Cryptojacking Takes Over – The Latest Hack
Crypto mining is an intense process that demands a whole lot of computer power. So much so that people fill entire rooms with high-powered computers just to farm crypto. Those rigs aren’t cheap, and neither are the electric bills.
But what if there was another way to mine crypto?
One that didn’t require you to purchase expensive hardware or pay that power bill? What if you could just… borrow someone else’s computer?
Well, that’d be cryptojacking – and it’s become a serious problem for businesses everywhere.
Let’s dive in.
The Hack
Cryptojacking is when an attacker hijacks your computer (physical or virtual) to mine cryptocurrency without your knowledge.
It’s usually deployed through malicious code installed on malicious websites or downloaded malware. This code hogs up your computer’s power, slowing down its performance, blocking access to resources, and can lead to immense cloud or power consumption.
Recently, over 3,5000 websites have been compromised by this type of attack, infecting unsuspecting visitors with cryptojacking code and quietly taking over their device’s resources.
Why Is Cryptojacking a Concern for Small Businesses?
When a hacker starts using your computers for unauthorized crypto mining, you can run into some seriously bad problems:
- Higher electric bill: A system being cryptojacked will be forced to use more power and stay on for much longer, leading to increased electrical costs.
- Hardware breakdown: Chances are your systems weren’t built for mining crypto. Mining can put serious strain on your computer through overheating, accelerated wear and tear, and outright hardware failure. Even virtual systems aren’t safe as cryptojacking can slow down network performance and speed. Think of it like forcing someone who’s never trained to run a marathon without rest. They’re not going to come out of it in great shape.
- Increased security risks: Unauthorized mining malware could be just the start of a bigger attack. It’s much easier for a hacker to access the rest of your network if they already have a foot in the door. While cryptojacking is dangerous enough on its own, any sort of system compromise always has the chance to become far more dangerous and could lead to a data breach.
How to Defend Against Cryptojacking
Fortunately, there are several ways you can protect you and your business from cryptojacking.
1. Endpoint detection
Endpoint detection and response (EDR) is key to defending against cryptojacking – and it’s just as important for overall cybersecurity. This technology manages, investigates, and responds to threats on all endpoints (computers, mobile devices, etc.) across your network. By providing you a wide overview of your environment, you’ll catch issues early.
2. Keep things updated
Updates keep your systems working their best. Most updates (for specific software, computer operating systems, applications, etc.) involve fixing vulnerabilities that would otherwise leave you open to a cyberattack. By updating, you’re making sure that your systems have the best protection that they can.
3. Watch for strange behavior
Cryptojacking puts your systems under more stress than normal. Your computer fans may turn to full blast as your system tries to keep cool, or your computer may start running slow. For a virtual system, your entire cloud platform could run far slower and experience upload/download issues.
4. Web browser blockers
There are also many anti-crypto mining extensions that automatically block cryptojacking. We recommend reaching out to your IT provider or MSP for an extension that best suits your company.
5. Keep an eye on your costs
If your electric or cloud bill suddenly skyrockets, that could be a sign of cryptojacking. Take a look at this incident reported by Microsoft, where a cryptojacking attack led to cloud costs running upwards of $300,000.
6. Train your employees
Training your employees on social engineering tactics can help lower the chances of a cryptojacking infection. An educated team is far less likely to fall for scams than an uneducated one.
7. Team up with an MSP
If all this seems like a lot to manage on your own, consider working with an MSP. MSPs, like The 20 MSP, are masters of IT oversight. At The 20 MSP, we deploy top-of-the-line endpoint detection software, and automated tools leveraged by hardened expertise. We keep our clients secure from threats like cryptojacking.
Bottom Line
Cryptojacking can sneak into a business and siphon processing power and energy from your systems without you ever knowing. Only through constant monitoring, updating, and education can you properly stay safe from this newer threat – all things that a great MSP can provide.
And if you’re looking for that MSP – give us a call.
With over 20 years in the industry, we know a thing or two about keeping our clients safe from hackers, no matter how new the attack.
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About The 20 MSP
As a leading provider of managed IT services, The 20 MSP serves thousands of businesses nationwide, including single and multi-location organizations, delivering white-glove service, secure and streamlined IT infrastructure, and 24/7/365 support. We believe in building lasting relationships with clients founded on trust, communication, and the delivery of high-value services for a fair and predictable price. Our client’s success is our success, and we are committed to helping each and every organization we serve leverage technology to secure a competitive advantage and achieve new growth.
