Google Cloud is now offering an impressive $1 million in protection for costs incurred during undetected cryptocurrency mining attacks for certain customers. This hefty protection is available for subscribers to Google’s Security Command Center Premium, a cyber threat detector. Cloud security expert Philip Bues from market research firm IDC commends Google Cloud’s step forward in addressing cryptocurrency mining attacks that continue to pose serious security and financial risks to organizations.
The decision to provide such coverage ensued after Google’s Cybersecurity Action Team published a report in September 2022, which revealed that in 65% of cases involving compromised cloud accounts, hackers were engaging in cryptocurrency mining. These attacks are often partially or completely automated, making them swift and easy to execute.
Google now assumes responsibility for customers’ expenses in cases where a hacker manages to bypass its detection capabilities and proceeds to run crypto mining software on a user’s cloud account. With coverage of up to $1 million, customers can feel more secure in their cloud computing activities.
It is crucial to understand that this protection program is not related to Bitcoin(BTC) mining and is only available for people using mining software. Monero (XMR) is one of the most popular cryptocurrencies mined using this method.
On one hand, the introduction of this protection program showcases Google’s commitment to combating cybersecurity threats associated with cryptocurrency mining. It also signals a growing awareness and recognition of the importance of cybersecurity measures in the blockchain and cryptocurrency space, protecting not only individual users but also businesses and organizations from financial loss.
On the other hand, the inclusion of such a protection program might generate skepticism around the effectiveness of Google’s Security Command Center Premium. Providing coverage for undetected hacker activity implies that the efficacy of the threat detection system may not be foolproof, leading to potential breaches. It raises questions about the overall security of Google Cloud’s services and the likelihood of successful cyberattacks.
Nonetheless, Google Cloud’s move to address crypto mining attack security is a significant step forward in making cloud-based environments more secure for users and businesses. The company’s effort to adapt its security measures to emerging trends might encourage others in the industry to monitor and address potential security risks more closely.
Source: Blockworks
