What Is Crypto-Malware?
Crypto-malware is a type of malicious software, or malware, designed to carry out long-term cryptojacking cyberattacks.
for a better understanding here is the meaning of Cryptocurrency.
Cryptocurrency :
is a digital currency that can be traded online for goods and services based on blockchain technology. Unlike money, cryptocurrency is encrypted and decentralized, meaning it is unable to be modified and there is no central authority that manages it. While cryptocurrency can be used for legitimate purposes, it is also the currency of choice among cybercriminals given its inability to be traced. Bitcoin is the most well-known cryptocurrency, though Monero is also becoming increasingly popular among cybercriminals.
Crypto-malware is a form of malware that enables a threat actor to carry out cryptojacking activity. While the process used by hackers is essentially the same as compared to that used by legitimate cryptominers, crypto-malware leverages another user’s devices and processing power to gain payment. In doing so, these attacks drain significant resources from the victim’s computer without any payoff for the device’s owner.
How does a crypto malware attack work?
Before we explain how crypto malware works, let’s understand how it is used in the first place. To be bought, digital currency must be “mined” first. Mining in this case means verifying and recording transactions on a public ledger called the blockchain. Miners use their computer power to solve complex mathematical puzzles, adding new blocks of transactions to the blockchain. Once all problems in a block are solved, the miners get their share of the rewards. If you wanted to, you could even mine cryptocurrency from your device.
However, the problem is that it’s very slow and requires incredible amounts of processing power. In fact, the electricity your computer generates would probably cost more than the cryptocurrency you’d earn. That’s why cybercriminals look for ways to use other people’s devices to mine cryptocurrency. While all legitimate miners have apps that display resource consumption and earning projections, crypto malware is much less sophisticated and can even run on your browser
Why are crypto-malware attacks on the rise?
As the value of cryptocurrency continues to rise and its use becomes more ubiquitous, crypto-malware attacks are becoming increasingly popular amongst cybercriminals. In most cases, crypto-malware can run independently and indefinitely once they are executed on the victim’s device. In this way, attackers can assume a steady return on crypto-malware so long as the code remains undetected.
With new variants of crypto-malware being created and new cryptocurrencies continuously in circulation, we are likely to see a further increase in crypto-malware attacks in the near future.
Are crypto malware attacks becoming more common?
The good news about crypto malware attacks is that they are different from other malware attacks in that their frequency often coincides with the rise or decline of the cryptocurrency market. For example, the more valuable cryptocurrency became a few years back, the more crypto malware attacks were recorded.
How to detect and protect yourself from crypto malware:
Protecting your computer from crypto malware is not that different from protecting it from other types of malware. Often, you can prevent crypto malware attacks just by using your common sense, such as by using trusted sources to download software updates and media.
1. Keep all devices and applications up to date:
Crypto malware often uses unpatched flaws in systems. For example, the Windows’ EternalBlue vulnerability was exploited by a vast number of viruses for years before it was known and patched. Because the developers rush to plug security flaws such as EternalBlue as soon as they are discovered, the faster you update your software and your operating system, the harder it is for malware to get inside your device.
Keeping software up to date isn’t complicated. If the software has the option, enable automatic updates or update it as soon as you’re notified.
2. Monitor and protect your network:
your devices are connected to some type of a network, whether it’s one in your home, your work, or a public place. Naturally, some of these networks are more protected than others, but none are 100% secure. Your protection depends on your device, network security methods, and even your email client.
While no solution may fit all needs, antiviruses and VPN services can help protect you in a majority of situations. For example, NordVPN secures your connection on any type of a network you’re using, and its Threat Protection Pro feature helps protect your device from accidentally downloading malware.
3. Back up your devices regularly:
It may seem like backups are an unnecessary hassle. But a single cyberattack can prove that it was worth the effort. Backups are great against crypto ransomware but that’s not all they’re good for. A bolt of lightning, a flood, or a myriad of other circumstances may destroy your system completely, and restoring it from a backup may be your only hope.
You have no reason not to back up your system and files when the task is so simple. If you store files in a cloud, that’s your file backup solution. Similarly, you can back up your system by using the automatic backup option that’s available in every major operating system.
4. Use strong passwords and password managers:
The number of digital accounts for music, movies, work, and social media one person uses is impressive. And with every account, you need a password. It’s best to create a strong password for each account and never reuse the same one. But the better the password, the more you risk forgetting it.
That’s why password managers such as NordPass are a fantastic personal security tool. You only need to remember a single password. A password manager can store your address information, credit card details, and notes and, of course, create unique passwords for you. As soon as you visit a site, a password manager fills in your credentials and even reminds you to change passwords you have been using for a while.
5. Learn about cybersecurity:
You don’t have to become a cybersecurity expert to avoid crypto malware. Most online scams are obvious when you know what to look out for. But you need to learn to recognize when a friend is simply sharing a file and when a friend’s account is being used to send scam messages. It’s not always easy, but if you know how email phishing works, it’s often enough to stay safer.
final thoughts :Phishing is not the only way your device can be infected with malware. Often, it finds its way through illegal downloads and fake updates. Make sure to only use official sources to download software.
