Google offers Cryptomining protection of $1 Million if it fails

Google has recently announced a new initiative aimed at protecting users from cryptomining attacks. The company will be offering a Cryptomining Protection Program Cover, which provides a compensation of up to $1 million to users who experience fraudulent usage of their Google Cloud Compute resources resulting in significant operational losses.

To be eligible for the program, users must adhere to the terms and conditions outlined in the rule book and file for reimbursement within 30 days of the attack, covering any unauthorized compute engine costs incurred. The decision to award compensation will be at the discretion of Google executives and limited to a maximum of $1 million within a 12-month period.

It’s important to note that users will not be eligible for compensation if they experience a second cryptomining attack within the same 12-month timeframe. This limitation ensures that the program remains focused on providing support to those who have been affected by such attacks.

While Google emphasizes that customers are responsible for their response and remediation efforts, the company is actively involved in assisting users. They offer proactive automation of detection solutions and timely notifications to keep users informed about potential attacks.

Currently, the program covers Compute Engine Virtual Machines and computing environments supported by the SCC Premium’s Virtual Machine Threat Detection. Other Google Cloud services are not included at this time.

It’s worth mentioning that infiltrating the network of a multinational corporation like Google and conducting crypto mining on their servers is no easy task. Google’s robust threat detection and response services are highly automated and can swiftly activate upon detecting an attack. The confidence in their security measures may have prompted the company to offer such substantial compensation to affected users.

By launching the Cryptomining Protection Program Cover, Google aims to provide users with an added layer of security and financial protection in the face of evolving cyber threats.

 

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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