Cybersecurity In Cryptocurrency — The Risks To Be Considered
Blockchain has grown rapidly in recent years, but it is still not immune to security attacks. There are a few cybersecurity risks to be aware of when using the platform.
Some cryptocurrencies have already been victims of ransomware attacks and other security breaches by hackers. For instance, ZenCash and Ethereum Classic have both lost millions of dollars due to blockchain security issues.
Because of the way blockchain works, the data on the chain is potentially viewable by all users. But this has positive sides (security) and negative sides (privacy concerns).
Why is cryptocurrency considered a safe haven for hackers?
Bitcoin is big business. Although blockchain technology is very secure in theory, about 33% of Bitcoin trading platforms have been hacked.
The problem of security comes from the use of keys and several transactions on the blockchain. A key is a set of letters and numbers, which is the unique correspondence for your Bitcoin. It’s safe and secure, but once you put it into a Bitcoin wallet or on a trading platform, it becomes a weak and susceptible point for malicious hacks, except the platform, is well-secured. For instance, if someone accesses the key, the currency can be taken.
No one knows the exact cost or loss involved in a Bitcoin or cryptocurrency data breach. Still, the Wall Street Journal reported that $1.7 billion in cryptocurrency had been stolen in recent years.
Hackers can target this security flaw and explore it to access your funds illegally.
How do you avoid these cyber scams?
You should always have adequate security measures in place on any device you use to access your wallet or marketplace. This is the first and most important way to ensure you do not leave the door open for a possible account takeover.
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