Secrets to Mitigating Crypto Malware Risk in 2024

With the advent of cryptocurrency, the cyber risk landscape has grown increasingly complicated. Crypto-jacking and other crypto-focused malware are on the rise, and protecting your data is essential. Thankfully, it’s possible to mitigate the risk posed by cryptocurrency malware.

In this article, we’ll uncover some of the latest insights on crypto malware and provide tips on protecting yourself as we move further into 2024. We’ll explore crypto malware and what you can do to guard against it.

What Is Crypto Malware?

Crypto malware is malicious software or virus that affects computers, networks, and individual devices by hijacking data and encrypting files using robust encryption algorithms. It then demands a ransom to release the encrypted data. It’s becoming increasingly popular with cybercriminals looking for a quick buck.

Crypto malware can be virtually undetectable until it locks down your system and demands a ransom, potentially costing your business big money. These hackers often use the same encryption algorithm making it hard to open your files without the correct key. By being aware of the types and taking active steps to protect your systems from attack, you can significantly reduce the damage caused by crypto-malware.

Different Types of Crypto Malware

Crypto malware is a broad term that covers many types of malicious software. Some people have difficulty interpreting the difference between crypto malware vs ransomware. Each kind targets something specific and can have different impacts, so it’s important to be aware of the different kinds to better protect yourself from risk.

Here are some of the main types of crypto-malware:

• Ransomware: This type of malware locks up your data, denying you access until you pay the hackers a ransom fee in cryptocurrency.
• Cryptojackers: This malware installs itself on your computer and uses its processing power to mine cryptocurrency for the hacker.
• File-encrypting Worms: File-encrypting worms spread to other computers through networks and encrypt files on all devices until the victims pay a ransom.
• Cryptominers: It uses other users’ devices by using its power to mine cryptocurrency without accessing other programs or files on the device.

By understanding what crypto malware is and what forms it can take, you can begin to build strategies to protect yourself and your data from attack.

Related Article: How to Protect Yourself from Crypto Scams

Crypto malware examples

Crypto malware is dangerous, and there are certain examples that you must look out for if you want to protect your networks.

1. XMRig

XMRig is a crypto-mining malware that steals computing resources and brings them to a malicious mining pool. It first appeared in 2017, and commonly because of infected websites and malicious applications, it can be hard to spot as it doesn’t show up in any administrative tools or as an executable application in the task manager.

2. Lemon Duck

This malware emerged in 2018. It hides in memory and injects itself into legitimate Windows processes like svchost.exe or taskmgr.exe. It uses various methods to evade detection by security antivirus software, so it takes extra effort to identify and mitigate properly.

3. DarkGate

This variant was discovered in 2017. DarkGate is a trojan cryptocurrency miner that makes its victim’s computers part of a botnet. It hides behind other applications and uses the SHA-3 algorithm combined with the obfuscated Xor operation for encryption. This malware keeps updating itself and will continue running even after users reboot their PCs, making it tough to eliminate from an infected system without proper security measures.

4. WannaMine

It mines the Monero cryptocurrency. WannaMine spreads using Eternal blue and seeks out vulnerable servers as part of its spreading mechanism. This particular type of crypto-malware is especially dangerous for businesses using public cloud services or running outdated operating systems on their systems.

How to Identify Crypto Malware?

Crypto malware can be one of the most challenging threats to detect, but with the right information, you can protect yourself from risk. Here are some signs:

1. Files Being Encrypted or Locked

One of the most obvious signs that your organization is a victim of crypto-malware is when files are being encrypted or locked. If an employee notices they cannot open a file or that their data is locked, it could indicate a crypto-malware attack.

2. Unexpected File Changes and Activity on Network Drives

Another way to identify crypto-malware attacks is by tracking any unexplainable activity on your network drives. Things like unexpected file changes, deleted files, and new folders can indicate malicious activity and should not be ignored.

You should only take action if suspicious activity has been confirmed as coming from crypto-malware. Certain activities like these could also just be part of normal IT maintenance processes.

3. Educating employees

Taking note of any abnormal behavior on your organization’s networks and systems is essential for understanding whether malicious activity occurs. Additionally, you should ensure all employees are trained to recognize the signs of crypto-malware attacks so they can take the appropriate action quickly to mitigate the crypto-malware security risk.

How Crypto Malware Works?

Crypto malware is complex and ever-evolving, but there are several key components that all crypto malware attack share.

