Cryptojacking is the unauthorized use of an individual’s electronic device to mine cryptocurrency. It is one of the many new forms of cyberattacks that emerged with the broad adoption of cloud computing. Cryptojacking begins when cybercriminals hack into a victim’s computer infrastructure, often a cloud environment, through phishing-like tactics, such as sending emails with malicious links or infecting a website. Cryptojacking can target businesses of all sizes, from small shops to massive institutions.
The way businesses might discover a cryptojacking incident is when, at the end of the month, they get an astronomical bill from their cloud provider, indicating that someone illicitly used their account on the cloud to tap into their purchase cloud computing resources.
With the increasing use of cryptocurrencies such as Bitcoin or Dogecoin, the need for crypto mining resources has peaked triggering a spike in cryptojacking activity. In Q2 2020, cryptojacking saw a 163% increase while cryptomining techniques are becoming more and more cunning.
Cryptomining refers to the process of miners gathering cryptocurrency through the use of computers and cryptographic processes to validate blockchain transactions. Cryptomining becomes cryptojacking when cybercriminals use illicit methods to install cryptomining software to steal their cryptocurrency.
Here are 4 initial steps that all businesses should take to protect themselves from cryptojacking activities and other types of cyberattacks:
1. Utilize multi-factor authentication (MFA). MFA reduces the likelihood of criminals being able to intrude on an organization’s infrastructure, even when some user credentials (username and password) are compromised, as they will need a second or third code only provided to the user.
2. Keep your systems and applications up to date. Patching regularly and as recommended by software and equipment vendors ensures minimal exposure to vulnerabilities and the use of the best and newest security guards.
3. Educate your employees. Conduct cybersecurity awareness training to confirm your client’s employees understand how to spot and avoid security threats.
4. Adopt a cyber insurance policy that covers cryptojacking. The right policy will cover the unexpected costs of cryptojacking while providing resources to organizations before and after a cyber incident occurs.
Cowbell Cyber’s goal is to protect policyholders from the dangers of cryptojacking. Our standalone cyber insurance program, Cowbell Prime 250, offers cryptojacking coverage and a variety of other coverages to protect your clients.
Cowbell Cyber is an insurance provider dedicated to cyber – we offer standalone, admitted cyber insurance coverage and enable insurance agents and brokers to deliver policies tailored to the unique needs of any business. Data and artificial intelligence assist our precise underwriting process while bringing unprecedented visibility into the unique risk profile or risk exposures that the organization faces with recommendations to remediate identified weaknesses.
For more detailed information about our cryptojacking coverage, contact us at [email protected]. To get started and bind your first policies in under five minutes, get appointed with Cowbell today.