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Blockchain, Cryptocurrency, Cyber Security, Featured

The Potential of Blockchain To Prevent Cryptojacking and Improve Cybersecurity

Blockchain technology is a shared immutable ledger that facilitates the process of tracking assets and recording transactions. The technology is ideal for gathering and recording information and is used for cryptocurrencies. Although it is highly safe and secure, there are a few instances of cryptojacking that cannot be overlooked. Cryptojacking takes place when cybercriminals use the victim’s mobile, tablet, or computer to mine cryptocurrency without his/her permission.

Methods of Cryptojacking

Hackers do not use a uniform method and this is why the users need to be aware of the common methods that criminals use. 

  • Cryptojacking through malicious websites: In this method, the victims unknowingly visit a site that has malicious links or may host malicious advertisements. Once the user opens it, then the criminals can access vital data and use it to mine cryptocurrencies. The attacks can intensify and compromise the security of devices linked with a web browser. 
  • Cryptojacking through malicious applications or malware: Criminals may dupe unsuspecting victims by loading crypto mining codes onto their laptops, mobiles, or tablets. The technique is similar to the techniques used in phishing. In such a scenario the unsuspecting victims may receive a real-looking email that has links. Once the victim clicks on that real-looking link, the malicious software gets downloaded and runs in the background to further inflict damages.
  • Github cryptojacking takes place when hackers steal codes that are mutually shared among users. 

Consequences of Cryptojacking

Hackers may use any of these methods for cryptojacking which may affect the victim without noticing it. There is one fundamental difference between cryptojacking and other types of malware. Unlike malware, it may not damage computers or the victim’s data. However, mining cryptos without the user’s consent may cause financial losses. 

Similarly, if incidents of cryptojacking occur in a company or an organization, then it can endanger the existence of confidential information. Criminals may misuse the stolen information to commit more crimes. It may also lead to a slowing down of operational systems. Sometimes, cryptojacking may tarnish the reputation of a firm and inflict real costs. For example, instances of hacking may compel organizations to halt operations and take support from IT or the help desk to track down its sources. Fortunately, in such a scenario, Blockchain can simplify that task due to its transparent feature. Furthermore, criminals may damage systems and components to solve them. Crypto mining can lead to more electrical expenses. 

Prevalence of Cryptojacking

Cryptojacking erodes the credibility of crypto exchange platforms, causes financial losses, and slows down operations. Some statistical facts indicate that it is one threat that should not be taken lightly. It is the third most prevalent cybersecurity threat in 2021 as per the annual report of ENISA. Moreover, the Cybersecurity Action Team of Google also found that nearly 86% of incidents in which cloud security was compromised included incidents of cryptojacking. Cisco in 2020 stated that around 69% of customers have suffered from crypto mining malware. Therefore, it is essential to protect computers, mobiles, and tablets from possible hacking attacks.

Blockchain Technology and Ways To Protect Against Cryptojacking

Utilize Blockchain’s Traceability Feature

The traceability feature of Blockchain Technology may help users and potential investigators track down the real perpetrators of cryptojacking. 

Use Effective Cybersecurity Programs

Internet security or cybersecurity needs to be effective to thwart criminals from hacking the system. There is specialized software that helps in detecting threats and intercepting them immediately. It is therefore advisable to install software to protect systems from malware attacks. Additionally, most cybersecurity programs help in better efficiency of applications.

Remain Cautious of Cryptojacking

Cryptojacking often occurs sporadically and attackers alter codes and come up with new methods for hacking. Therefore, users and business entities should remain cautious of cryptojacking on networks.

Browser’s Helpful Extensions

Many widely used internet browsers allow extensions that can block cryptojacking. The most popular extensions include Anti Miner, No Coin, and minerBlock. The installation procedure is simpler and can prevent cryptojacking attempts most of the time.

Java Script Disabling

 Criminals often take advantage of Java scripts to infect computers. Therefore, by disabling Java, one can avert many attempts of hacking. However, it may sometimes cause interruption.

Ad Blockers

AdBlockers are effective ways of preventing attempts by hackers to mine cryptos. Many hackers phish online advertisements and dupe people to pass on their secret passwords or codes. However, after installing ad blockers, the possibility of such an event can be greatly reduced. 

Also Read- Crypto Market Events to Watch For in 2024

Bottom Line

Blockchain technology is highly secure and has the features to trace down cryptojacking. However, it is also advisable that for more cybersecurity, both users and business entities should exercise caution and take preventive measures. The installation of ad blockers, disabling Java, usage of cybersecurity programs, and remaining alert can avert cryptojacking. Such incidents may come down if a uniform approach is taken to first understand the causes, methods, and ways of preventing them altogether.  

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