Every day, advancements in technology make the lives of people and businesses even more streamlined and efficient. But, with every advancement comes dangers and threats that cost valuable time and money. Malware is abundant in the ever-growing digital world, making it harder and harder for those who utilize the internet to stay safe doing so. Malware is any form of software that is used for malicious purposes such as phishing, viruses, and cryptomining. One form of malware that is increasing in popularity is cryptojacking.
Cryptojacking is when a hacker uses mining malware on your computer to mine cryptocurrency in the background, often without the user's knowledge. While this does not seem like much of a threat to a person’s or business’s cyber security, it can cause much more damage than you think. When a hacker uses cryptojacking software on your computer, it uses 60-70% of your computer's computing power. This causes the computer to not only lag or work more slowly, but also get very hot. This is a problem because computers are not meant to get that hot or be used at that capacity, which causes the lifespan of the computer to decrease and could potentially cause the device to catch fire or explode.
Another unexpected problem with cryptojacking is the increased cost to run the computer. With the mining malware running constantly in the background at a higher energy output, your computer never goes into sleep mode to conserve energy thus driving up electricity costs. This increased output of energy also has an environmental effect which can be damaging to a company’s reputation in today’s green world.
Employee productivity is another aspect affected by cryptojacking. When most of the computer’s power is being directed to mining, it makes it harder and more time consuming for employees to do their normal work, costing you money over time. Not only that, but cryptojacking can also leave doors open for hackers to do more damage and possibly affect more devices through the IoT network.
Cryptojacking was on the decline just a few years ago, but it is back on the rise. Between 2020 and the first quarter of 2021, the amount of users encountering miners on their devices doubled and the use of unique mining modifications quadrupled.. In addition, 41% of all malware detected in 2020 globally was mining malware.. The increase in mining malware may be due to the global pandemic forcing millions of people to start working remotely or from home. People who work remotely are more likely to be the target of malware attacks due to the fact that it is easier to get into company devices through people’s home or public wifi than breaking through the company’s secure network.
With this increased threat of mining malware, it is important not only for individuals, but also for businesses to stay vigilant against these attacks to avoid wasting valuable resources. Digital forensics is one tool that consumers and businesses can use to combat the cybercrime landscape and protect themselves from further damage.