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According to the European Union Agency for Cybersecurity (ENISA), cryptojacking is the third top cyberthreat. ENISA also noted that cryptojacking reached a record high in the first quarter of 2021. Cryptojacking is used by hackers to essentially create free money. This method takes over devices via malware and uses the devices’ computing power to mine cryptocurrency.
It can be difficult to spot cryptojacking because the malicious code is designed to work in the background and not be visible. However, there are some telltale signs. Keep reading to learn more about how cryptojacking works and how to prevent it from infecting your devices.
Cryptomining is a broad term for mining cryptocurrencies like bitcoin, monero, or ethereum. Cryptomining is the process to generate new cryptocurrency and validate cryptocurrency transactions.
Because cryptocurrency is completely digital, miners are needed to verify and secure blockchains. Miners work to open a new block on certain blockchains. When a miner figures out the answer to a cryptographic puzzle (known as the hash), they receive payment.
It's an incredibly difficult task, as cryptocurrency mining often involves large amounts of computer power, mining software, and mining hardware. This can easily cost several thousand dollars.
Cryptomining in itself is legal, but cryptojacking is illegal. Cryptojacking is when miners use other devices’ processing power to mine crypto. Stealing the power of another device without the owner’s permission and then using it to generate currency is becoming more and more popular.
Interpol lists the impacts of cryptojacking as primarily performance-related, but it can also affect the victim's electricity costs.
Cryptojacking can target desktops, laptops, mobile devices, network servers, or any internet-connected device. Once a cybercriminal gains access to these devices, it runs a program to steal the computing power.
Cybercriminals usually gain access to a person's device or server through malware. It gets deployed in a variety of ways, such as a person using an infected website, downloading content, or clicking on a link in a phishing email.
These actions can trigger a cryptomining code getting loaded onto your device. This lets a mining script run in the background that can control your device. The script is designed to steal some or all of your device's computing resources and turn them into digital currency.
Cryptomining malware is more interested in stealing power than taking data or damaging devices. As with other types of malware, cryptojacking will run as long as possible before being detected.
There are different types of malicious cryptomining that each target a different access point. Let's review the three tactics cybercriminals use to infect your device with cryptomining code.
Also known as drive-by cryptojacking, this involves a user visiting an infected website that will then add cryptomining code to the user's browser. Cybercriminals can place malware in ads, compromise an existing website, or create a website with cryptomining JavaScript code.
Host-based cryptojacking focuses on social engineering tactics to succeed. A popular example is phishing emails. Cybercriminals will use social engineering to trick victims into trusting the email. It's common for attackers to pose as a trusted source, such as your boss. Then they will insert a malicious link in the email. Once opened, cryptomining scripts infect your device.
Some other methods that fall under host-based cryptojacking include malicious apps, open source code, or public application programming interface (API).
Cloud-based cryptojacking is the most difficult to implement out of the three types, but it can provide the biggest payoff. If cybercriminals can access a cloud network, they can infect multiple devices including servers, infrastructures, and software supply chains. It's the biggest threat to the cloud since 86% of compromised Google Cloud instances were used for cryptomining. Cybercriminals will look for vulnerabilities or API keys to access the cloud service.
Detecting cryptojacking is difficult because it is designed to work in the background and be completely invisible to the device's owner. But the symptoms will show up eventually. Here are some red flags that may indicate your device is being used for cryptomining:
If you suspect your device is being used for cryptojacking, then there are some actions you can take to remove it. First, you'll need to confirm your device has cryptomining code. You can use antivirus software to do a scan on your device.
Once the malware has been identified, you can start the process to delete it. Your antivirus software may be able to do this for you. You could also find the best malware removal to get rid of the unauthorized cryptomining code.
If this doesn't work, you might want to look into resetting your computer and reformatting the hard drives. However, this could potentially delete data.
It's much easier to prevent a cyberattack than to try to remove it. Here are some security measures you can implement to protect yourself from cryptojacking and other cybercrimes:
Cryptojacking steals computers’ processing power. Because cryptojacking needs a significant amount of energy, it uses other people’s devices to generate enough power to mine cryptocurrency. It doesn't steal data or damage your computer, but it can slow down processing times and increase your electricity bill.
You can spot cryptojacking by its signs such as poor device performance, low router productivity, overheating batteries, or an unexpected increase in your electricity bill. Sometimes it can be difficult to notice cryptojacking, as it's designed to run in the background and be undetectable. But being aware can help you spot the signs sooner.
Cryptojacking is common and is listed as the third top cybersecurity threat, according to the European Union Agency for Cybersecurity (ENISA). ENISA also noted that cryptojacking reached a record high in the first quarter of 2021. Cisco also reported that more than two-thirds of customers were affected by cryptomining.
Cryptojacking is elusive and many people may not notice their device is running malicious code. Poor device performance is usually the most noticeable sign that something is wrong with your device. This can include operating slowly or randomly shutting off. When combined with other red flags such as overheating or a large electricity bill, you may want to run antivirus software to find and remove the cryptojacking malware.
Prevention is always better than trying to remedy issues. Staying alert and proactively protecting your data and devices can go a long way in stopping cybercrime. To learn more, read our detailed guide on how to stay safe online.
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