Known as crypto-jacking, this term is becoming more and more used as the buzz word for the process of unauthorised use of a computer to mine crypto-currency.

Hackers often use a variety of methods to hijack a computer. Firstly, they can send an email with a link that once clicked on by the recipient will install a malicious code onto the user’s computer known as malware.

The second option used by hackers is by piggy-backing their malware on the back of sincere websites. Once the website loads into the browser, it brings with it, infected malware which yet again will load onto the new machine.

How does Crypto-jacking operate?

Running secretly in the background, the malware feeds of the computer’s own energy and steels its electricity power for its own use known as crypto-jacking. Users will not necessarily know this is happening unless they are either running malware prevention software which will alert them if their machine has been compromised or if not the case, users may suddenly wonder why their machine has begun to run slowly and sluggishly.

This comes at a time when cryptocurrency has not garnered the greatest reputation. Often most associated with criminal activity and cybercrime, cryptocurrency such as bitcoin has often been used as the preferred payment method for criminal hackers who use ransomware. Because there is no ‘fixed address’ or bank account it is much easier for hackers to operate undercover and still gain monitory funds. The ability to move large sums of money goes unnoticed and without any need to justify.

Is your business facing issues around cyber security? Here at Crendon Insurance Ltd we encourage businesses to evaluate their business to see if their cyber security policy is up to scratch? Running several units of IT technology and supporting staff across the company can be a substantial task especially when fighting against malware and crypto-jacking cyber issues. With our Cyber-attack Insurance, we ensure companies can meet requirements.

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