Some cryptocurrencies can be extremely valuable to miners, however crypto-mining hardware can cost $2000 to $3000 to buy and then running the devices is also costly and so therefore the process of mining doesn’t seem so lucrative.  Unfortunately, some crypto-miners have cottoned onto this and have sought alternative ways such as crypto-jacking to use malicious malware to work in the background of unsuspected victim’s computers and use their devices to mine the currency on their behalf.

Crypto-jacking, also known as malicious crypto-mining aims is to exploit other people’s computers without investment and if you are unlucky enough to download the software through a corrupted website or pop-up advert, you could find that your computer begins to run much slower or that the cost of the use of your electricity increases, worst of all it can put added strain on your hardware and reduce the lifespan of your computer equipment. Other than that, it will be hard for you to tell that this is even occurring and that your computer is being used for crypto-mining.

So why is crpto-jacking becoming so popular?

Whilst ransomware still operates as the biggest threat and most lucrative cash generator of cybercrime, crpto-jacking is becoming ever more popular with hackers as is it continuously generates money and ultimately it provides more money for less risk. “Hackers see cryptojacking as a cheaper, more profitable alternative to ransomware,” says Alex Vaystikh, CTO and cofounder of SecBI.

What can we do to prevent and reduce crypto-jacking? recommends, ensuring that your anti-virus software is up to date with some anti-virus programmes now incorporating specific crypto-jacking technology to combat against this type of crime.  They also recommend using an advert blocker to block any pop-up adverts which maybe carrying the harmful crypto-jacking code.

For more information on protecting your commercial business systems with technology insurance, please speak to our experienced commercial liability team at Crendon Insurance Ltd.  Our policies include a variety of aspects of technology insurance, designed to protect businesses against cyber security, GDPR data protection and technology vulnerabilities which your organisation may be facing.

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