APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Cyber Security
    Editor's Pick (1 - 4 of 8)
    left
    IAM May Help Secure Data, But It Needs to be Protected as Well

    Marc Ashworth, Chief Information Security Officer, First Bank

    The Changing Landscape of Cyber Security

    Scott Brandt, CIO & Director of IT, Texas Office of the Secretary of State

    Cyber Security - Integrated enterprise approach required to address the multifaceted challenges

    Sumit Puri, CIO, Max Healthcare

    Leadership Framework for Building Elite Teams

    Douglas Duncan, CIO, Columbia Insurance Group

    Four Cybersecurity Weak Spots You Should Care About When Others Don't

    Marc Probst, CIO & VP, Intermountain Healthcare

    Enterprise Security And The Elusive

    Andre' Allen, CISO, City of Houston

    Secure Text Messaging in an Academic Medical Center - Experience and Lessons

    Kari Cassel, SVP & CIO, UF Health

    It's Time to Turn Security Inside Out

    Gilad Raz, CIO, Varonis

    right

    Cryptomining Malware - Silent But Deadly

    Sumit Bansal, Managing Director of ASEAN and Korea, Sophos

    Tweet
    content-image

    Sumit Bansal, Managing Director of ASEAN and Korea, Sophos

    So far in 2018, we have seen the lure of crypto as digital currency continue to grow in leaps and bounds as everyone looks to acquire substantial gains, if investments are done right. We have also seen how organizations are beginning to pay more attention to cyber threats, especially with ransomware demonstrating their immobilizing capabilities, with some organizations stopped in their tracks, as they scrambled to regain control against the constantly evolving threat landscape.

    Perhaps the most interesting learning for all involved in the tech-driven space is how ransomware has evolved to become fast, brutal and instantly disruptive. The ransomware we saw had no intention of laying low in order to avoid the spotlight. The direct nature of these attacks resulted in immediate consequences such as organizational disruption and enforced downtime. Most organisations found that financially, extensive repairs following an attack were extremely expensive. Organizations not only needed to allocate valuable time to sourcing the point of entry of the threat, they also had to execute the tedious task of conducting backups and restoration processes.

    The cryptocurrency landscape will remain one of top discussion, given the volatile and mysterious behaviour of the currency

    In addition to disrupting organizational processes, ransomware now has a more profound impact on businesses from a holistic standpoint. Ethically challenging, the new-age ransomware places decisions makers in a tight position – do they cave in and succumb to the thieves and their demands in the hopes that business processes can return to the state of normality?

    Even with the increased chaos and complexities of the threats that emerged, malware targeted the new kid on the block: Cryptocurrency

    In short, Cryptocurrency is an encrypted, decentralized digital currency that is transferred within digital wallets through block chain – ensuring that this currency is verified, legitimate and secure.

    However, as cryptocurrency does not embody the physical form of traditional currencies, regulating practices around the phenomenon have caused concerns within governments and has resulted in different approaches to handling cryptocurrency.
    Measures that we put in place to simply handle the currency alone without factoring in threats, is a recipe for disaster. For example, in mid-September, China’s central bank ceased operations for virtual currency trading platforms in Beijing and Shanghai, South Korea banned financial institutions from dealing in with virtual currency on fears of creating a bubble and similarly in Singapore, the Monetary Authority of Singapore issued warnings, cautioning the public about the risk of the ‘bitcoin bubble’.

    As with any rapidly adopted trend, there is always the risk of agents who apply their own malicious agenda for personal gains. This is exactly what happened with Cryptocurrency. Cryptomining is the process to discover cryptocurrencies such as Bitcoin, Monero or Ethereum and has seen increased operations around the world, from individuals to companies who are looking to acquire digital currencies. The process of cryptomining involves the combination of advanced servers, an extremely fast network and financially-sound backing.

    Cryptomining malware is when crypto-crooks covertly infect your computer with software to do the calculations needed to generate cryptocurrency; the crooks keep any cryptocoin proceeds for themselves. They do this because, to make any substantial returns with coinmining, you need a lot of electricity to deliver a lot processing power on a lot of computers. There are two options if you were to seriously venture into the cryptomining space, either rent space in a giant coinmining server farm with the latest technology and incur high costs, or you can steal electricity from others, processing power and air conditioning by using malware to sneak cryptomining malware into their networks, their browsers, their coffee shops, and more.

    For companies who are looking to heavily invest into cryptocurrencies, on most occasions they will implement security measures; however, for individuals drawn to cryptocurrencies, this is more often not the case. In Singapore, ready-made cryptomining sets can be easily purchased in the open market for a starting price of around SGD$3,000. For attackers, individuals who purchase their own ready-made home mining kits are the perfect candidates to host cryptomining malware. The lack of or non-existent presence of security makes hijacking even more easier. For example, many individuals are enquiring on how to deal with the recently discovered malware named “WannaMine”, from the same family as “WannaCry”.

    One of the fastest risers however in terms of cryptomining malware is CoinHive, a Monero miner that appeared in September. The number of sites that CoinHive has been lurking on has increased steadily. As the topic of crypto continues to dominate searches online, CoinHive JavaScript has been embedded on Monero-related searches by the likes of the infamous Pirate Bay – who conveniently forgot to mention that they were leveraging visitor browsers to mine cryptocurrency. Like most cryptomining malware, it will sit quietly on your computer and leverage your network to covertly cryptomine, resulting in a significant decrease in your hardware performance.

    The cryptocurrency landscape will remain one of top discussion, given the volatile and mysterious behaviour of the currency. However, as regulations around personal mining are yet to be implemented, cryptomining malware, although significantly more low-key than previous malwares, still has the potential to add another layer of concern for those in the technology and finance space. Check out: Top Web Security Solution Companies
    tag

    Financial

    Cyber Threats

    Weekly Brief

    loading
    Top 10 Cyber Security Companies in APAC - 2024
    ON THE DECK

    Cyber Security 2024

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Steven Meek, Chief Information Officer, Pepper Money
    Advancing the Chemical Industry through Digital Transformation

    Advancing the Chemical Industry through Digital Transformation

    Jan Mandrup Olesen, Global Head of Digital Business, Indorama Ventures
    Cultivating a Sustainable Future through Collaboration

    Cultivating a Sustainable Future through Collaboration

    Jiunn Shih, Chief Marketing, Innovation & Sustainability Officer, Zespri International
    Mastering Digital Marketing Strategies

    Mastering Digital Marketing Strategies

    Tasya Aulia, Director of Marketing and Communications, Meliá Hotels International
    Building a Strong Collaborative Framework for Artificial Intelligence

    Building a Strong Collaborative Framework for Artificial Intelligence

    Boon Siew Han, Regional Head of Humanoid Component Business & R&D (Apac & Greater China), Schaeffler
    From Legacy to Agility Through Digital Transformation

    From Legacy to Agility Through Digital Transformation

    Athikom Kanchanavibhu, EVP, Digital & Technology Transformation, Mitr Phol Group
    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Ts. Dr. James Chong, Chief Executive Officer, Columbia Asia Hospital – Tebrau
    Digital Transformation: A Journey Beyond Technology

    Digital Transformation: A Journey Beyond Technology

    John Ang, Group CTO, EtonHouse International Education Group
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://cyber-security.apacciooutlook.com/cxoinsights/cryptomining-malware-silent-but-deadly-nwid-4945.html