{"id":48384,"date":"2023-06-07T02:19:58","date_gmt":"2023-06-07T06:19:58","guid":{"rendered":"https:\/\/www.kaspersky.com\/blog\/?post_type=emagazine&#038;p=48384"},"modified":"2023-06-07T02:19:58","modified_gmt":"2023-06-07T06:19:58","slug":"cryptojacking-environmental-business-cost","status":"publish","type":"emagazine","link":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/cryptojacking-environmental-business-cost\/48384\/","title":{"rendered":"Cryptojacking could be costing your business and the Earth"},"content":{"rendered":"<p>As you read this, a cybercriminal could be stealing your business\u2019s electricity and computer processing power. \u2018<a href=\"https:\/\/www.kaspersky.com\/resource-center\/definitions\/what-is-cryptojacking\" target=\"_blank\" rel=\"noopener nofollow\">Cryptojacking<\/a>\u2018 means high energy bills for business and a big environmental impact everyone wants to avoid.<\/p>\n<p>Cryptojacking is illegally using another\u2019s devices for the power needed to mine cryptocurrencies like Bitcoin. The threat is already common and fast-growing, costing business billions worldwide and responsible for significant, unnecessary greenhouse gas emissions. So, what can you do to stop it?<\/p>\n<h2>How cryptojackers compromise your servers and devices<\/h2>\n<p>To use your processing power, cryptojackers must sneak mining malware into your systems. They may enter your equipment thanks to <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/employees-leaking-data-education\/47777\/\" target=\"_blank\" rel=\"noopener nofollow\">leaked login details<\/a>, <a href=\"https:\/\/www.kaspersky.com\/resource-center\/definitions\/brute-force-attack\" target=\"_blank\" rel=\"noopener nofollow\">brute force<\/a> or through unpatched vulnerabilities in your operating system and other software. They may also get crypto-mining malware in through USB flash drives or network storage. Once inside, it spreads in a <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/malware-trends-2019\/28098\/\" target=\"_blank\" rel=\"noopener nofollow\">worm-like<\/a> way.<\/p>\n\t\t\t\t\t<div class=\"c-promo-post\">\n\t\t\t\t\t\t<div class=\"o-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"o-col-12@sm\">\n\t\t\t\t\t\t\t<article class=\"c-card c-card--link c-card--hor@xs c-card--small@xs\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-card__figure c-card__figure--small@xs c-card__figure--medium@sm\">\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-smart-energy\/47732\/\" class=\"c-card__figure-link\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/04\/04081854\/insight-story-smart-grids-header-500x500.jpg\" class=\"attachment-card-default size-card-default wp-post-image\" alt=\"insight story smart grids\" data-src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/04\/04081854\/insight-story-smart-grids-header-500x500.jpg\" data-srcset=\"\" srcset=\"\">\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-card__body  \">\n\t\t\t\t\t\t\t\t\t<header class=\"c-card__header\">\n\t\t\t\t\t\t\t\t\t\t<p class=\"c-card__headline\">Related article<\/p>\n\t\t\t\t\t\t\t\t\t\t<h3 class=\"c-card__title \">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-smart-energy\/47732\/\" class=\"c-card__link\" target=\"_blank\" rel=\"noopener nofollow\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span>As bills rise, smart businesses are saving with smart energy tech<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<svg class=\"o-icon o-svg-icon o-svg-right\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"https:\/\/www.kaspersky.com\/blog\/wp-content\/plugins\/kaspersky-emagazine\/assets\/sprite\/icons.svg#icon-arrow-long\"><\/use><\/svg>\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t<\/header>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-card__desc \">\n\t\t\t\t\t\t\t\t\t\t\t<p>Two business leaders explain how they\u2019re applying smart energy tech to save big on energy bills and reduce emissions.<\/p>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<footer class=\"c-card__footer\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"c-card__list\">\n\t\t\t\t\t\t\t\t\t\t\t<ul class=\"c-list-labels js-has-reading-time\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"c-list-labels__link\" href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/category\/digital-transformation\/\" target=\"_blank\" rel=\"noopener nofollow\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span>Digital transformation<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><span class=\"js-reading-time\"><\/span> min read<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"u-hidden js-reading-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\tAlongside emissions reduction goals, energy prices have hoisted reducing energy consumption to the top of business agendas. In the UK, between 2022 and 2023, electricity prices rose 67 percent and gas prices 129 percent. In the US, energy prices are up as much as 40 percent.\r\n\r\nIt's no longer a case of, should businesses cut their energy use, but how? Many organizations are looking for technologies that can help them better control their power use and use more renewable energy.\r\n\r\nAs I wrote in this primer on electricity's history, a shocking 13 percent of the world's population, mostly in sub-Saharan Africa, have no access to electricity. Could more business investment in renewables help to bridge the gap?