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- 1 To its SCC’s premium subscribers, Google offers insurance of up to $1 Million to avert crypto-mining attacks.
- 2 The service would detect malicious software and malware before it’s too late.
Through its Securities Command Center Premium subscriptions, Google offers insurance of up to $1M to compensate for undetected breaches. Alphabet Inc.’s subsidiary and the company’s cloud-based arm are introducing a new program. It is expected to safeguard users from hidden crypto-mining attacks.
Google Offers $1M Insurance Against Mining Attacks
According to a report published in September 2022, the company’s Cyber Security Action Team reported that almost 65% of the breaches linked to cloud accounts could be linked with crypto mining attacks. However, Bitcoin mining is an exclusive process and might not be vulnerable to such attacks.
Usually, to carry out such attacks, the hackers must first gain control over some critical resources of the victims’ computers by breaching the cloud accounts. After the attempt is successful, a malicious trojan horse-like software is installed without any knowledge or consent of the victim.
Subscribers of the theft detector, Security Command Center Premium, are now entitled to hefty protection during crypto mining. They will also be given insurance worth $1 Million if the data is breached.
Moreover, such attacks are carried out by being undetected and under the radar and remain unnoticed for extended periods. While hiding, this software exploits the victim’s computing power for the cloud mining cryptocurrencies. Moreover, they pose grave security and financial risks for individuals and organizations.
The company’s new initiative would provide hefty protection against such attacks by administering state-of-the-art customized security to deal with such situations. They are so confident in their product that apart from taking responsibility for customers’ losses, they are willing to pay up to $1 Million as insurance.
The amount will be given if any hacker gains control over the system by installing malicious software in the cloud accounts aiding cryptocurrency mining. It must be noted that the coverage policy exclusively covers customers using mining software. Moreover, it completely excludes the ones engaged in Bitcoin mining.
Philip Bues, a cloud security expert working for a market research company IDC praised the initiative and said, “Cryptomining attacks continue to be a serious security and financial issue for organizations who do not have the right preventative controls and threat detection capabilities in their cloud environments.”
Moreover, such types of attacks are usually partially or entirely automated; hence they are quick and easy to carry out without being detected.
Per the Google Cloud blog post, the company can offer financial protection thanks to the Security Command Center (SCC) Premium. The system includes specialized detection capabilities exclusively engineered in the Google Cloud infrastructure.
It helps detect crypto mining attacks; SCC scans the connected virtual machines for malware and malicious software. The process is carried out without agents and added burden on the devices, which could slow the performance and increase an individual’s or organization’s attack portion.
One of the most popular crypto tokens, mined by using cloud mining techniques, is Monero (XMR).
Such an initiative by a vast organization would instill trust in cryptocurrency mining. It could also boost the adoption rate and increase the exposure of the general audience to the crypto industry.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
