Page 233 - Cyber Defense eMagazine August 2024

The risks of illegal crypto mining for businesses

Business leaders might believe that illegal crypto mining programs pose no risks to their operations.
Considering the number of resources most businesses dedicate to cybersecurity, it might seem like a low
priority in comparison to other risks.

However, the successful deployment of malicious crypto mining software can lead to even more risks for
businesses, putting their cybersecurity posture in jeopardy.

Malware and other forms of malicious software can drain computing resources, cutting the life expectancy
of computer hardware. This can decrease the long-term performance and productivity of all infected
computers and devices. Additionally, the large amount of energy required to support the high computing
power of crypto mining can drain electricity across the organization.

But one of the most severe risks associated with malicious crypto mining software is that it can include
other code that exploits existing vulnerabilities. Ransomware and viruses can spread across networks,
impacting sensitive data and network infrastructure that can lead to severe financial and legal
consequences for organizations.

Safeguarding businesses against illegal crypto mining with employee training

While powerful cybersecurity tools are certainly important, there’s no single solution to combat illegal
crypto mining. But there are different strategies that business leaders can implement to reduce the
likelihood of a breach, and mitigating human error is among the most important. In fact, the World
Economic Forum shows that 95% of all cyber security incidents are caused by human error.

The most effective security awareness environment is one in which employees don’t just know how to
identify a possible threat – but one where they see cybersecurity as a necessity, rather than a nuisance.
Cybersecurity has to feel like it’s everyone’s responsibility and a crucial part of every employee’s job.

For this reason, it’s important to build awareness on how cybercriminals engage in illegal crypto mining
and the kind of tools they use. It is, of course, essential to supplement this with a powerful email security
solution which leverages next generation features like advanced threat protection defensive tools
powered by AI to spot evolving threats.

Moreover, research at Hornetsecurity revealed that phishing is still the most popular form of cyberattack,
representing 43.3% of all identified threats. Spam or spoof emails may often contain links leading to
websites contaminated with crypto mining droppers, and as it can be difficult to distinguish them from
normal emails.

Business leaders therefore need to treat employees as the first line of defense against these types of
cyberattacks, in order to create a “human firewall” to shield against threats. To do this, business leaders
should consider these tips to help reduce the risks of illegal crypto mining operations.

Educate employees on cyber threats: Conduct training on the risks of illegal crypto mining, and

Cyber Defense eMagazine – August 2024 Edition 233
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