Cryptojacking is a technique used by attackers to break into computers, mobile devices or corporate networks and use the machines' processing power to mine cryptocurrencies, such as Bitcoin, Monero and Ethereum, without the owner's knowledge or consent.
Attackers often choose Monero as the currency of choice for cryptojacking, as its structure allows for efficient mining on personal computers and common mobile devices. Monero, by the way, is a cryptocurrency with a high degree of anonymity, making it an ideal choice for criminals looking to have their activities hidden.
Cryptojacking attacks are becoming even more popular and although they went unnoticed for a long time, they still cause significant damage to the system. Some of the various forms of attacks include:
Browser extensions, ads, and malicious mobile apps;
Script injections;
cryptojacking malware;
Unsecured public WiFi.
Once the malicious software is installed, the computer's CPU resources are used to perform complex calculations that are necessary for cryptocurrency mining. This can lead to a significant slowdown in machine performance, as well as increased energy consumption and reduced speed. Furthermore, this type of attack can result in financial losses for the victims.
Risks Associated with Cryptojacking
Below are some risks associated with cryptojacking:
Decreased device performance: The cryptocurrency mining process consumes a large amount of computer or device resources, which significantly reduces its performance. The device slows down and performing basic tasks becomes difficult.
Increased Electricity Bill: The cryptocurrency mining process also consumes a large amount of electricity, and results in a higher than normal electricity bill.
Exposure to other security threats: Attackers who use cryptojacking as a means of attack can use other techniques to infiltrate the user's system and steal sensitive information, such as passwords and bank details.
How to identify an attack
To identify a cryptojacking attack, look out for the following signs:
Slow computer or device;
The computer or device fan runs more than usual;
Presence of heating in the device or computer;
Higher amounts on the electricity bill;
Antivirus detects the presence of malicious software or a security threat;
Increased usage of CPU, memory, or network bandwidth (Task Manager).
If you suspect that you are the target of an attack, it is important to act quickly to prevent the attacker from causing further damage.
How to Protect Yourself
Steps you should take include running a full system scan with security software, uninstalling suspicious or unknown programs, changing passwords for important accounts, keeping your antivirus software up to date, monitoring CPU usage for signs of of unauthorized mining activity and power consumption, as well as using ad- and script-blocking software in browsers.
Users should be aware of phishing emails, do not click on suspicious links or download from unknown sites coming from unsecured public Wi-Fi networks. Warning signs should be noted, such as sudden decrease in computer performance, increased electricity consumption and seek professional advice when suspecting attacks.
Ultimately, cryptojacking attacks become harmful to businesses and individuals alike by causing financial and performance damage to affected devices. Furthermore, unauthorized use of computing resources leads to data breaches and exposure of confidential information.
Extra
If you want to know more about cryptojacking, we have an explanatory video from the company Kaspersky below.
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