Comprehensive Guide to Understanding Cryptojacking: History, Examples and How to Safeguard Your Business

Understanding Cryptojacking

Cybersecurity threats lurk in every corner of the digital business environment, and one such threat that has increasingly caused concern among executives is cryptojacking. At our company, we help leaders navigate complex cybersecurity challenges such as cryptojacking to secure their businesses.

Definition

Cryptojacking, in simple terms, is a type of cyber attack where a hacker uses your computer or company’s network without your knowledge to mine cryptocurrencies. These digital currencies require massive computing power for their generation, and by employing cryptojacking practices, the hackers shift this enormous energy and cost burden to your business.

History

Cryptojacking entered the cybersecurity vernacular around 2017 with the explosive growth of cryptocurrencies like Bitcoin. A significant rise in cryptojacking incidents paralleled this growth, evolving from simplistic website scripts to more sophisticated malware that can bypass traditional cybersecurity measures. Today, it remains a pressing concern for all digital-dependent businesses as the methods for cryptojacking have become even more intricate and can be targeted at everyone – from individuals to multinational corporations.

Examples

  • Example 1:

    In 2018, the coffee-chain Starbucks faced a major reputation setback when they discovered that their Argentinian stores’ Wi-Fi had been set up to mine Bitcoin. This not only slowed down the network but compromised customers’ security, resulting in trust loss.

  • Example 2:

    Similarly, Tesla’s Kubernetes console, which was not password secured, was hacked to mine cryptocurrencies. This incident highlighted potential efficiency losses and revenue impacts due to misused resources.

  • Example 3:

    In a widespread case, thousands of websites worldwide, including government sites, were infected with a cryptojacking script, causing significant disruptions and an end-user trust decline.

Insight

An effective way to mitigate cryptojacking risks is by implementing comprehensive endpoint security measures, educating employees on identifying suspicious activities, and regularly updating and patching systems to fix security vulnerabilities. Partnering with cybersecurity professionals for routine security assessments can also detect any illicit cryptocurrency mining activities.

Call to Action

Safeguarding your business against cryptojacking and other cybersecurity threats demands strategic IT security consulting and cybersecurity leadership. To learn more about our security assessments, strategic consulting, and Fractional CISO services, reach out to us today. When it comes to cybersecurity, be proactive instead of reactive. Contact us for a free consultation.