1. Cryptographic encryption

Crypto malware uses cryptographic algorithms to encrypt data on a system. These algorithms are incredibly fast and powerful and can lock up a system’s data in seconds. The hacker then demands a ransom from the victim for the decryption key needed to unlock the files.

2. Search and replace techniques

In addition to encryption, many crypto malware attacks employ search and replace techniques to modify portions of a filesystem. An attack might search for files with specific extensions (such as .doc or .jpg) and then replace them with encrypted files. This type of attack often destroys important files making it difficult for victims to recover their data.

3. Data exfiltration

Data exfiltration is another tactic used by attackers targeting specific organizations or individuals. After encrypting the target’s data, the attacker may attempt to transfer it off the victim’s system, often using FTP or SMB protocols. This allows the attacker to access valuable information without having physical access to the victim’s system.

Crypto Malware Attack Prevention Strategies

Here are some actionable steps for crypto malware mitigation in 2024.

1.    Data Encryption

Data encryption remains one of the most effective tools against cyber criminals. Encrypting sensitive data means it becomes unreadable to all but those with access to the decryption key, making it nearly impossible for data thieves to access and steal.

2.    Application Whitelisting

Application whitelisting prevents malicious software from entering and running on your system. It stops unrecognized or unauthorized applications from executing code or running scripts on your systems. This prevents cybercriminals from executing their malicious intent.

3.    Update Firewalls and Network Security

Firewalls can also be a great defense against crypto malware attacks. Firewalls are programs that monitor traffic coming into and out of your computer or networks and can provide a much-needed layer of protection against malicious activity. Be sure to turn on any firewall settings available in your operating system’s security settings and ensure they are regularly updated.

4.    Use Anti-Malware Software

One of the most effective ways of preventing and managing crypto malware is to use a reliable anti-malware software package. The best software can detect, quarantine, and even remove malicious code from your system before it has a chance to do any damage. Many of these packages also include built-in features such as real-time protection and frequent scans that can help you stay ahead of the attackers.

5.    Keep Your System Updated

It’s a better security measure to keep your system updated. This will ensure that your system is less vulnerable to new threats as they emerge. Outdated software often contains known vulnerabilities that hackers can exploit, which is integral to any security plan.

6.    Implement Crypto Malware Scanner

Having a reliable crypto malware scanner on hand is also essential for detection purposes. These scanners are explicitly designed to identify malicious code on your system. They can be invaluable in quickly ascertaining when an attack has occurred and taking action quickly before further damage is done.

7.    Use a reliable VPN

Another powerful tool for mitigating malware risk is Virtual Private Network (VPN). VPNs can help prevent attacks by encrypting data so attackers can’t intercept and read it. A good choice for a VPN is Astrill which offers military-grade encryption, fast connection speeds, and reliable security protocols. It also supports crypto like bitcoins for payment. It also offers several extra tools such as Password leak test, DNS leak test, Port scan and IPV6 leak test.

8.    Two-Factor Authentication

Using two-factor authentication (2FA) is an excellent way to protect yourself against crypto malware. 2FA requires users to provide a username and password for granting access. This means that even if someone could gain access using one factor, they will still have difficulty gaining access with the second factor unless they have it in their possession, making it an extra layer of security for your accounts and digital assets.

FAQs

You might be curious about other aspects of crypto-malware, so here are some of the most frequently asked questions:

Q: Is ransomware crypto malware?

Yes. Ransomware is malicious software designed to block access to a computer system until a ransom is paid. Many criminals have shifted to using cryptocurrency to receive payments as it makes it much harder for authorities to track them down.

Q: What is the fastest growing malware?

Cryptocurrency-mining malware steals computing cycles from infected devices and uses them to mine cryptocurrency. It’s one of the fastest-growing types of malware because it offers criminals money without having to steal users’ data or hold their information hostage through ransomware.

Q: Which malware is hardest to prevent?

Malware targeting cloud-based infrastructures and IoT devices can be tough to detect and prevent. This type of malware often uses evasion techniques such as staying dormant for long periods or cloning legitimate traffic patterns to avoid detection by antivirus systems.

Conclusion

Crypto-malware remains a major risk to organizations and the industry is constantly refined to produce more effective attacks. Effective cybersecurity measures are the best way to ensure your organization is safe from crypto malware. Upgrading existing systems and software regularly, deploying a comprehensive security system, and educating staff on identifying and responding to malware risks are all essential steps your organization should take to protect itself in the digital age. No solution is perfect, but a layered approach to security can help ensure that your systems remain safe in the long run.