Dealing with cryptocurrencies is fraught with considerable cyber security risks. You must be aware of the risks and take protective measures to prevent ransomware attacks that have struck some cryptocurrencies. Hackers are on the prowl, and those dealing on Ethereum Classic and ZenCash have lost billions of dollars due to blockchain security issues, confirms Brian Colombana. Since blockchain is quite transparent and all users can view the data, there is great concern about privacy and security issues.
Why do hackers target cryptocurrencies?
Bitcoin is the gateway to prosperity and the reason for hackers targeting blockchain technology to swindle immense money. Bitcoin uses keys which are a set of numbers and letters corresponding to bitcoin and are unique. Although the keys are highly secure, their use on the trading platform or in bitcoin wallets poses considerable risks due to the latter’s vulnerabilities. Inadequate security of the trading platform or the bitcoin wallet exposes the keys to high risks of hacking.
Despite adopting the best security measures, the vulnerability remains, as evident from breaches in 33% of bitcoin trading platforms, which are alarming. In recent years, hackers stole bitcoin worth $1.7 billion, as confirmed by the Wall Street Journal, and it needs no further explanation about the reason for its attraction to hackers.
The threats to cryptocurrencies
The cyber security threats to cryptocurrencies are the same as any other digital applications and networks used by businesses. Incorporating the most robust security ring around the bitcoin trading platform and bitcoin wallet and maintaining strict vigil across all blockchain operations and activities should help detect threats early and prevent them. You must be especially cautious during account takeovers, as other people might try to steal your keys and empty your account.
Blockchain technology does not allow any traceability of crypto activity. That works in favor of scammers and hackers. Who can take advantage of it and breach bitcoin wallets to access the money. Learning to live with the threat of hacking and constantly upgrading the security. While exercising a lot of caution during transactions should help to lessen the risks.
Cyber Protection for cryptocurrencies
The sharply rising popularity of cryptocurrencies is leading to the introduction of new platforms. Dealing with cryptocurrencies poses considerable risks for users. Check the technical features and the reliability of any new platform before using it because some platforms are fraudulent. Doing some research and going through reviews to understand. What others feel about the platform should help identify suspicious and less reliable platforms. Never try to experiment with some unknown entity, as you may have to pay a heavy price for it.
Brian Colombana says to screen all emails regarding cryptocurrencies carefully, especially those that show your cryptocurrency balances. These could be phishing emails that trick users and allow hackers to steal data by breaching the system.
Take utmost care to protect your private keys. Because even a momentary lapse can prove too costly, and you could lose money.