Cryptojacking is as cryptic as it sounds, but let’s try to demystify it and find out “What is Cryptojacking & how to prevent it?”

In today’s digital age, filled with smartphones and computers in everyone’s pocket, people do almost all their financial transactions and shopping online.

But every good thing comes with a downside, so if you know the topic of this article, you guessed it right. The downside of increasing financial transactions and shopping online came with the onset of cryptocurrencies. And with cryptocurrencies, a new type of cybercrime arrived at the scene, which is known as Cryptojacking.

The cryptocurrency was, in fact, an accidental invention in 2009 by Satoshi Nakamoto (a pseudonym), who intended to create a centralized cash system but failed. He instead developed a digital cash system based on the accuracy and transparency of accounts, balances, and recording of transactions to prevent double-spending. This innovative, global technology is becoming more widely used and accepted yearly.

But now you may be asking yourself, what is Cryptojacking, and how does the threat of it affect me? Cryptojacking is a massive threat as it implants itself within a smartphone or laptop and then employs measures to mine Cryptocurrency. It happens when someone mines Cryptocurrency from your phone or system without your consent or knowledge.

Cryptojacking first made headlines in September 2017, around the same time when Bitcoin was at an all-time high. Coin Hive, the first well-known Cryptojacking service, consists of a series of JavaScript files that gave website owners a new & creative approach to generating money from existing and new users.

No matter what kind of experience you have with blockchain technology and Cryptocurrency, reading about Cryptojacking is good because it’s the newest cyberattack in town.

In this article, we’ll explain how to detect and prevent Cryptojacking and what you should do if it happens to you or someone you know.

Why do Cybercriminals do Cryptojacking?

1. Cryptojacking is easy, unlike other types of fraud like ransomware.
2. Cryptojacking is safer for cyber-criminals to attempt as it doesn’t destroy data or harm a system. The legal consequences aren’t as severe as ransomware, and only one Cryptojacker has been jailed till now.
3. Hackers can easily access their money.
4. This malware can stay unnoticed for a long time.

How to prevent Cryptojacking?

1. Employ strong endpoint protection

You can use endpoint protection and anti-malware capable of detecting crypto-miners, keeping web filters up to date, and managing browser extensions to minimize the risk of browser-based scripts from executing. As a start-up or small business owner, you should ideally look for endpoint protection platforms extending to servers and beyond.

2. Update yourself on trends

The more you keep yourself updated on Cryptojacking trends, the better your chances of protecting your smart devices and their personal information. Check out these trusted websites to know more:

• CoinDesk – The best website in the industry with updated information on everything related to Cryptocurrency.
• CryptoSlate – Leading news website where you can read articles on trends and know more about the most recent industry updates.
• Cointelegraph – It’s the oldest and most reliable news website in the blockchain world. This site constantly publishes valuable information on Cryptojacking and cryptocurrencies.
• io- is a leading cryptocurrency exchange that offers almost all other trading options and 24/7 customer support, high security, and stable deposits and withdrawals.

3. Use Ad-Blockers

The most common place for Cryptojacking scripts to be embedded in Web ads. Use ad-blockers to both detect & block malicious crypto-mining code.

4. Don’t Fall for Phishing Emails and Messages

Cryptojacking tends to happen through open tabs in your internet window, which doesn’t mean it can’t happen without them. Imagine IT’s cybersecurity products should protect your system’s security to prevent them from being infected by malware. Cryptojacking can also occur through malicious links in phishing emails, so make sure you never click on links in emails you don’t recognize.

5. Disable JavaScript

Disabling JavaScript can prevent Cyptojacking code from infecting your computer when browsing online. To remind you, disabling JavaScript will block many functions you need when browsing.

6. Instruct your IT team and educate your employees

You should train your IT staff to detect & understand Cryptojacking. Please know your IT and other support staff about any initial signs of an attack. Plus, they should always be prepared to respond immediately with a further investigation.

IT companies rely on informing employees when computers are overheating or running slowly. Employees must understand cyber security and know to avoid clicking on links in emails that may contain Cyptojacking code and only download from known links.

7. Block pages are known to deliver Cryptojacking scripts:

To prevent this while visiting websites, please ensure each site is on a carefully vetted allowlist. You can also blacklist sites known for Cryptojacking, which may expose your device or network to new pages.

Cryptojacking might seem relatively harmless since the only thing ‘stolen’ is the power of the victim’s computer. The use of computing power for this unlawful purpose is done without the knowledge or consent of the victims. Why? Simply because it benefits criminals who are illicitly creating currency.

We at Imagine IT always recommend following good cybersecurity practices to minimize risks and install trusted cybersecurity or internet security onto your devices.

Cryptojacking Malware can result in huge losses for your business – But no worries, IMAGINE IT can help.

Malicious mining or Cryptojacking is as destructive as other cyber threats, such as ransomware, so it is not something to dismiss. Cryptojacking attacks result in indirect and direct losses for businesses, companies, and organizations. Ultimately, it targets the ones who must pay for computing power.

As always, remain wary of phishing emails, unknown attachments, and dubious links. And use our world-class Cyber security products. A robust internet security software suite from Imagine IT can help block Cryptojacking threats.