The year 2022 is not easy for cryptocurrencies, but they remain a very important aspect of the economy. The anonymity provided by cryptocurrencies makes them attractive to cybercriminals who try to seize any opportunity to make money by mining new cryptomonets. Since crypto mining requires a lot of computing costs, cybercriminals are increasingly infiltrating corporate cloud resources and seizing them to increase their computing power.

What is the risk

Unlike other types of hacking, cryptocurrency mining carries a relatively low reputational risk for businesses, since its main purpose is not to disrupt services or steal confidential data. However, such actions can cost a company dearly if they go unnoticed, since they will lead to an increase in the cost of computing power of machines. According to Trend Micro estimates, an attack for the purpose of cloud mining of cryptocurrencies will cost the enterprise $ 130 per month (from one machine). Since most companies have multiple cloud instances, the costs increase significantly. Such attacks negatively affect the computing resources of machines, which reduces their performance. And if illegal use exceeds the established limits, then corporate services will not scale properly, which will affect productivity.

How to protect yourself

Since cryptocurrency mining can be carried out using any cloud resource, cybercriminals often target development environments and staging environments, which usually have less protection than production environments. For this kind of attacks, unreliable passwords are often used, as well as vulnerabilities that allow you to execute commands remotely. Enterprises should expand the automated software tools they use to protect important resources, as well as to search for anomalies in developers’ resources. Setting limits on cloud costs and blocking non-local cloud regions will further limit the development environment and prevent the co-optation of cloud resources.