Financial expert warns: Cryptojacking attacks on cloud systems cause high operating costs

Financial expert warns: Cryptojacking attacks on cloud systems cause high operating costs

According to a report by www.golem.de, a 29-year-old man was arrested in the Ukrainian city of Mykolaiv for allegedly stealing over $2 million in cryptocurrencies through cryptojacking attacks on cloud systems. The suspect is believed to be the main actor behind a widespread cryptojacking operation. He is said to have infected the servers of one of the world's largest e-commerce companies with malware and misused more than a million virtual machines to mine cryptocurrencies.

Cryptojacking is a cyber threat in which attackers use computing power from third-party systems to mine cryptocurrencies. Cloud computing environments are considered attractive targets for such attacks due to their higher computing power. However, cryptomining on these systems is not economically worthwhile, as the operating costs for server operators are usually far higher than the attackers' income. As a result, the owners of the compromised cloud accounts receive large bills and are left with the damage.

The arrest of the suspect and the subsequent cooperation between Ukrainian authorities, Europol and a cloud provider show that the authorities are taking measures to combat such criminal activities. Cloud users and providers should protect themselves from cryptojacking attacks through common security practices, including effective access controls, continuous monitoring for suspicious activity, the use of security tools, and regularly installing the latest security updates. These measures can help minimize the impact of cryptojacking attacks and ensure security in cloud computing environments.