How Does Cryptojacking Work, and Why is it Problematic?

Introduction

In the ever-evolving landscape of cybersecurity threats, cryptojacking has emerged as a stealthy menace that poses significant challenges for individuals and organisations alike. As a leading MSSP (Managed Security Service Provider), the UK Cyber Security Group is committed to protecting businesses from such emerging threats. In this blog post, we will explore the intricacies of cryptojacking, shedding light on its operation, and understanding why it has become a pressing concern for organisations seeking to achieve Cyber Essentials compliance.

Understanding Cryptojacking

Cryptojacking is a malicious practice where cybercriminals exploit the processing power and resources of unsuspecting users’ devices to mine cryptocurrencies without their knowledge or consent. This unauthorised use of computational resources allows the perpetrators to carry out complex mathematical calculations required for mining cryptocurrencies like Bitcoin, Monero, and Ethereum, among others.

How Does Cryptojacking Work?

There are primarily two methods through which cryptojacking attacks are executed:

Malicious Websites:

Cybercriminals create websites or inject malicious code into legitimate sites. When unsuspecting users visit these infected sites, the malicious code runs in the background without the user’s awareness, using their device’s processing power to mine cryptocurrencies for the attackers.

Malware Distribution:

Cryptojacking malware can be delivered through phishing emails, compromised software, or infected downloads. Once the malware infects a system, it immediately begins mining cryptocurrencies silently, consuming the device’s resources and potentially causing it to slow down or overheat.

Why is Cryptojacking Problematic?

Cryptojacking poses several significant problems, making it a concerning threat for individuals and organisations:

Performance Degradation:

As cryptojacking siphons off a device’s processing power, it can cause noticeable performance degradation, resulting in slow response times, freezing applications, and decreased overall productivity.

Increased Operational Costs:

For organisations, cryptojacking can lead to increased energy consumption, as hijacked systems operate at full capacity. This not only impacts utility bills but can also strain hardware and lead to premature failure.

Data Security Risks:

The presence of cryptojacking malware on a system indicates a security breach, potentially exposing sensitive data to unauthorized access. This can lead to severe data breaches and reputational damage for organisations.

Legal and Compliance Issues:

Cryptojacking is illegal and violates privacy regulations. Organisations found facilitating or tolerating such activities may face legal consequences and lose their Cyber Essentials certification, tarnishing their reputation and credibility.

Evasion of Traditional Security Measures:

Cryptojacking attacks are designed to evade detection by traditional antivirus software, making them challenging to identify and mitigate.

Preventing and Mitigating Cryptojacking

As a trusted MSSP, the UK Cyber Security Group employs proactive measures to protect clients from cryptojacking and other cybersecurity threats. Some key preventive measures include:

Advanced Threat Detection:

Utilizing cutting-edge security solutions to detect and block cryptojacking attempts in real time.

Web Filtering:

Implementing web filtering solutions to prevent users from accessing malicious websites hosting cryptojacking scripts.

Regular Patching and Updates:

Ensuring that all software and operating systems are up-to-date with the latest security patches to reduce vulnerabilities.

Employee Awareness Training:

Conducting regular cybersecurity awareness training to educate employees about the risks of clicking on suspicious links or downloading unauthorized software.

Endpoint Protection:

Deploy robust endpoint protection tools to detect and block cryptojacking malware on devices.

Conclusion

Cryptojacking is a persistent and evolving threat that can have severe implications for both individuals and organisations. As the UK Cyber Security Group, our mission is to safeguard businesses from emerging threats like cryptojacking and support them in achieving and maintaining Cyber Essentials compliance. By staying informed, employing the latest security solutions, and fostering a security-conscious culture, organizations can effectively defend against this stealthy menace and secure their digital assets.

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If you would like to know more, do get in touch as we are happy to answer any questions. Looking to improve your cybersecurity but not sure where to start? Begin by getting certified in Cyber Essentials, the UK government’s scheme that covers all the technical controls that will provide the protection that you need to help guard against criminal attacks. Or just get in touch by clicking contact us