Daniel Schwartz Cryptojacking is a form of cyberattack where cybercriminals hijack your computing resources to mine cryptocurrency without your knowledge. It usually starts in two ways: either through a malicious program downloaded onto your device or by loading scripts that run directly in your web browser. Here’s a bit more detail on how both methods work:
- Malicious Programs: You might accidentally download malware disguised as a legitimate application or through an email attachment. Once installed, this malware runs in the background, using your computer’s processing power to mine cryptocurrencies like Bitcoin or Monero. This process is hidden, and you might only notice its effects rather than the cause.
- Browser-Based Cryptojacking: The other method involves visiting a website that secretly uses your browser to mine cryptocurrency. This happens when hackers embed a JavaScript code into a webpage. Once you visit such a page, the script automatically executes, and your computer starts mining for the duration of your visit. No need for the attacker to install anything on your machine.
The impact of cryptojacking includes significant slowdowns in computer performance as the mining process consumes large amounts of processing power and memory. It can also lead to higher energy consumption, which may increase your electricity bills. Over time, the continuous operation at high performance can cause your device to wear out more quickly due to overheating and prolonged usage.
How Does it work?
Cryptojacking is a stealthy cyber threat that siphons off your computing resources to mine cryptocurrency. Here’s a step-by-step explanation of how it typically unfolds:
Infection
The first step is the infection, which can occur through various channels. You might unknowingly download malware by clicking on a phishing link or opening a malicious email attachment. Alternatively, you could simply visit a compromised website that runs a crypto-mining script directly in your browser.
Execution
Once the cryptojacking script or malware is on your device, it gets to work. If it’s a malware program, it will install itself quietly without your knowledge. Browser-based scripts start running automatically when you visit or interact with a compromised webpage.
Crypto-mining Activity
The cryptojacking code then uses your device’s CPU or GPU power to perform complex computations needed for mining cryptocurrencies like Bitcoin or Monero. This mining process involves validating data blocks and adding transaction records to a public ledger (blockchain).
Resource Drain
As the mining process requires substantial computational power, you’ll likely notice a significant slowdown in your device’s performance. Applications might take longer to open, and overall responsiveness may drop. Overheating can also occur due to the continuous use of hardware resources.
Profit to Attacker
The rewards from the mining activity (cryptocurrency) are directed to the attacker’s digital wallet. The entire process is typically automated and continuous, as long as the malware remains undetected and active, or the malicious web page remains open in your browser.
Cryptojacking scripts and malware are designed to remain as hidden as possible to continue using the infected device’s resources for as long as possible. Users typically become aware of a potential infection due to performance degradation or unusually high device temperatures, rather than the detection of the actual cryptojacking script or malware.
How to Protect Your Crypto Assets?
Protecting your crypto assets involves a mix of rigorous security practices, vigilant monitoring, and the use of appropriate technology. Here’s a detailed guide on securing your cryptocurrencies effectively:
Use Secure Wallets
Invest in hardware wallets, which are physical devices that store your private keys offline, providing an added layer of security against online threats. These wallets are essential for storing large amounts of cryptocurrencies. For smaller amounts or more frequent transactions, use reputable software wallets that encrypt your private keys on your device, minimizing exposure to hacks.
Enable Strong Authentication
Implement two-factor authentication (2FA) on all crypto-related accounts, including your trading platforms and email accounts linked to your crypto activities. Opt for authentication methods like Google Authenticator or a hardware token, as they are more secure than SMS-based 2FA, which can be intercepted.
Keep Software Updated
Regularly update your wallet applications, smartphone apps, and computer’s operating system to protect against exploits targeting known vulnerabilities. Software updates often include security enhancements and vulnerability patches that are critical in defending against new threats.
Use Strong, Unique Passwords
Create complex passwords that include a mix of letters, numbers, and special characters. Use a different password for each account to reduce the risk if one account is compromised. Consider using a reputable password manager to generate and store your passwords securely.
