All You Should Know About Cryptojacking

All you should know about Cryptojacking – the new cyber threat

The shift of activities to the digital platform has increased across the globe. From working online to financial transactions, most of the population actively uses digital platforms. With the rise of cryptocurrency in recent years, cryptojacking has become more prominent, allowing people to steal, involving lower risk and higher potential for financial gain.

What is Cryptojacking?

Cryptojacking is the unauthorized use of a person’s computer resources to mine cryptocurrency without their knowledge, which may lead to a full-blown ransomware situation. 

Cryptojacking is a malicious hacker technique that harnesses the processing power of computers to mine for cryptocurrency. It is used to steal resources and mine online currencies like Bitcoin. Hackers practice cryptojacking either by getting the victim to click on a malicious link sent to them through an email or by infecting their computer system via an online ad or a website with JavaScript code. With the help of cryptojacking, cybercriminals hack into any user’s laptop, personal computer, mobile device, or business computer network to install malicious software.

What is a Cryptojacking Attack?

Cryptojacking is a process where malicious cryptocurrency miners stealthily embed in a website, causing the visitor’s browsers to run more slowly while another entity mines the currency in the background. It allows cybercriminals to gain financial benefits from using other people’s computers and resources to mine cryptocurrencies, or cybercriminals get paid by advertising agencies for the display of their ads on certain websites.

Over the last couple of years, cryptojacking has become a serious global issue. Companies can prevent cryptojacking by training their IT team, using the anti-crypto mining extension, educating employees about cryptojacking, disabling JavaScript, and using ad blockers to block malicious code.

How does Cryptojacking Work?

Cryptojackers use three methods. They are:

i) Browser-Based Cryptojacking

This type of cryptojacking attack takes place directly within a web browser. Attackers use IT infrastructure to mine for cryptocurrency. With a programming language, hackers create a crypto mining script, which is then embedded onto numerous websites.

ii) File-Based Cryptojacking

A file-based cryptojacking attack is one of the most common ways through which cryptojacking attacks occur. It takes place when malware is downloaded, and an executable file is run on a computer network. This malware then spreads a crypto mining script throughout the infrastructure of the computer network.

iii) Cloud Cryptojacking

A cloud cryptojacking attack takes place when a cybercriminal uses the cloud services to search through an organization’s files and code to find the API keys. Once the hackers gain access, they siphon unlimited CPU resources for crypto mining.

How to Detect Cryptojacking?

Cybercriminals infect random computer systems with hidden cryptocurrency miners, damaging computers. Thus, organizations need to stay alert to potential cryptojacking threats that can affect operations and compromise their computer systems. Users can detect a cryptojacking threat by following these steps:

1. Being aware of a decrease in performance of the computing device

2. Watching out for overheating of devices and running of fans

3. Monitoring computer systems for CPU usage (this can be a red flag)

4. Scanning for malware

5. Following the latest crypto-news, staying alert, and updating against any threats

Ransomware vs Cryptojacking

While ransomware attacks are complicated, involving research, and planning to develop and deploy the malware, a cryptojacking attack can be less complex as it takes less time to initiate.

Source: eccu.edu