Cryptojacking is an emanated online threat that is mostly used by the cyber attackers these days. This is because the threat hides on a computer system or mobile device. This form of cyber attack utilizes the machine’s or the device’s resources to “Mine” various forms of cryptocurrencies. This attack takes over the web browsers in most cases compromising all kinds of devices such as desktops, laptops, smartphones and even the network servers.
This article aims to provide the reasons the hackers are actively using this new form of attack, the ways to prevent it and the following steps that any organization must implement in case it has been attacked by the cryptojacking malware. But, before we proceed, we would like to furnish you with a brief introduction to cryptocurrency and mining cryptocurrencies. This will be very helpful for the newbies to understand the substance of the article.
Cryptocurrencies are forms of digital funds that rule the online sphere and does not have any physical form. The units of cryptocurrency are termed as “coins” that are just entries in a database. They have been put to use as an alternative to the traditional money (that we generally use in physical forms). Over time cryptocurrencies gained immense popularity due to their design, growth potential and most importantly, its anonymity. These electronic funds are based on the principles of complex mathematical encryption. These digital funds exist as encrypted decentralized monetary units and are freely transferable between the network participants. In other words, cryptos are electricity converted into lines of code having actual monetary value. This electronic money can be kept in the virtual “wallets” that are securely encrypted implementing the private keys. Some of the most common cryptos are Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Litecoin (LTE) and Dash. As of now, there are approximately 5392 cryptocurrencies being traded having a total market cap of $201 billion (statistics as of April 2020).
Moving on we have cryptocurrency mining. Cryptocurrency Mining (or mostly termed as “Cryptomining”) is a method in which various forms of the cryptocurrency transactions are verified and added to Blockchain digital ledger. Blockchain is a system where a record of transactions made in various types of cryptocurrencies including Bitcoin is maintained across diverse computers being linked in a peer-to-peer network. Depending on the type of cryptomining, the name changes accordingly. Like if the mining is for altcoins, the process would be termed as altcoin mining whereas if the mining is just for Bitcoins, the process would then be known as Bitcoin mining. Of all, Bitcoin mining is the most popular form of cryptomining. For conducting this process, a crypto miner would need a computer with specialized cryptocurrency mining hardware.
Cryptojacking can be termed as a scheme that is utilized on the people’s devices such as computers, tablets, smartphones or even the servers against the knowledge or consent of the people. This is done to secretly mine the cryptocurrencies on the dime of the victim. It is the shortcut that discards building a dedicated cryptomining system while helping the hackers to steal computing resources from their victims’ devices. Adding up all the resources, it enables the hackers to compete against the sophisticated cryptomining operations without the costly budget.
The ones who might have been cryptojacked may not notice the actions. This is due to the fact that most of the cryptocurrency mining softwares is designed to make it hidden from the user. But there are ways in which you can suspect if you are a victim. Cryptojacking might slow down other processes, increase your electricity bills and shorten the life of your device. Certain red flags pop up based on the attack quality and quantity. If you notice that your Mac or PC slows down or uses the cooling fan quite frequently than usual, then you might suspect it to be a cryptojacking. The motive behind cryptojacking is solely money. Cryptocurrency mining can be very lucrative.
In the bid to pull off this new form of the cyber attack, the hackers are utilizing various approaches like:
Injection of JavaScript Code into the online ads or websites auto-executing once the victim loads them.
Delivering spam emails having malicious links that are responsible for loading cryptomining codes on to the victim’s system.
As harder, it is to believe that the hackers do employ cryptojacking over the most widely used cyber threat, ransomware. Once your system is infected, the mining code works smoothly and quietly in the background, making sure that the victim does not detect its presence as they keep on continuing their job all throughout the day. Moreover, the hackers are pro at it as they make sure the impact is pretty negligible so that the users notice it rarely that their system has been compromised.
The hackers these days are mostly implementing Cryptojacking methods over the ransomware as the former is less risky. But there are other reasons to choose them:
It is Anonymous - It is almost impossible to connect to code to anyone if the hackers use anonymous cryptocurrencies such as Monero (XMR) and ZCash.
It is Less Perceptible - For the individual users, the effects of cryptojacking is more of exasperation than just anything else. Cryptojacking is limited to stealing of the CPU resources and does not include locking people out of their machines. Thus, even if the victims detect the code, they have very little motivation to trace down the hacker.
It is More Money Making - With just the ransomware, it is hard for the hackers to squeeze out money as only 3 out of the 100 targeted may fall prey and send ransomware. On the contrary, 100 targeted systems for cryptojacking will yield cryptocurrencies from all of them.
It is Cost-Effective and Easy To Implement - This does not require a highly exceptional hacker to pull off the method. If you can get into the dark web directories, you will be able to purchase a cryptojacking kit for as low as $30.
There are quite a handful of ways to prevent cryptojacking or minimize the risk of becoming a victim. The following are the preventive measures:
Education and Training: Security awareness training programs address cryptojacking and ensure that you focus on the phishing-style attacks that the hackers implement to load various malicious code onto the devices. Help desk awareness is equally important so that they can detect a spike in the slow performance complaints.
Browser Extensions: You must install an effective ad blocker and anti-cryptomining extensions. Such as, [No Coin](LINK) or [MinerBlock](LINK) to the browsers that are in use by the employees. Also, track the other extensions that your employees might be using. There are instances that reveal hackers hijacking legit extensions or even develop their own to execute their code.
Web Filtration: You must frequently upgrade your web filtering tools. In case you detect that a page has tried to load any malicious code, do not allow your users to re-access it.
Cryptojacking is an evolving cyber threat that needs to be taken care of. Though it is not that big of a deal to the individuals but can hinder performances of the organizations resulting in devastating costs. It can lead to smaller performance issues that will surface up bigger. Thus, effective and updated measures are what you must be engaging in from time to time.
