Crypto Mining: How Do I Safeguard Myself From Illegal Attacks?

Cryptocurrency may have caught the attention of young aspiring investors but it has also successfully caught the eye of cyber criminals because of its focus on decentralization and privacy. Cyber criminals and hackers have devised many sophisticated ways of siphoning crypto assets. Crypto mining turns out to be one of these methods for illicitly obtaining crypto coins. Besides, the automated trading bots are widely used by young traders to save time and effort. Refer this to know how the bots work. It becomes imperative that young traders protect their daily trading from attacks. So, how can you protect yourself from such illegal attacks?

The cryptocurrencies are founded upon the blockchain technology where each block has a unique hash value. This hash value will have individual hash values pertaining to the current and previous transactions. Manipulating transactions becomes impossible, because, any time a change is made in the blockchain; it can be viewed by all nodes in the chain. If a value were to be altered or manipulated the next value would automatically deviate from the original sequence.

How Is Illegal Crypto Mining Done?

Crypto mining can be done individually or by joining a mining pool to get higher payouts. Cloud mining is an attractive option these days when you do not wish to install and maintain a costly mining rig at home. Mining is highly resource-intensive and costly. While crypto miners are now settling in countries like Georgia, Iceland, and Venezuela where power costs are cheaper, a free but illegal mining method that is doing the round is with a botnet. This is done to include a larger number of computers in the network and have these mine crypto coins together. Malware is smuggled into computers. In any crypto mining transaction, miners are supposed to be benefitted. But because of the high value of coins like the Bitcoin, cyber thieves were tempted to use mining illegally.

Illegal crypto mining is lucrative to such an extent that today it is the biggest threat after Ransomware. They install malware and these programs can initiate illegal mining while the main computer may not be aware of it at all. Attackers use infiltrating methods like SQL injection, viruses, and Telnet/SSH through pirate links and browsers. The biggest targets are powerful servers that have power to solve the most complex mathematical problems.

Ways To Avoid Becoming A Target of Illegal Attacks In Crypto Mining:

Cyber criminals will use different types of attacks for infiltrating victim computers. Therefore, to protect these you must hire a capable security team that can deploy intelligent measures for protecting assets. Here are some tips to do this:

  • You must update your security programs regularly to detect vulnerabilities and remove these. Remember to apply security patches from time to time; this ensures that applications are protected against the latest threats.
  • You must adopt a multi-dimensional approach to detect malicious elements that may be trying to infiltrate even when all your programs have been duly updated. You can create a blacklist comprising of unauthorized sites and install plug-ins for blocking these. Ensure that all members are well-versed with the installed security measures.
  • Since crypto mining uses up many resources you have to monitor CPU performances to detect affected machines.
  • It is not possible for your security teams to handle everything by themselves; you can invest in tools for automating specific tasks like detection of abnormal activities in the system.

So, there is no single formula for protecting yourself against illegal crypto mining; rather you must take the help of a mix of different solutions. To choose the right tools, you need knowledge about how cybercriminals are going ahead with illicit mining.