\r\n\r\nKaspersky's new podcast, Insight Story, unpacks emerging tech trends with global specialists and businesses successfully using the tech. Episode 2 looks at smart energy. I speak with Feroz Koor, Group Head of Sustainability at Woolworths Holdings. South Africa and Singapore-based Nilesh Jadhav, Founder and CEO of BtrLyf creators Qi Square, and former Programme Director, EcoCampus initiative, Nanyang Technological University.\r\n\r\nBtrLyf is an \"AI-enabled assessment and marketplace platform to plan and achieve super-low energy, net zero and green certified buildings, quickly and at super-low costs.\" It creates 'digital twins' that let businesses model a range of energy conservation measures to find out what will work best.\r\n\r\n\ufeff\r\nSlashing grocery energy bills\r\nWoolworths has some 1,400 stores in Sub-Saharan Africa, Australia and New Zealand selling groceries, clothing, homeware and more.\r\n\r\n\"Retail food businesses have a large energy footprint,\" says Feroz. Sustainability data science experts ESource says energy costs make up around 15 percent of food retail overheads.\r\n\r\nFeroz's company opted for smart tech to become more energy-efficient. \"We've sub-metered all our stores with smart meters. There are different meters for lighting, refrigeration and air conditioning for example, so we can see what's driving consumption.\"\r\n\r\nThe tech isn't cheap but paid for itself fast. Feroz recounts a huge discovery: \"After metering one store in a new shopping center, we found we were being billed for other stores' electricity \u2013 the meters paid for themselves on the first day by proving it. We often use smart meter data to challenge incorrect billing \u2013 you'd be surprised how common it is.\"\r\n\r\nMeanwhile, the meters helped identify small changes that could save a lot of power.\r\n\r\n\r\n\r\n\r\nFrom smarter stores to smarter buildings\r\n\r\n\r\nNilesh Jadhav, Founder of Qi Square who created BtrLyf, says, \"Our customers want to improve their energy efficiency and reduce reliance on imported energy. Our platform makes the data available. So far, we've made digital models of 20,000 buildings in Singapore.\"\r\n\r\nModeling their buildings gives businesses an approachable window on a daunting task. \"If businesses can do an initial assessment of how they could save energy today, then how they could go to net zero [greenhouse gas emissions,] they can see the bigger picture.\"\r\n\r\nWoolworths is approaching a similarly daunting task \u2013 to use 100 percent sustainable energy by 2030.\r\n\r\nFeroz says, \"We've made the commitment because it's the right thing to do, but we've got our work cut out for us. We have several options, like self-generation at shopping center level or sourcing from independent bulk producers. We're looking at wheeling, where you buy energy from a producer who then 'wheels' it through a distribution network. \"\r\nFrom smarter buildings to smarter energy grids\r\nIncreasingly nations and energy companies are making electricity smarter at grid level, aiming to reduce emissions and improve energy security. Smart grids can detect and react to customer use patterns, empower consumers to be more energy efficient and encourage renewable energy production by buying excess. All this can maximize renewable energy use and minimize the use of fossil fuel to generate electricity.\r\n\r\n\r\n\r\n\r\n\r\nNilesh continues, \"Microgrids take it to a system level using central energy management software and batteries to manage fluctuations.\"\r\n\r\nSmart grids also enable a market that incentivizes renewable energy production. Nilesh says, \"If you can't put solar panels on your roof but your neighbor can, you could make a power purchase agreement (PPA). Singapore also has a market for renewable energy credits: You can buy these credits instead of buying electricity directly. If I want renewable energy but can't pay upfront for solar panels, buying renewable energy credits encourages third parties to invest, then sell the power.\"\r\nSecuring smarter energy solutions\r\nFabio Assolini, Head of Kaspersky Global Research and Analysis Team for Latin America, advises companies and nations to approach smart energy tech with due caution. \"We've seen destructive attacks on civilian energy infrastructure \u2013 not just power grids, but their systems too.\"\r\n\r\nFabio says over the years, these kinds of attacks are increasing. In 2021, a ransomware attack shut down a major US fuel pipeline. The same year, IBM reported energy was the third most attacked sector.\r\n\r\nKaspersky threat predictions for 2023 foresee hacker groups carrying out high-profile cyberattacks on civilian infrastructure \u2013 such as energy grids and public broadcasting \u2013 using advanced persistent threats (APTs.) Critical infrastructure makes an attractive target for cybercriminals because of how much disruption successful attacks cause.\r\n\r\nFabio suggests businesses pay attention to the security of their in-house energy infrastructure, as it may be particularly vulnerable. \"Corporate and personal power grids are not as well protected as national infrastructure. They're often connected to the internet using older, more vulnerable hardware, and software not readily updated. Do a full security audit before launching a microgrid or smart grid.