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Why cybersecurity needs to get stronger as cryptocurrencies plummet

Cryptocurrencies certainly live up to their description of “volatile”. These are indeed dark days for all things crypto with currency valuations, NFT prices, stocks in public crypto exchanges, and investment funds plummeting. Investors, traders, and crypto miners are understandably anxiously focused on falling prices and dire talk of a “troubled” future. However, there has never been a more important time to be concerned about cybersecurity and the widespread cybercrimes that are flourishing in the “Wild West” territories of cryptocurrencies and crypto mining.

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The latest crypto market crash might spell the end for some, but for others it is seen as an exceptional opportunity to get in the game. Many will sit back, clutching their crypto wallets with white knuckles. What is important to know is that cybercrimes in the crypto market are real, and whatever your activities are in response to the current situation, you need to make decisions and choices to optimize your cybersecurity and Properly protect your digital assets.

Multi-million dollar crypto heists, crypto laundering and other money crimes take place in the sprawling, decentralized and unregulated cryptoverse. There are hackers and scammers in every virtual corner. Crypto-jacking, phishing, and crypto-malware attacks abound on illegal trading platforms and unregulated crypto exchanges. It’s no surprise that cybercrimes thrive in terrain so complex that even seasoned gamers are often puzzled.

These cyber crimes happen so easily because users most often secure their digital assets with a “private key”. It can be a long and complicated password code, but if you keep it on your computer, it’s so easy for a hacker accessing your computer to find it and log into your digital account. If your private key is stolen, there is no way to recover it and there is no way to repair your losses because you are solely responsible for protecting your private keys from hackers.

If you are active on a large, well-known crypto exchange, you might think you have adequate protections. Many investors have a false sense of security that decentralization means “safer”. Some invest their savings in these crypto exchanges even though they clearly lack the capabilities and responsibilities we take for granted in traditional banking and investment institutions.

The list of top crypto exchange hacks testifies to the dangers of believing that “this won’t happen to me”. For example, in January this year, 483 customer accounts were hacked on one of the world’s most popular exchanges, Crypto.com, resulting in the theft of 4,836.26 ETH, 443.93 BTC and around $66,200. in other currencies. It is reported that over the past decade there have been over 125 major cryptocurrency breaches resulting in losses of over $3 billion.

Protect your digital assets

In today’s turmoil in the crypto market, it’s critical to be especially vigilant about your cybersecurity, which ranges from how you protect your router, computers, and mobile devices, to where you keep your keys. encryption. Most often, cryptocurrencies and keys are kept in online or mobile wallets that facilitate quick connection to exchanges and other services.

Many of these so-called hot wallets are provided by your crypto exchange so that you can seamlessly log in to access your cryptocurrency or trade. However, it is the least secure way to store your cryptocurrencies and presents the greatest vulnerabilities to hackers.

Better manage your cryptocurrency risks by:

  • Use multi-factor authentication to access the exchanges you use
  • Take your wallets offline
  • Export your cryptographic keys to an external USB key or store them physically in a safe

Yes, these actions will somewhat compromise the speed and ease of access to your digital assets, but they will also create significant obstacles that can prevent hackers from exposing your wallets.

It’s important to keep in mind that just like crime spikes during tumultuous times in the real world, the exact same thing happens in the cyber world. Cryptocurrency volatility has become stratospheric, the appropriate response is to be more protective of your digital assets than you have ever been.

#cybersecurity #stronger #cryptocurrencies #plummet

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