The awareness of cyber threats associated to digital currencies in India is very low. Of course there is some knowledge on the subject, given that three-fourths (77%) of consumers in a recent research shows worry cryptomining malware infecting their personal and smart-home devices.
Cryptomining is the malicious process of covertly mining crypto-coins using malware planted on an individual’s device.
A new research conducted by the digital security provider Avast showed that almost one-fourth (23%) of consumers in India are unconcerned about cryptomining malware infecting their devices. Among this a whopping 39% mistakenly believe that cryptomining malware cannot affect them as they don’t own or mine cryptocurrencies themselves.
As per the research, only two-third (66%) of Indians have heard of malware or infected websites mining cryptocurrencies. Its findings suggest that Indian consumers adopt an apathetic attitude towards malicious cryptomining. This despite the fact that 77% of respondents admitted that they are familiar with digital currencies.
According to the survey, half of users in India will choose cryptomining for an ad-free online experience. There have been a few cases where websites have offered visitors the choice between viewing ads or mining cryptocurrencies in the background.
“We are seeing a significant increase in cybercriminals recruiting Internet of Things (IoT) devices and smartphones to botnets with the intention to mine cryptocoins. The malware can run surreptitiously in the background on any smart device – it doesn’t matter if the victim owns a cryptocurrency or not,” said Martin Hron, security researcher at Avast.
According to Hron, “Typically, PC users can tell whether their computer is part of a botnet as it tends to respond slower than usual, heat up or distribute suspicious traffic. With IoT devices like a smart fridge or personal assistant, the symptoms are not so obvious. Users need security solutions that monitor traffic and behavior and alert them when something is wrong.”