Last Thursday (8), Google, through its Cloud division, released its latest product, insurance against attacks by cryptocurrency miners, which cost companies millions of dollars annually.
According to the product disclosure note, Google Cloud indicated that “crypto mining is a widespread and costly threat to cloud environments.”
According to a study by Google itself, at least 65% of hacked cloud environments practiced cryptocurrency mining. That is, hackers invade company accounts and use their computer quota to make a profit, causing business losses.
For example, the new product offers entrepreneurs up to $ 1 million in protection against cryptocurrency mining attacks.
“To bolster our customers’ confidence in their ability to quickly detect and stop cryptomining attacks, we are introducing a new Cryptomining Protection Program, which provides financial protection of up to $1 million to cover unauthorized Google Cloud compute charges associated with undetected cryptomining attacks for Security Command Center Premium customers.”
How does Google Cloud’s new product work against cryptocurrency mining attacks?
To detect cryptomining attacks, Security Command Center scans the virtual machine’s memory for malware.
In a note, Google stated that its approach makes it possible to detect attacks that can go undetected by built-in security tools that rely on analyzing cloud logs and information collected through APIs.
According to Philip Bues, Research Manager for Cloud Security at IDC, cryptocurrency mining attacks are causing problems, but Google Cloud’s new solution is a breakthrough against the situation.
“Cryptomining attacks continue to be a serious financial and security concern for organizations that lack proper preventive controls and threat detection capabilities in their cloud environments. Google Cloud takes a major step forward in providing built-in detection of unauthorized cryptomining threats backed by real financial protection available to Security Command Center Premium customers should an attacker evade their detection defenses. This shared-destination approach to cloud security helps build trust with enterprise buyers as they move to the cloud.”
Customers who already use Google Cloud can access their accounts and look for the new solution, which is another major cryptocurrency technology tech solution.
Google continues to improve solutions with cryptocurrencies
In early June 2023, Google Cloud promoted Bitcoin’s Lightning Network through a new partnership.
With yet another launch, everything points to the US-based company improving its solutions with cryptocurrency technology.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
