Top 3 Crypto Security Predictions for 2019
Introduction
In the midst of all cyber crimes related to the cryptos, importance of cybersecurity cannot be ignored. The underlying technology behind cryptocurrency i.e. Blockchain that gained popularity for its security features has often been challenged by the masterminds of the cyber thefts. Let us discuss the top 3 Crypto Security Predictions for 2019.
1. Crypto Exchanges will remain the major targets
Crypto exchanges generate large volumes of transactions in short duration's. Thus, they are the obvious targets for any sort of theft.
Chain attacks on such crypto exchanges have been quite successful in the past. In 2014, hackers stole an estimated $460 million worth Bitcoins from Tokyo’s Mt. Gox exchange. Although there are a majority of cases in which the funds stolen by hackers were recovered. Once such incidents are made public, they raise more doubts in the minds of the investors.
With the adoption of cryptocurrencies and more token/coins getting introduced in the market, the volume of transaction is going to rise in 2019, and hence there could be an increase in the number of attacks too.
2. Crypto jacking to target new miners
Crypto jacking is a way by which hackers get unauthorized access to some other user’s system to mine cryptocurrency. The hackers install malicious software to mine cryptocurrency secretly by sending them a disguised link. Another way by which hackers perform crypto jacking is by infecting an online ad with malicious code that executes automatically once loaded into the victim’s browser. The malware works in the background with the only noticeable sign being a decrease in performance or lags.
With the expected bull-run in 2019, the prices of cryptocurrencies may begin to rise again. And so, there can be more cases of crypto jacking in 2019.
3. Browser Extensions is the new way for intrusion
With the majority of the internet dominated by Google, Chrome is undoubtedly the most popular web browser. This is more so because of the different browser extensions it offers that give users access to different web services quickly. However, if compromised, the same extensions can be utilized for making an intrusion.
One out of 10 extensions submitted to Google is a malware, despite all the filters these extensions have to pass. Even the legitimate extensions are taken over by hackers, which are then exploited to compromise thousands of computers on which they have been downloaded.
One such example is Windows malware known by the name‘Razy.’ It contains avast array of cryptocurrency theft and fraud tools. Razy utilizes the browser extensions to execute attacks on the victims that install it as a legitimate free file hosting software.
Conclusion
Blockchain & cryptocurrencies are in infancy. It is difficult to determine how in the future hackers would use various tools to make an intrusion. No matter how secure the Blockchain is, the security of a system is in the user’s hand.
Firewalls, anti-malware, etc. can defend us up to an extent. Only the knowledge to distinguish between a legitimate and a non-legitimate app/link can truly protect a user. Combined with best practices to surf the internet and strong anti-virus protection, users can give tough time to hackers and protect their crypto assets.
Keeping in mind the need to educate the crypto investors of today against various cyber threats, Platon Finance has established Platon Club that will educate its members on various aspects of Blockchain and Cryptocurrency, starting from basics, to best practices for storing and trading various cryptos. It is providing its members the security from Symantec, which is a strong business partner of Platon Finance. To know more about the project visit https://platonfinance.com
Important Links
Pitchdeck — https://platonfinance.com/assets/docs/pitchdeck/PF-pitch-deck-EN.pdf
Wallet — https://wallet.platonfinance.com
Telegram — https://t.me/platonfinance_official
