Beware of Cryptocurrency Miners: Hacking Google Cloud Accounts

Beware of Cryptocurrency Miners: Hacking Google Cloud Accounts

Cryptocurrency mining is instigating cryptocurrency miners to hack Google cloud accounts

A report known as Threats Horizons Executive Snapshot from the Cybersecurity Action Team of Google has released a statement that cryptocurrency miners have started hacking Google cloud accounts for illegal cryptocurrency mining. Cryptocurrency miners have hacked over three-fourths of 50 Google cloud accounts to download cryptocurrency mining software faster than the usual process. These are compromised cloud instances due to customer misconfiguration issues, weak security practices or vulnerable third party software. Let's explore how cryptocurrency mining abuse is affecting Google and its cloud accounts across the world.

The report mentioned that recently multiple Google cloud accounts are compromised to provide specific functions to effective cryptocurrency mining. Yes, it is well-known that this process in the cryptocurrency market needs enormous computing power for the blockchain technology and faster transaction time. Google cloud account holders can gain access to this functionality at a cost. But, cryptocurrency miners have identified this process to download the cryptocurrency mining software within 22 seconds.

The cryptocurrency miners hacking Google cloud accounts shows that account holders have multiple poor customer security measures. That's why the cryptocurrency miners can identify this loophole to hack and use it for effective cryptocurrency mining. The loopholes include either a poor password or no password with vulnerabilities in third-party software and a lack of basic control implementation to protect the accounts from these cryptocurrency miners and other cybercriminals.

The popular cryptocurrencies such as Bitcoin and Ethereum are known for being too energy extensive like that of Bitcoin mining. Thus, Google cloud is a suitable environment to intensify different activities of cryptocurrency mining in an advanced technology like cloud. But, the rising popularity or demand for Bitcoin has created a plethora of opportunities for cryptocurrency miners to commit cybercrimes related to the cryptocurrency market.

High-powered computer systems are required to acquire cryptocurrencies by solving complex cryptographic puzzles. There is a rise in cryptocurrency miners who have started earning cryptocurrencies as a reward for completing this hectic work. Thus, it is recommended for all Google cloud account holders to follow the password regulations carefully and create a strong and complicated password that is impossible for cryptocurrency miners to hack. There should also be a strong control implementation with a trustable and reliable third-party software.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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