Be Wary of Phishing Attacks
Always be skeptical of emails or messages that ask for your crypto credentials or personal information. Check the authenticity of websites before entering sensitive information—look for secure HTTPS connections and correct URLs. Educate yourself on the common signs of phishing to better recognize fraudulent attempts.
Avoid Public Wi-Fi for Transactions
Public Wi-Fi networks are not secure and can be a hotbed for man-in-the-middle attacks. Never access your crypto wallets or perform transactions over public Wi-Fi. Use a secure, private connection or a trusted VPN service if you need to access your accounts remotely.
Regular Backups
Back up your wallet’s seed or recovery phrases securely. Write them down on paper and store them in multiple, secure locations away from potential physical hazards like fire or water damage. These backups are crucial for recovering your assets in case your wallet is lost, damaged, or stolen.
Monitor Your Accounts
Regularly check your balances and transaction histories. Set up alerts for any activity in your wallet, such as transfers or significant trades, which can help you quickly detect unauthorized or suspicious activity.
Educate Yourself About Crypto Scams
Familiarize yourself with the tactics used in common crypto scams, such as fake initial coin offerings (ICOs), Ponzi schemes, and misleading investment platforms. Knowledge is power—staying informed can help you avoid falling victim to sophisticated scams.
Legal Measures and Insurance
Explore legal structures, such as trusts or limited liability companies (LLCs), to manage your cryptocurrency holdings, especially if they are substantial. This can offer additional layers of legal protection and privacy. Also, investigate insurance options for your crypto assets. Some specialized insurance products cover theft or loss of cryptocurrency, providing an extra safety net.
By implementing these practices, you can significantly enhance the security of your crypto assets and reduce the risk of loss due to hacks, fraud, and other security threats.
How dangerous is Cryptojacking?
Cryptojacking has emerged as a significant cybersecurity threat due to its stealthy nature and widespread impact. Here are some compelling data points that highlight the danger and prevalence of cryptojacking:
Rapid Growth
The Cyber Threat Alliance (CTA) reported a staggering 459% increase in cryptojacking incidents within a year, notably in 2018. This sharp rise can be attributed to the ease with which attackers can deploy cryptojacking scripts across countless unsuspecting users and systems. As cryptocurrencies gained in value, the incentive for attackers increased, leading to more sophisticated and harder-to-detect cryptojacking efforts.
Resource Drain
According to research by Palo Alto Networks, approximately 5% of all Monero, a popular cryptocurrency, was mined maliciously by 2018, with a significant portion coming from cryptojacking. This statistic illustrates not just the prevalence of cryptojacking but also its effectiveness in generating considerable cryptocurrency for attackers at the expense of legitimate users’ resources.
Prevalence in Enterprises
Symantec’s 2019 Internet Security Threat Report highlighted an uptick in cryptojacking attacks targeting enterprise networks. Enterprises are particularly attractive targets due to their substantial computational resources, which can significantly accelerate the crypto mining process, yielding more profit for attackers and simultaneously straining corporate networks.
Impact on Device Performance and Costs
Devices compromised by cryptojacking scripts often suffer drastic reductions in performance, with studies indicating up to a 65% loss in computing efficiency. Moreover, the increase in power consumption—about 30% in some cases—translates directly into higher operational costs. This not only affects system performance but also leads to increased electricity bills, thus imposing financial burdens on affected parties.
Security Vulnerabilities
The presence of cryptojacking scripts often reveals broader security vulnerabilities within a system. According to Kaspersky, networks compromised by cryptojacking were also prone to other types of cyberattacks. This correlation suggests that initial cryptojacking breaches could serve as exploratory entry points for attackers to deploy additional, potentially more destructive threats.
These data points illustrate the significant threat posed by cryptojacking. Not only does it lead to immediate resource drainage and increased costs, but it also exposes vulnerabilities that can be exploited for more damaging cyberattacks. Protecting against cryptojacking is essential not only to conserve computational resources but also to bolster overall cybersecurity defences.
