IoT devices and smartphones are unlawfully used for mining crypto-coins

Our cybersecurity team has experimented to raise awareness of IoT and mobile cybersecurity problems that are caused by mining the cryptocurrency Monero.
In the past year, cybercriminals have increasingly abused smartphones and IoT devices to mine crypto-coins in the background without users knowing. To experience how their device can be infected, clients were invited to take part using their smartphones to mine Monero.

Initial research shows that an army of more than 15,800 devices can mine $1,000 in Monero coins over the course of four days.
Smartphones and IoT devices, like smart TVs or webcams or thermostats, have low computation power, which is not useful for mining.
For this reason, cybercriminals are attacking devices by exploiting their cybersecurity on a mass scale to maximize profit.

Mining using infected IoT devices remains mostly invisible to the consumer; unlike a PC, it’s not noticeable when an IoT device heats up or loses performance. IoT devices are easy targets for cybercriminals because for now there is no cybersecurity solution for protecting them like an antivirus.

For example, 58,031 smart devices in Barcelona are vulnerable. If each of these devices was transformed into a botnet that mines Monero by exploiting their cybersecurity flaws, cybercriminals could earn $4,000, or €3,000 in just a few days.
The complex ecosystem of IoT devices in homes and public locations creates new opportunities for cybercriminals to compromise their cybersecurity to produce Monero.

In 2017, the first IoT botnet appeared, a new version of the infamous Mirai botnet, this cybersecurity threat is used to mine cryptocurrencies.
Since then, cybercriminals specialized in taking control of IoT devices to make them mine cryptocurrency.
For every affected user, this means high energy bills, reduced device performance, and a shortened device lifespan. Do not let cybercriminals use them. This can be done very quickly by choosing a cybersecurity solution like an antivirus.

If you are using macOS just download an use an antivirus for Mac or if you are using Windows just download and use only the best antivirus for Windows.
Cryptocurrency mining malware is just one of the way that cybercriminals use to exploit cybersecurity problems affecting IoT devices. Another major risk is privacy threats, by exploiting the unprotected, by a cybersecurity solution, security cams that record our day-to-day lives and smart speakers that listen to our conversations could be used by cybercriminals to collect valuable and sensitive data.

To secure your network and devices always opt for a reliable and efficient cybersecurity solution. Don’t ever make the mistake of leaving a device unprotected. Depending on which OS do you use, install an antivirus for Mac or antivirus for Windows.