Google Cloud has introduced a new initiative to safeguard certain customers against the costs incurred during undetected crypto mining attacks, offering them up to $1 million in protection. This program is specifically available to subscribers of Google’s Security Command Center Premium, a cyber threat detection service.
Philip Bues, a cloud security expert at market research firm IDC, praised Google Cloud’s proactive step in addressing the issue. Bues emphasized that crypto mining attacks pose significant security and financial risks for organizations lacking adequate preventative controls and threat detection capabilities in their cloud environments.
The decision to provide coverage for these types of breaches stems from a report published by Google’s Cybersecurity Action Team in September 2022. The report revealed that 65% of cases involving compromised cloud accounts were linked to hackers engaging in cryptocurrency mining.
The report also highlighted that these attacks are often carried out through partially or fully automated means, making them swift and easily executed.
If a hacker successfully evades Google’s detection mechanisms and proceeds to run crypto mining software on a user’s cloud account, Google Cloud will assume responsibility for the associated expenses. They will provide coverage of up to $1 million towards the customer’s bill.
It is worth noting that this protection program is not related to Bitcoin mining. Instead, it exclusively applies to individuals using mining software, with one of the popular cryptocurrencies mined in this manner being Monero (XMR).
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