The best practices to avoid them
Protecting against cryptojacking requires vigilance and proactive cybersecurity measures. Here are some best practices to help you avoid falling victim to cryptojacking:
Install Ad-Blockers or Anti-Cryptojacking Extensions
Use ad-blockers and browser extensions designed to block crypto mining scripts. These tools prevent cryptojacking scripts embedded in advertisements or web pages from executing in your browser, offering a first line of defence.
Maintain Updated Software
Regularly update your operating system, browsers, and all installed software. Updates often include patches for security vulnerabilities that could be exploited by cryptojackers. Enabling automatic updates ensures that you receive these patches as soon as they are available.
Use Endpoint Protection
Deploy comprehensive endpoint security solutions that include the detection of unusual behaviour such as sudden spikes in CPU or GPU usage. This can indicate the presence of cryptojacking activity. Many modern antivirus solutions now specifically target and block cryptojacking threats.
Monitor Network Traffic
Implement tools to monitor and analyze your network traffic for anomalies that could signal cryptojacking, such as unusual increases in resource usage. Network monitoring can help you quickly identify and respond to threats before they can cause significant damage.
Disable JavaScript
For users who can afford to sacrifice some web functionality, disabling JavaScript entirely can stop many cryptojacking scripts from running. If this is too restrictive, consider using browser extensions that allow you to selectively enable JavaScript only on trusted sites.
Educate Users
User education is critical in preventing cryptojacking. Teach users about the dangers of clicking on unknown links and visiting suspicious websites. Awareness programs should include information on how to recognize and avoid potential cryptojacking attempts.
Implement Web Filtering
Use web filtering to block access to known malicious sites. This reduces the risk of accessing websites that might host cryptojacking scripts. In an organizational setting, this is crucial for maintaining the security integrity of the network.
Secure Mobile Devices
Ensure that mobile devices are also protected against cryptojacking by keeping them updated and installing reputable mobile security applications. Caution users against installing apps from unknown sources, which could potentially contain cryptojacking code.
Use Cloud Protection Tools
For those utilizing cloud services, it’s important to implement cloud-specific security measures. These tools provide visibility into and control over your cloud resources, ensuring that no unauthorized crypto mining operations are consuming your cloud computing resources.
Restrict Browser Extensions
Develop and enforce a policy regarding the installation of browser extensions. Allow only those that are necessary for work or have been thoroughly vetted for security risks. Many cryptojacking scripts gain access through browser extensions, so tight control is essential.
Staying vigilant with updates, employing advanced security measures, and fostering a culture of cybersecurity awareness is key to protecting your digital assets. Take proactive steps today to ensure your computing environment remains secure and efficient.
FAQs
- What is cryptojacking?
Cryptojacking is a type of cyberattack where hackers use your device’s resources to mine cryptocurrency without your consent.
- How does cryptojacking affect my device?
It can slow down your device, increase electricity usage, and cause overheating.
- What are the signs of a cryptojacking attack?
Noticeable slowdown in device performance, higher than usual CPU usage, and overheating are common signs.
- How do cryptojackers gain access to my device?
Through infected websites, malicious links, or compromised software.
- Is cryptojacking illegal?
Yes, unauthorized use of someone’s computing resources for profit is illegal.
- Can cryptojacking be prevented?
Yes, by updating software, using security solutions, and educating about cyber threats.
- What should I do if I suspect cryptojacking?
Update your security software, run a malware scan, and block suspicious scripts if necessary.
- Can smartphones be affected by cryptojacking?
Yes, any device with computing power, including smartphones, can be targeted.
- Does cryptojacking only target individual users?
No, it can target anyone, including large organizations with extensive computing resources.
- Where can I report cryptojacking incidents?
Report to your local cybercrime authorities or through national cybersecurity websites.
