Cybersecurity in Cryptocurrency: Risks to Be Considered

Introduction

Over the last few years, the cryptocurrency market has exploded. Even though the market can be volatile, an estimated 106 million people utilize cryptocurrency exchanges to buy or exchange BTC (Bitcoin).

The first cryptocurrency, Bitcoin, was created 13 years ago and was relatively unknown for the first few years, being used mainly by a limited group of people who wanted to maintain transactional anonymity.

The second cryptocurrency was not formed for another two years, but there are already over 8,000 different cryptocurrencies as of January 2022.

Cybersecurity

Cryptocurrency is quickly becoming a tool for cyber thieves as more people invest, and companies accept it as a payment option. Bitcoin already accounts for about 98 percent of ransom payments, indicating that this is already the case.

Cybercriminals commonly use ransomware attacks to encrypt data and then demand payment in bitcoin to decrypt it.

Bitcoin wallets are an easy choice for cybercriminals to get what they want while remaining anonymous because identities may be disguised. In July 2021, for example, ransomware organization REvil sought £50.5 million in Bitcoin from IT firm Kaseya to unlock their files.

While cybercriminals use bitcoin to remain anonymous, they also exploit the vulnerabilities and unsafe areas of these new and rapidly evolving technology.

Cyber-crooks can permanently lock customers out of crypto wallets by stealing their account keys, giving them access to their entire investments. As a result, crypto accounts must be handled with extreme prudence.

One of the most prevalent ways for cybercriminals to gain access to consumers’ accounts is cryptojacking. This is the act of using a computer without the user’s knowledge to mine cryptocurrency.

Typically, no personal information is stolen while the code is running to evade detection for an extended period, during which a cybercriminal can make a substantial profit.

Cybercriminals also use Cryptojacking over the cloud. Cloud cryptojacking occurs when hackers steal an organization’s credentials to access their cloud environment, rather than a local device, where they run their cryptojacking malware.

Risks And Thing To Know

With cryptocurrency here to stay for the long haul, it’s critical to weigh the potential cyber security concerns against the benefits it provides. Users of cryptocurrency should be aware of the dangers and can take actions to prevent their funds from falling into the wrong hands. Here are five key points to remember to keep your money and computer systems secure:

• Prioritize password protection
• Get used to cybersecurity basics
• Keep your eyes open at all time
• Stay ahead of the curve with CDR
• Consult the CCSS

Prioritize password protection

Businesses should combine excellent password management with multi-factor authentication to prevent unauthorized access and deny cybercriminals the chance to engage in cryptojacking. Cyber thieves will be less likely to acquire access to cloud environments and IT assets due to this.

Get used to cybersecurity basics

 Because many cybercriminals utilize strategies like phishing emails to obtain access to user accounts. The best and easiest place to start is to ensure that you and your staff are focused on cyber security.

Being able to recognize risky communications and avoid potentially malicious links, for example, is a crucial step in preventing cyber thieves from gaining access to your company’s computer system and crypto-wallets.

Keep your eyes open at all time

Cryptojacking occurs in the background and can go undiscovered for extended periods. Constant monitoring is the best and most straightforward technique to rapidly detect if cyber crooks have compromised your system.

Network monitoring solutions can also help system monitoring and alerting if suspicious activity is detected.

Stay ahead of the curve with CDR

Businesses that use cryptocurrency can use file sanitization to ensure that harmful code does not run in the background. Cyber security solutions that are proactive, such as content disarm and reconstruction (CDR), let businesses stay one step ahead of cyber thieves.

By scanning a file and rebuilding it to the known good manufacturer’s specifications, CDR ensures that no dangerous virus is present.

Consult the CCSS

The Cryptocurrency Security Standard (CCSS) is an open-source collection of standards aimed at standardizing the approaches and processes employed by cryptocurrency systems worldwide.

The process evaluates ten security features, such as wallet generation, key storage, key usage, and data sanitization policy, and assigns a score. Level one security demonstrates that assets are secured by definite rules and procedures, whereas level three security exceeds security standards and provides strictly implemented policies.

The CCSS can help users find the finest cryptocurrency solutions to utilize and keep their money safe.

Conclusion

Although the cryptocurrency market’s fast-paced and rapidly growing nature can be intimidating for any investor or organization entering it for the first time, there is a substantial possibility of reaping many benefits that could outweigh the risks.

As with any new market, there are risks to be aware of, and it is critical to take the necessary safeguards to safeguard crypto assets and prevent the misuse of IT systems.

It’s a good idea to keep in mind that while cyber thieves want substantial rewards, legitimate investors can also achieve great success.