat to operating an enterprise. Not only is cryptojacking more profitable than ransomware but it also requires less effort and has a lower risk. In fact, cryptojacking is said to generate over $1.5 trillion a year.

So What Exactly is Cryptojacking?

Simply put, cryptojacking is a type of hack that allows cybercriminals to use your computer hardware to mine bitcoins or other cryptocurrencies without you know about it.

This is a very cost-effective method to mine cryptocurrencies as the hacker does not need to pay for their own hardware costs. The hacker basically gets your organisation to pay for the processing power needed to mine Bitcoins and other cryptocurrencies.

Of course, your organization suffers from loss of productivity due to slow and malfunctioning hardware and software. Electricity costs also increase as your computer systems are pushed to their limits as they become fulltime miners.

Where your cloud systems are infected your costs can dramatically skyrocket as workload spikes increase your cloud usage costs.

Naturally, once your computer systems begin failing or you discover the cybercriminal’s mining activities, they simply move onto another victim.

How does Cryptojacking Work?

Cryptojackers utilise an organisation’s computer hardware or cloud systems by infecting them with malicious software in the form of malware and scripts. Infecting a web browser used by an employee is a popular method of running scripts without the user’s knowledge.

Becoming infected can be as simple as clicking on a fake or infected advert which then downloads the cryptomining script onto your browser. Hackers can also hack into company servers or computers and install cryptomining software.

Hackers who are not content with an enterprise’s computer or cloud network may even attack smartphones and infect them with infected or malicious mobile applications. Phishing attacks are also utilised to gain access to computer systems and install malicious mining scripts.

To learn more about detecting cryptojacking and how to deal with it read our upcoming article:

Cryptojacking Detection & Defence – Better Computer Network Security.”

Partnering with Iron Mountain South Africa

Iron Mountain South Africa is at the forefront of mitigating the risks associated with data breaches. Our service offerings cover the full gamut of data and records management solutions to help your organisation reduce its risk.

Contact us today to find out about the right solutions for your organisation and enjoy greater peace of mind.

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