Cryptojacking: Why SMBs Need to Stay on High Alert

Cryptojacking is one of the biggest threats circulating these days. While all businesses are at risk, SMBs are especially prone to these types of attacks. Heres how smaller firms can protect themselves.

Cryptojacking, which is how many people refer to an array of cryptomining malware, continues to make headlines as one of the biggest security attacks happening today. And its only getting worse.
However, while cryptojacking is a growing threat for businesses of all sizes, small and midsized businesses (SMBs) are increasingly becoming targets. While cryptomining may seem relatively innocuous compared to other cybersecurity threats, it can rack up significant computing costs. This is specifically detrimental to SMBs that have few IT resources or funds to spare. (See
Majority of Cyber Attacks Against Small Businesses Can Cost $500K
.)
Several studies have found that most malware attacks today are intended for cryptojacking, which involves infecting systems with malicious code that uses CPUs to mine for cryptocurrency. Mining involves the solving of complex computational challenges that validate cryptocurrency system transactions, adding them to the cryptocurrencys blockchain. (See
Blockchain & Cryptocurrency Becoming Greater Security Concerns
.)
(Source:
iStock
)
In return, miners may obtain cryptocurrency back as a reward. Cryptomining can go undetected while continuing to use resources in the background.
How it works
Hackers often use links in emails or other phishing tactics to load cryptomining code onto computers, working in the background while unsuspecting users are watching whats happening on the screen. One of the unique problems to cryptojacking malware is that, unlike ransomware, it does not want to make its presence known.
Instead, it aims to silently mine cryptocurrency using your processing power for months.
Typically, rootkits are installed to maintain access, and the compromised hosts are controlled by a central server. This leaves the exploited device vulnerable, sometimes by more than just the original attacker, for long periods of time.
Cryptomining utilizes computing resources to create blocks that are traded for cryptocurrency. Since cryptomining requires costly computing resources, cybercriminals will try to breach business networks to use their computing resources instead of their own. However, systems running high CPU loads can rack up costs to a business and could lead to bricking or destroying the end device, if the mining malware is especially aggressive. (See
Cryptomining: Paying the Price for Cryptocurrency
.)
Why SMBs are at risk
SMB employees are often not trained on the latest cybersecurity threats and may not realize why their PCs or servers are slowing down from a drive-by cryptojacking attack. It is crucial that SMBs realize the potential impact that cryptojacking can have on their businesses and take measures to protect their precious resources.
What makes SMBs vulnerable to cryptojacking? Here are a few examples:
Lack of IT personnel to identify a breach or lack of visibility on the network
Out-of-date network security solutions that may not stop hackers or identify threats
Network security solutions do not proactively block new and emerging threats
Computing costs from cryptomining could be astronomical, causing possible financial ruin
Running computing resources on high could ruin or destroy devices
Lack of employee training to understand what a threat and breach looks like
Protecting SMBs
Not sure how to protect your business? It doesnt need to be overwhelming. By regularly monitoring and updating your networks, you can do a world of good.
Here are a few steps you can take to arm yourself against cryptojackers:
Monitor the network for any threats or unusual activity
Utilize virus blocking and website filtering with URL categorization that includes cryptocurrency, blockchain and other cryptomining categories
Implement web filtering, ad blocking and spam blocking solutions for basic defense features to protect businesses from rogue websites, ads and spam emails
Train employees on emerging threats and how to identify a hackers attempt to gain access to their system
Inspect file downloads for malicious files in emails or links
Invest in a unified threat management solution (UTM) that provides a simplified approach to network security, including firewalls, intrusion detection/prevention, web filtering and more for small and midsized businesses with limited IT resources
Next steps
Vigilance is key when it comes to combating cyber threats. If you dont have a cybersecurity expert in your organization, finding the time and resources to properly monitor your network and protect against threats may feel overwhelming, but it is imperative. You may consider distributing security responsibilities among employees and connecting for regular meetings to share information.
Its also essential that you continue to update training for all employees to make certain that you are covering the latest protocols for new threats. Ensuring that you are using tools that are frequently updated, and unifying your security solution to streamline efforts, will also help you to have a more seamless security strategy.
If you still feel uncertain about your ability to manage security threats, consider utilizing a managed services provider or hiring a consultant to come in periodically and assess potential weak spots in your organization, train employees and update security measures.
If you take these steps, you should be fairly well-armed against cryptojackers, as well as other security threats.
Related posts:
Cryptocurrency Crime: The Internets New Wild West
Cybercriminals Using Kubernetes, Docker to Bitcoin Mine
146 Billion Records in Danger of Being Stolen, Report Finds
Dont Let Your Containers Stray Into Cryptocurrency Mining
—
Dirk Morris is the Founder and Chief Product Officer of
Untangle
. Prior to Untangle, Morris was Chief Architect at Akheron Technologies, where he invented the patent-pending High Bandwidth Transparent Vectoring used in the companys proxy firewall engine. He earned a Bachelors degree in Computer Science with a minor in Mathematics from Carnegie Mellon University
.

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Cryptojacking: Why SMBs Need to Stay on High Alert