Danger from cryptomining malware is underestimated
While cryptocurrencies are familiar to most respondents, many have never heard of malware in this context. Over 40% of respondents in Switzerland are not afraid of cryptomining malware infecting their networked devices. Misconception.
According to the Avast, a manufacturer of digital security products, half of the respondents in Switzerland feel safe from this - incorrectly - because they do not own cryptocurrencies or do not mine them themselves. Avast conducted the survey to better assess the level of knowledge among home users on this topic and to educate them about the issue. It was revealed that the treacherous process of secretly mining cryptocurrencies with the help of malware that is smuggled onto users' personal devices is widely underestimated. 88% of respondents said they knew what cryptocurrencies were, Avast wrote. However, 38% said they have never heard of malware or websites infected with it that fraudulently mine digital currencies.
Lower performance as consequences
Over the past 12 months, cryptomining malware has become more sophisticated and widespread, he said. What was once only a threat to unprotected PCs has become a serious threat to smartphones and IoT devices, Avast points out. To operate efficiently and profitably, cryptocurrency mining requires computing power on a large scale, he said. Since the cost of mining is very high, but the CPU power of individual PCs and smartphones in particular is relatively low, cybercriminals are now trying to cap entire networks and create a botnet with the IoT devices connected to them. For victims, this could mean higher electricity bills, decreased productivity, lower performance or a shorter lifespan for their networked devices. In addition, an IoT device infected with malware always carries the risk that personal data could end up in the hands of cybercriminals.
"We are increasingly seeing IoT devices and smartphones being used for botnets to mine cryptocurrencies. The malware runs unnoticed in the background of the device - regardless of whether the user owns cryptocurrencies. We have made it our goal to educate unsophisticated users about the risk of fraudulent cryptomining," said Martin Hron, Security Researcher at Avast. "Typically, PC users can tell when their computer has become part of a botnet because it's slower than usual, running hot, or generating suspicious traffic. With IoT devices like networked refrigerators or digital voice assistants, these symptoms aren't as obvious. That's why users need security solutions that monitor the network and connected devices and immediately register any unusual activity."
There are some websites that have offered their visitors to choose between displaying ads and cryptocurrency mining in the background. However, according to Avast's study results, 75% of the Swiss users surveyed would rather put up with ads in this case instead of making their device available for ad-free browsing for prospecting.
To protect against all digital threats, including the unwanted mining of cryptocurrencies, all PC and smartphone users should install antivirus protection.
The survey was conducted in April 2018. In Switzerland, just under 500 PC users took part. 12% of them already own cryptocurrencies and another 18% intend to invest in digital currencies.