\"\r\nThe future of smart energy for business\r\nNilesh sees smart energy tech evolving through user participation. \"On the tech side, I hope it'll go the same way as the smartphone: More resources for companies and innovators to make applications that sit on a central platform. Users could then adopt energy management tech faster. Over time, you'll see more participation from consumers.\"\r\n\r\nOn the energy side, he thinks peer-to-peer energy sales are the future. \"More people will be 'prosumers:' Consuming and producing energy and being paid for excess. Everyone will have better energy-buying options.\"\r\n\r\nFeroz has simple advice for businesses wanting to reduce their energy footprint. \"Start now. The sooner you start doing something, whether it's just understanding your footprint or what your needs are, the better.\"\r\n\r\nListen to the full Insight Story audio series on Podbean or your usual podcast provider.\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/footer>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\n<h2>What cryptojacking costs business<\/h2>\n<p>We\u2019ve all seen news reports of <a href=\"https:\/\/www.kaspersky.com\/blog\/malicious-cryptominers-2022\/46186\/\" target=\"_blank\" rel=\"noopener nofollow\">falling cryptocurrency values<\/a>, but it\u2019s still worthwhile for cybercriminals to mine cryptocurrency if they get electricity and processing power for free. But it takes a lot of electricity and processing power to make little gain \u2013 a hefty <a href=\"https:\/\/www.bleepingcomputer.com\/news\/security\/cryptominers-hijack-53-worth-of-system-resources-to-earn-1\/\" target=\"_blank\" rel=\"noopener nofollow\">53 US dollars of system resources for 1 US dollar in crypto earnings<\/a>.<\/p>\n<p>And it\u2019s common. In 2022, Kaspersky research found <a href=\"https:\/\/ics-cert.kaspersky.com\/publications\/reports\/2023\/03\/06\/threat-landscape-for-industrial-automation-systems-statistics-for-h2-2022\/\" target=\"_blank\" rel=\"noopener\">cryptojacking accounted for more than 5 percent of attacks on internet-connected computers<\/a>. In the same year, Kaspersky software detected nearly 30 million cryptojacking attempts aimed at business systems.<\/p>\n<h2>Environmental impact of cryptojacking<\/h2>\n<p>Its sky-high energy use should make preventing cryptojacking part of your corporate social responsibility (CSR) strategy.<\/p>\n<blockquote><p>By foiling cryptojacking attempts, Kaspersky\u2019s software prevented up to 3,000 tons of carbon being emitted in a year \u2013 equivalent to more than 650 cars.<\/p>\n<\/blockquote>\n<h2>What to ask your IT director about<\/h2>\n<p>While cryptojacking\u2019s high computational power requirements reduce device performance, the reduction isn\u2019t always obvious to users, so preventing cryptojacking requires work on multiple fronts.<\/p>\n<p>IT should regularly audit the corporate network looking for anomalies across every <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/managed-endpoint-detection-response\/36539\/\" target=\"_blank\" rel=\"noopener nofollow\">endpoint<\/a>, including easily overlooked queue management systems, point-of-sale terminals and vending machines, which cryptojackers have been known to target.<\/p>\n<p>Your business should use proven endpoint security that gives multi-level, comprehensive protection, including behavioral detection that can roll back\u00a0 malicious actions. Cybersecurity education for all employees (not just IT) is paramount, making sure staff follow best practice so they don\u2019t unwittingly give away system access.<\/p>\n<p>Cryptojacking is a damaging and wasteful threat leading to unnecessary greenhouse gas emissions and high electricity bills for businesses already challenged by high energy costs. With widespread staff cybersecurity education and the right solutions protecting your business, cybercriminals won\u2019t be able to exploit your precious processing power.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a world of high emissions and energy bills, illegal cryptocurrency mining is the last thing business needs. Act now to avoid being exploited.<\/p>\n","protected":false},"author":2737,"featured_media":48385,"template":"","coauthors":[4457],"class_list":{"0":"post-48384","1":"emagazine","2":"type-emagazine","3":"status-publish","4":"has-post-thumbnail","6":"emagazine-category-blockchain","7":"emagazine-category-safer-business","8":"emagazine-category-threat-intelligence","9":"emagazine-tag-cryptocurrency"},"hreflang":[{"hreflang":"x-default","url":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-smart-energy\/47732\/"},{"hreflang":"en-us","url":"https:\/\/usa.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-smart-energy\/28168\/"}],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine\/48384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine"}],"about":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/types\/emagazine"}],"author":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/users\/2737"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media\/48385"}],"wp:attachment":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media?parent=48384"}],"wp:term":[{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/coauthors?post=48384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}