The rise of cryptojacking and 6 steps you can take to protect your organisation

In the ever-evolving landscape of cyber security threats, one trend has taken a disconcerting leap recently: cryptojacking. This practice, which can result in reduced efficiency of your systems and higher operating costs, involves hijacking computing resources to mine cryptocurrencies without the owner’s consent. Cryptojacking has witnessed a record-breaking 399% increase over last year, according to SonicWall’s Cyber Threat Report.

What is cryptojacking?

Cryptojacking, also known as cryptocurrency mining malware, is a stealthy cyber attack where malicious actors compromise computers, servers, or mobile devices to harness their processing power for cryptocurrency mining. 

Instead of the traditional methods of cryptocurrency mining, where miners invest in hardware and electricity, cryptojackers secretly install malware on vulnerable systems. This malware then utilises the infected device’s CPU or GPU resources to perform the complex calculations necessary for mining. As a result, the victim’s systems slow down, and energy consumption increases, often without their knowledge.

Protecting your systems against cryptojacking

To protect your systems against cryptojacking, you can take several proactive steps:

1. Keep software updated

Ensure that operating systems, applications, and security software are regularly updated to patch vulnerabilities that attackers might exploit.

2. Ensure you have reputable anti-malware solutions

Use reputable anti-malware and antivirus software to detect and remove cryptojacking malware. Regular scans can help identify and eliminate threats.

3. Monitor system performance

Watch for signs of reduced performance or unusual increases in energy consumption on devices, which could be indicators of cryptojacking.

4. Educate and train

Organisations should provide cyber security training to employees to raise awareness about the risks of cryptojacking and how to recognise potential threats.

5. Increase cloud security

Use strong network security measures, including firewalls and intrusion detection systems, to prevent unauthorised access to your network.

6. Ensure you have access controls in place

Access controls ensure staff members only have the level of access to your systems that they require to do their job. Ensuring that access controls are in place limits the potential for malware to be downloaded and spread.

Concerned? 

While cryptojacking doesn’t pose a direct threat to your data, it can result in reduced efficiency of your systems and higher operating costs, so it’s important to ensure you’re doing all you can to protect your organisation against this growing threat.

If you want to learn more about protecting your systems from cryptojackers, get in touch with our team using the contact form below and we’ll be in touch to discuss how we can support you.