Google now offering $1M crypto mining attack protection

Google found that in 65% of cases involving compromised cloud accounts, hackers were engaging in crypto mining

article-image

JHVEPhoto/Shutterstock modified by Blockworks

share

Google Cloud is offering certain customers up to $1 million in protection for costs incurred during undetected crypto mining attacks. 

Subscribers to Google’s Security Command Center Premium, a cyber threat detector, are entitled to this hefty protection. 

Philip Bues, a cloud security expert for market research firm IDC, said that Google Cloud is taking a step forward with this move.

“Cryptomining attacks continue to be a serious security and financial issue for organizations who do not have the right preventative controls and threat detection capabilities in their cloud environments,” Bues said in a statement.

The decision to include such coverage for these types of breaches came after Google’s Cybersecurity Action Team published a September 2022 report showing that in 65% of cases involving compromised cloud accounts, hackers were engaging in cryptocurrency mining.

The attacks are often partially or completely automated, according to the report, making them quick and easy to carry out.

In the event that a hacker manages to bypass Google’s detection capabilities and proceeds to run crypto mining software on a user’s cloud account, Google will now take responsibility for the customer’s expenses, providing coverage of up to $1 million for their bill.

It’s important to note that this protection program doesn’t have anything to do with bitcoin mining. It is available only for people using mining software. One of the most popular crypto tokens to be mined this way is monero (XMR). 

Blockworks reached out to Google and didn’t receive an immediate response.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.