Why Small Organizations Should Be Worried About Illicit Cryptomining Activities
There is a scourge currently targeting small businesses and organizations and many are not even aware of it because it does not do anything sensational meant to cause harm. It does not install a virus, send phishing emails, or attempt to kidnap business data for ransom. That scourge is cryptocurrency mining, or simply cryptomining.
What is cryptocurrency?
Cryptocurrency is a form of digital currency that can be used in exchange for goods, services, and even real money, similar to other currencies. However, unlike other currencies, cryptocurrency operates independently of a central bank and uses encryption techniques and blockchain technology to secure and verify transactions.
To quote Malwarebytes, “Two words—“cryptography” and “currency”—combine to form “cryptocurrency,” which is electronic money, based on the principles of complex mathematical encryption. All cryptocurrencies exist as encrypted decentralized monetary units, freely transferable between network participants.” Or put more simply, cryptocurrency is electricity converted into lines of code, which have a real monetary value. (See a detailed article by Malwarebytes on this topic here).
While Cryptocurrency may be in its infancy, its popularity continues to increase, some would say, exponentially. You may have heard of terms like Bitcoin, Litecoin, Monero, Ethereum, Ripple etc. These are just a few types of the cryptocurrencies currently available. (more…)