There is a new cyber security risk trending: crypto mining on company servers. This trend involves either an insider or malicious software using your company server to mine Bitcoin or other cryptocurrencies. A vulnerability assessment can determine if this is happening at your company. Here are more details on this disturbing trend.
Crypto Mining Defined
Bitcoin is the most popular cryptocurrency, but there are actually more than 10,000 different types of digital coins, according to Statistica. Crypto mining is the process by which new cryptocurrencies enter into circulation. Cryptocurrency is harder to trace than traditional currency, which is why it is the payment method of choice for ransomware attacks and other cyber crime. Crypto mining is done by using complex computer code and supporting hardware. It needs a big server with lots of bandwidth and a high-speed internet connection.
It is relatively easy for someone to start stealing valuable resources from your company with crypto mining. In fact, popular antivirus Norton 360 recently released Norton Crypto to mine your computer when it is idle. There are many types of crypto mining software out there and crypto mining is a numbers game. To make it profitable, it takes a lot of hardware. And your business has far more hardware than the average individual. So, when these kinds of software are loaded onto company servers, they steal valuable bandwidth and resources from legitimate business functions to mine crypto.
The Immediate Effects
Remember years ago when employees used to take home a ream of paper, a stapler or a couple dozen pens from the office stockroom? Well, that’s crypto mining in today’s workplace. But, instead of stealing office supplies, employees are stealing time and resources. Usually they are doing this on company time when they install, monitor and manage the mining software — to say nothing about the software eating up tremendous amounts of electricity and bandwidth, for which the company pays.
Aside from the cost of the theft itself, crypto mining could potentially slow down other network operations that are needed to run your business. If there are any IT team personnel whom you suspect might be tempted to install unauthorized software you should bring HR in to talk about IT issues.
Vulnerability Is the Biggest Threat
If your servers are being crypto mined, your network is highly vulnerable to malware attacks.
Any unauthorized software installed on your network puts your entire system at risk, even if the intent is not to mine crypto. It leaves a large cybersecurity gap in your network.
Concerned About Crypto Mining on Company Servers? Call a Local Pro
Aeko Technologies is in your Dallas Fort Worth backyard. We not only work here, we live here, too, and we’re very supportive of our neighbors. Our cybersecurity blog will help explain the different types of threats and what can be done about them. Check it out, contact us or book a no-obligation meeting. We’d be happy to explain the pros, cons and advantages of working with a managed service provider such as Aeko Technologies.
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