Why cryptomining is the new ransomware, and businesses must prepare for it

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Why cryptomining is the new ransomware, and businesses must prepare for it

Post by magic8ball » Tue Jun 12, 2018 5:51 pm

For years, ransomware has been the bane of the enterprise, with cyber criminals literally holding data hostage unless a ransom is paid.

Some verticals in the enterprise can breathe a sigh of relief, however, because now there is less ransomware in play, but individuals and small businesses are the newest target as cryptomining becomes the hottest trend in cyber attacks.

Craig Williams, director of outreach for Cisco Talos, addressed the trend at Cisco Live 2018, noting that "people are backing off from ransomware. It's a super high risk. A lot of people aren't paying."

Cryptomining is rising up to take the place of ransomware, and if cyber crime could be considered trendy, crypto mining is Cardi B, Drake and Taylor Swift rolled into one.

"Cryptomining is not considered as heinous [as ransomware] by the FBI. They don't pursue it as aggressively. And let's be honest, it's significantly less damaging," Williams said. "And as long as the cryptocurrency markets remain high, cryptocurrencies like Monero are very, very attractive targets for malicious software office. You can make about 25 cents a day off of infecting a home machine with a Monero miner. You multiply that times tens of thousands or hundreds of thousands of machines, and figure you're going to have it compromised for the majority of a year. Maybe two years if you're lucky."

The allure of cryptomining, Williams said, is that it is profitable and the payout can't be traced. Also, the attackers know what behaviors can help decrease their risk.

https://www.techrepublic.com/article/wh ... re-for-it/

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