The digital economy is on the rise and financial services are more dependent on technology than ever. For this, the maintenance of a robust framework to protect personal information has acquired great importance. Our personal information, as well as financial information, are continuously updated, checked and monitored online. This is a big concern for the data holders because it has already been very difficult to keep pace with hackers trying to access online finances. The situation became more complicated with the emergence of cryptocurrencies and that led to spawn a new breed of hackers – cryptojackers.
The process called Crypto-jacking harnesses a victim machine to perform the computations necessary to update cryptocurrency blockchains, creating new tokens and generating fees in the process. These tokens and fees are deposited to the wallets owned by the attackers and the costs of mining – electricity, and wear and tear to computers and other devices are borne by the victim.
A survey says, 55% of organizations globally are affected by crypto-jacking. Cryptocurrencies like Bitcoins require specialized hardware that consumes masses of energy and some cryptocurrencies like Monero can be mined easily by anyone with computing power to spare. Cryptocurrencies are a boon for individuals or corporate that seeks financial anonymity. The lack of central regulatory authority has widened the path for illegal trading through virtual currencies. In the dark web, most of the trading happens through cryptocurrency. Unlike most other types of malware, crypto-jacking scripts do no damage to computers or victims’ data. Instead, they steal CPU processing resources. Big organization with many cryptojacked systems can incur real costs in terms of help desk and IT time spent tracking down performance issues due to its slow speed and replacing components or systems in the hope of solving the problem.
The trickiest aspect of cryptomining is it occurs in the background and shows no sign of it exc ept overheating of the computer or slowing down. Also, remember that cryptomining is legal. So, if you want to stop hackers from crypto-jacking your computer or avoid cryptomining altogether, here find a couple of options:
Crypto-jacking does no harm to your data or computer but it can lead to a big issue. As we depend on technology to store and use the most critical personal information, the risk of letting cryptominers to trespass on your computer intentionally or unintentionally can have a far-reaching consequence. Be alert.