Table of Contents
Hacking of Cryptocurrency Accounts is on the Rise.
Because of their growing popularity and skyrocketing prices, virtual currencies like Bitcoin and Ethereum have become increasingly attractive to hackers looking to make off with these high-value assets. Hackers will continue to target digital currencies as their value rises and their use becomes more commonplace, according to Jack Mannino, CEO of nVisium, an application security company based in Falls Church, Virginia. Since hackers’ digital footprints can be erased, locating their work can be difficult. There is no legal recourse for investors whose cryptocurrency account is compromised due to a lack of regulation by a government or central bank. To keep your cryptocurrency investment safe, consider the following six suggestions.
Take a Hybrid Approach to Securing Your Digital Wallet.
Online wallets are becoming increasingly popular, which makes them a desirable target for cybercriminals. According to Terence Jackson, chief information security officer at Thycotic, a Washington D.C.-based provider of privileged access management solutions, consumers should keep the majority of their cryptocurrency in offline or physical wallets and only a small amount in an online wallet. When not in use, the wallet should be kept in a safe or safety deposit box, according to the expert. “Separating private and public keys is something else I’d recommend. Strong passwords and multifactor authentication should be used to protect both. Although more traditional options will emerge as cryptocurrency becomes more widely accepted, you are in charge of safeguarding your cryptocurrency while it is still in your possession “is a good example of this.
The Use of Two Strong Passwords is Essential.
Never use the same password for multiple accounts, especially since cryptocurrency services are a popular target for cybercriminals. Assume that every single one of them will inevitably suffer a data breach, says Kevin Dunne, president of Greenlight, an integrated risk management solutions provider based in Flemington, New Jersey. “While cryptocurrency is an innovative technology that is rapidly evolving, tried-and-true security tactics are the quickest and easiest ways to secure your wallet,” he says. “Limit your exposure by using a different, strong password for each, preferably with two-factor authentication and password rotation. Using a reputable password manager can assist in automating this process and eliminating the guesswork.”
Avoid being a Victim of mobile Phishing.
Many people who have a cryptocurrency wallet use a mobile app to keep track of their funds. According to Hank Schless, senior manager of security solutions at Lookout, a San Francisco-based provider of mobile security solutions, as the price of these commodities rises, malicious hackers are motivated to target investors with mobile phishing campaigns in order to steal your login credentials. These social engineering attacks can originate from a variety of sources on a mobile device, including texts, social media, third-party messaging platforms, and email. “There are malicious mobile apps that have the hidden ability to log your keystrokes or watch the activity on your screen, in addition to phishing,” he says. Many people use antivirus software on their computers, and they’re starting to realise that their smartphones and tablets should have the same protection. “Given the amount of data we entrust to those devices,” Schless says, “they are the most important to secure.”
Pay Attention to How Your Wallet is Being used in Transactions.
According to Dirk Schrader, global vice president of New Net Technologies, a Naples, Florida-based provider of cybersecurity and compliance software, apply the core principles of “cyber resilience” to your wallet. “Any crypto wallet is just a collection of data and code, but it’s a collection with a lot of value for you and others. Know how it’s used in transactions, make sure your systems and networks aren’t compromised if you’re using them for those transactions, and have physical security in place “he declares Those who trade higher values should take their time to assess the risks. “Attacks on the internet are staged. They get a foothold and expand before going after the main target (your wallet) “According to Schrader. “Your wallet’s cyberprotections are only as good as your understanding of them.”
Learn about the Various methods and Processes for Safeguarding your Digital Currency.
People who do not have a technical background but want to diversify their portfolio are increasingly interested in investing in cryptocurrency. Because no authoritative organisation or central bank manages digital assets, it is up to the user to keep their money safe, according to Brandon Hoffman, chief information security officer at Netenrich, a San Jose, California-based provider of IT, cloud, and cybersecurity operations and services. The chances of recouping those losses are slim to none. Secret key protection, recovery seed protection, and cryptominer malware protection are the three most important components to understand.