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Bitcoin Botnet Aims to Makes Money From Smart Devices - Newsweek

Published 1 year ago

Bitcoin Botnet Aims to Makes Money From Smart Devices - Newsweek

Financial Newsweek via newsweek.com

IBM researchers discovered a bitcoin mining component in a new variant of Mirai—a form of malware that exploits security vulnerabilities to take control of devices connected to the so-called Internet of Things (IoT). Security firm McAfee recently estimated that more than 2.5 million IoT devices were infected by the Mirai botnet in 2016, though it is not clear how many compromised devices may have been used to mine the virtual currency. Security experts have previously warned that hackers could target smart devices in order to mine bitcoin. Details of the Mirai variant were published by the IBM researchers in an online blog, in which they speculated hackers would be incentivized to mine for bitcoin in order to facilitate cybercriminal activities. According to a 2016 study by the security firm BullGuard, up to 185 million devices may be at risk of being compromised by Mirai. Projections from technology research firm Gartner suggest the issue may escalate if security fixes are not implemented by device manufacturers. Cybersecurity experts warn that too many manufacturers treat security as an afterthought when producing internet-enabled devices. Chris Boyd, an analyst at the security firm Malwarebytes, told Newsweek in an interview last year: “The problem here is that many IoT devices are horribly broken security-wise because it costs money to ensure a reasonable standard of protection on a product.” Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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