I have posted previously about the danger of cryptojacking, which refers to the unauthorized access of computer networks by criminals to mine cryptocurrency. The impacted systems can suffer from performance impairment leading to crashing computers and overheating of central processing units. The potential financial consequences to businesses can include costs for higher energy consumption or cloud usage, sooner-than-planned hardware replacement, and additional IT support to address system performance issues.
A cybersecurity firm report released yesterday warns that hackers are increasingly targeting financial firms, such as banks, with attacks designed to use their computer systems to mine cryptocurrencies. The number of cryptojacking attacks on financial companies more than tripled in the first half from a year earlier, according to the report. The report also noted that the overall number of such events rose 30% to 66.7 million.
It is important to note that cryptojacking is not a standard coverage offered on cyber liability policies and those that desire it, generally need to ask for it. Some carriers, nevertheless, will not offer it at all. This is something to be mindful of when exploring cyber liability coverage, particularly those in the more targeted industries. According to the report, the second most targeted industry is retail.