The cloud computing arm of Google recently revealed that it will pay back customers upto $1 million to cover unauthorized cloud compute expenses associated with undetected crypto mining attacks. Notably, subscribers to Google’s Security Command Center Premium are entitled to this protection.
Our new Cryptomining Protection Program provides Security Command Center Premium customers with up to $1M of financial protection against undetected cryptomining attacks.
— Google Cloud (@googlecloud) June 8, 2023
Learn more about this one-of-a-kind program ↓https://t.co/K449KJcSIi
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Google and its shared fate approach
Google’s official statement underlined that crypto mining is a “pervasive and costly threat” to cloud environments. Even one attack can end up costing “hundreds of thousands of dollars” in just days. In fact, the Google Cybersecurity Action Team (GCAT) revealed last year that 65% of compromised cloud accounts experienced crypto mining.
Philip Bues, Research Manager for Cloud Security with Market Research firm IDC, highlighted that Google is taking an “important” step forward by providing built-in threat detection of unauthorized crypto mining. He added,
“Crypto mining 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. This shared fate approach to cloud security helps increase confidence among enterprise buyers when moving to the cloud.”
The launch of this new program is intended to strengthen customers’ confidence in their ability to swiftly detect and stop crypto mining attacks.
Google Cloud is able to offer financial protection because its security and risk management solution has specialized detection capabilities. Notably, they’re engineered into the cloud infrastructure. Specifically, to flag crypto mining attacks, Security Command Center scans virtual machine memory for malware. In fact, it can also detect compromised identities that allow attackers to gain access to cloud accounts. This means Security Command Center can detect threats even “before an adversary can exploit compromised information to begin an attack.”
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