A new form of scam: what is cryptojacking and how to prevent it

With the increasing popularity of Bitcoins and other cryptocurrencies, a new form of scam has also emerged. It’s about cryptojacking, a type of illegal cryptocurrency mining, that is Hijacking the processing power of computers, to put them to solve mathematical calculations and receive cryptocurrencies-. A practice that is becoming a growing concern in the cybersecurity industry as it affects both consumers and organizations.

Although the use of cryptocurrencies is still limited to a small universe, in the local market, the popularity of Bitcoin is growing. According to a global consumer survey conducted by Statista, Argentina is the largest consumer of cryptocurrencies in Latin America with 21% of those surveyed.

This increase in the use of bitcoin in the local market can be seen in the appearance of platforms that facilitate the use of cryptocurrencies. For example, Bitrefill launched several prepaid cards to buy at various stores and Argentine fintech Lemon introduced the first debit card to pay using cryptocurrencies in the country.

Beyond cryptocurrency advances, according to ManageEngine, a firm that develops IT management software, Argentina has become an easy target for cyberattacks. The Avast Global Risk Report shows that in Argentina there is a 27% risk that PC users will encounter cyber threats.

How Cryptojacking Works: “Malware can enter by downloading or by visiting a web page. Once installed, the software uses legitimate Windows process names to overlook and take over CPU performance for cryptocurrency mining. commented Steve Ramírez, Product Consultant at ManageEngine. ang

Cryptocurrency malware works as a parasite that puts the power of computers in the service of cryptocurrency mining. This can cause service delays, affect the performance of devices and greatly reduce their useful life. It can even leave the doors open for ransomware attacks, because once the system is compromised, it will be easier for other threats to take control of the device and the information it stores.

How to know if one is a victim of cryptojacking? According to ManageEngine, some of the “symptoms” of an attack of this type could be: constant system failure, increased energy consumption, delays or disruption of services and poor network performance.

To avoid falling victim to cryptojacking, it is important to implement minimum cybersecurity best practices: keep the software up to date, use complex passwords, do not download files from suspicious emails or websites, and monitor system privilege policies.

For Ramirez, “having an effective information security and event management (SIEM) solution will help companies correlate threat indicators and identify network anomalies to stop denial attacks of service (DDoS)., cryptojacking and ransomware before they do any harm. ” He says.

“Moreover, it is also recommended uninstall unused software (may be running malware in the background), whitelist and blacklist applications (to control what is installed on computers), and monitor CPU activity (to detect anomalies) ”ManageEngine recommends.