The rise of illicit cryptocurrency mining poses a significant threat to organizations worldwide, according to a recent report by the Cyber Threat Alliance (CTA). The report, titled “The Illicit Crytopcurrency Mining Threat,” reveals a staggering 459% increase in crypto-mining activities from 2017 to 2018, with no signs of slowing down in the most recent quarters.
Cryptocurrency mining involves using computers, web browsers, IoT devices, mobile devices, and network infrastructure to steal processing power for mining cryptocurrencies. While this can result in higher electric bills and decreased productivity for businesses, the real danger lies in the potential for cyber attackers to exploit vulnerabilities within an organization’s cybersecurity posture.
According to the CTA, illicit cryptocurrency mining often occurs due to lapses in cyber hygiene or slow patch management cycles, allowing crypto-miners to gain a foothold and spread within a network. This not only drains resources but also indicates that there may be larger security flaws at play.
Justin Jett, director of audit and compliance for Plixer, warns organizations to remain vigilant against the growing threat of crypto-jacking. By closely monitoring network activity and leveraging traffic analytics, IT professionals can quickly identify and mitigate crypto-mining malware within their networks.
As the prevalence of crypto-jacking continues to rise, it is essential for organizations to take proactive measures to protect their infrastructure and sensitive data. By staying informed and implementing robust cybersecurity measures, businesses can safeguard against the damaging effects of illicit cryptocurrency mining.
For more insights on cybersecurity threats, consider watching our #InfosecWebinar on Malware in IoT, Crypto-coins & Smart Devices. Stay informed and stay protected against the evolving landscape of cyber threats.