Hey, it’s Jeremy Ochsner from Ochsner Insurance, and welcome to Cyber Monday, where we’re all about providing value without the sales pitch. Last week, we delved into the staggering statistics of cyber claims, highlighting the average cost- $400,000 and the disproportionate impact on small businesses. Forensics’ costs average $314,885 and 62% of the attacks are directed at small businesses with 2/3 of the attacks centered around 100 records or less! Today, let’s dive into the world of crypto jacking: what is it, its implications for businesses, and how cybersecurity and cyber insurance can offer protection.
Cryptocurrency, particularly Bitcoin, has been making waves with its soaring value. With Bitcoin hitting an all-time high of $73,835 per coin earlier this year, it’s no wonder that cybercriminals are eyeing it with interest. Bitcoin has cooled to $66,807 as of this blog. While Ethereum hit it’s high in 2024 at $4,093.88 and has cooled to $3,207 as of this blog. Bad actors have been using crypto jacking for several years. Crypto jacking is defined as a “bad actor” hijacks your business’s computing power and/or network power to mine cryptocurrency illegally.
Crypto jacking malware can infiltrate your systems through various channels, including malicious links, advertisements, email attachments, public Wi-Fi networks, cloned apps, and system backdoors. It’s not just computers that are at risk – mobile devices can also fall victim to crypto jacking.
What are the effects of crypto jacking on your business?
Apart from potential litigation for allowing unauthorized use of your computing resources, you might experience slower computer and network performance, leading to reduced productivity and premature hardware failure. The constant strain on your hardware can result in additional expenses for replacements and repairs.
Having crypto jacking malware on your network opens the door to other cyber threats, such as ransomware, social engineering and invoice manipulation schemes. With cybercriminals lurking on your network and devices, the possibilities for malicious activities are endless.
Can cyber insurance help mitigate the risks of crypto jacking?
While prevention through robust cybersecurity measures is key, cyber insurance can provide financial protection in the event of an attack. Cyber insurance policies can cover direct losses, forensics investigations, breach response, and reputational management, helping your business survive and recover from a crypto jacking incident.
In summary, understanding crypto jacking and its potential impacts is crucial for safeguarding your business against cyber threats. By investing in cybersecurity measures and comprehensive cyber insurance coverage, you can bolster your defenses and mitigate the risks posed by crypto jacking and other cyber threats.
Thank you for joining us on Cyber Monday. If you find this information valuable, please like and share the content. Stay tuned for the next episode, where we’ll continue our exploration of cybersecurity topics on #CyberMonday.