Cryptojacking: Back to the Future

Cryptojacking: A New Threat in the World of Hacking

In recent news, a new form of hacking has emerged – cryptojacking. Security research firm Redlock uncovered that Tesla’s servers were breached by hackers who utilized Tesla’s computing power to mine for cryptocurrencies. Shortly after, it was revealed that the LA Times had also fallen victim to a similar attack. Redlock estimated that eight percent of companies have experienced a cryptojacking incident, a number that is expected to rise.

Cryptojacking combines two of the internet’s hottest trends – hacking and the surge of cryptocurrencies like Bitcoin, Litecoin, and Ripple. Companies already struggling to fend off hackers seeking their data must now also guard against unauthorized use of their infrastructure. With the growing complexity of Blockchain puzzles, hackers and miners are seeking more powerful computing power through legal or illegal means.

While cryptocurrencies were intended to function as real-world currencies, they have primarily been used for speculation and as a means of payment on the dark web. The volatile value of cryptocurrencies has led to investment-related fraud, pump and dump schemes, and other illicit activities. Hackers have also targeted cryptocurrency wallets, resulting in significant thefts and the collapse of exchanges.

Ironically, cryptojacking harkens back to the early days of hacking when mainframe computers were infiltrated not to steal data, but to use computing power. The resurgence of this type of hacking underscores the ongoing criminality associated with cryptocurrencies. Whether this criminal association signals the downfall or evolution of cryptocurrencies depends on one’s perspective of their future.

Regardless, the rise of cryptojacking poses new challenges for cybersecurity professionals. Chief Information Security Officers and Chief Information Officers must reassess risk assessments, monitoring efforts, and cloud computing contracts to address this new threat. For legal experts specializing in data breaches and hacking response, cryptojacking raises complex legal questions concerning investigation protocols, obligations to stakeholders, management responsibilities, and potential government enforcement actions.

Despite the controversies surrounding cryptocurrencies, the trend has persisted for years and shows no signs of disappearing. It is crucial to take the threat of cryptojacking seriously and adapt security measures to combat this evolving form of hacking.