Can't Stop Crypto Mining Attacks? Worry Not, Google Is Now Offering $1M Protection

Alphabet Inc’s (NASDAQ:GOOGL) subsidiary Google’s Cloud arm is introducing a new program that offers its Security Command Center Premium subscribers insurance of up to $1 million to cover expenses related to undetected cryptocurrency mining attacks. 

What Happened:  According to a report published in September 2022 by Google’s Cybersecurity Action Team, 65% of cloud account breaches are linked to crypto mining attacks. 

Crypto mining attacks on the cloud usually happen when hackers breach a user’s cloud account to gain access to their resources. Once access is gained, they install crypto mining software that runs in the background and uses the user’s computing power to mine cryptocurrency.

These attacks are commonly executed automatically and can often go unnoticed for extended periods, causing financial and security risks for individuals and organizations.

This new Google initiative provides customers with protection tailored to this scenario, with Google agreeing to take responsibility for the customer’s costs of up to a million dollars if hackers successfully run crypto mining software on their cloud accounts. 

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Why It Matters: It is essential to note that Google’s coverage policy relates exclusively to customers who use mining software, not those engaged in Bitcoin (CRYPTO: BTC) mining. 

Monero (CRYPTO: XMR) is one of the most favored cryptocurrencies to be mined in this way.

"We are able to offer financial protection because Security Command Center Premium includes specialized detection capabilities that are engineered into the Google Cloud infrastructure. To detect crypto mining attacks, Security Command Center scans virtual machine memory for malware. It does this without agents, which can slow performance and increase an organization's attack surface," Google Cloud said in a blog post.

Price Action: At the time of writing, BTC was trading at $26,504.34, up 0.34% in the last 24 hours, according to Benzinga Pro.

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