Google Cloud Offers $1M Financial Protection Against Crypto Mining Attacks, Know Who’s Eligible

Google’s cloud computing division has announced its commitment to pay back customers with up to $1 million as compensation against undetected crypto mining attacks.

This financial program launched by Google specifically applies to subscribers of Google’s Security Command Center Premium, granting them added protection against cyber attacks.

Google in its official statement has emphasized the widespread and financially burdensome nature of crypto mining threats in cloud environments.

It noted that a single attack can accumulate costs reaching hundreds and thousands of dollars within days.

Our new Cryptomining Protection Program provides Security Command Center Premium customers with up to $1M of financial protection against undetected cryptomining attacks.

Learn more about this one-of-a-kind program ↓https://t.co/K449KJcSIi

— Google Cloud (@googlecloud) June 8, 2023

Philip Bues, research manager for cloud security, IDC stated that Google is taking an ‘important’ step forward by providing built-in threat detection of unauthorized crypto mining backed by real financial protection.

“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,” he added.

This new initiative of Google aims to enhance customers’ trust in their capacity to promptly identify and stop crypto mining attacks.

Google Cloud security and risk management solution incorporates advanced detection features integrated into the cloud infrastructure itself making it capable of providing financial safeguards.

Notably, the Security Command Center uses virtual machine memory scanning to identify malware linked with crypto mining attacks.

Additionally, it possesses the capability to detect compromised identity that enable attackers to gain unauthorized access to cloud accounts.

As a result, the Google Security Command Center can identify threats even before adversaries have the opportunity to exploit compromised information or initiate an attack.

So, who’s eligible for the crypto mining protection program?

According to the statement, “Google Cloud customers using Security Command Center Premium that follow the program terms and conditions including Crypto mining Detection Best Practices are eligible to participate in the program.”

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