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What You Need to Know About the Risks Surrounding Cryptojacking

risks surrounding cryptojacking

It’s no secret that technology runs almost every component of our lives. From ordering groceries to paying bills, almost everything we do is done by using some type of digital device. With the rise of the digital revolution has come the emergence of new risks and threats, specifically in the cybersecurity domain. While threats like ransomware and malware attacks are well-known by virtually every business owner, there are plenty of others that are less popular, but equally as destructive. One of these, in particular, is cryptojacking. To keep your business safe, be sure to educate yourself on these risks surrounding cryptojacking. 

What is cryptocurrency?

For those not familiar with this relatively new terminology, cryptocurrency is a form of digital currency that can essentially be used as real money to buy goods and services. To get your hands on a form of cryptocurrency, users ‘mine’ it onto their computers using specific programs. You can check out a list of all active cryptocurrencies here.

What is cryptojacking?

Cryptojacking is the term used for the unauthorized use of someone else’s computer in order to mine cryptocurrency. Similarly to phishing, hackers can partake in cryptojacking by getting the victim to click on a malicious link in an email which then downloads cryptomining code onto their computer. Or, they can infect a website or online ad with JavaScript code. Either way, this cryptojacking code works silently in the background of a victim’s computer with the only visible sign being lagging.

Why you need to know about cryptojacking

Even if your business doesn’t partake in the digital currency field, you can still be at risk for cryptojacking. According to Symantec, if a user visits a website that is infected with cryptojacking malware, their computer is surreptitiously enlisted in that cryptomining clause. Once your system has been infected, your computers and databases will become noticeably slower, and while you may not be losing cryptocurrency, you’ll be losing time and productivity which can spill over into a huge financial loss. 

How to prevent cryptojacking

While strong internet security software suites are vital to blocking cryptojacking threats, having a strong knowledge base of different cyber liabilities and threats can help lessen your chance of becoming a victim of cyberattacks. When it comes to cyberattacks, it’s better to think of it as a when it happens situation than if it happens, that way you know you’ll be fully protected. 

If you have questions about cyberattacks or want more cybersecurity coverage added onto your current policies, reach out to us here.