Cryptocurrency, a latent cybersecurity threat

In the virtual world with the birth of Bitcoin, the number of virtual currencies is increasing, with Bitcoin being the most popular cryptocurrency, which moves away from the others because of its current increase in value.

Cryptocurrency is a virtual currency used in commercial exchanges at the electronic level, without financial intermediaries and without state control. This results in irregular values ​​among them, the search for privileged positions in several sectors, coupled with strict control and balance and sometimes nonexistent, cryptocurrency is the new target of cyber criminals.

On the other hand, the lack of legal control makes people and companies suspicious of cryptocurrency transactions, they are afraid to put their money in the hands of private companies, which will be identified by codes such as cryptocurrency, because many do not know the technology. Blockchain, where all transactions made with virtual currencies are settled.

Ignorance and distrust of new technologies with excessive booms, are presented as an easy and attractive field for cyber criminals. So cyber security specialists work different initiatives to end the cryptocurrency market without control.

Concerns about cybersecurity in this sector, added use to illegal activities such as: extortion, tax evasion and money laundering.

Cryptohacking

Cryptocurrency attacks are increasing, some of which are known as Cryptohacking techniques, which are detailed below:

Fake virtual wallet: Those who own and / or buy cryptocurrency deposit it to be stored in a virtual wallet. Cybercriminals cheat with malware that simulates wallets, to download and thus seize cryptocurrency. It is recommended to be careful about what is downloaded, noting that it is a trustworthy website.

Ransomware: This is malicious software installed on a computer, hijacking your data, making you a prisoner until you pay a normal ransom in Bitcoin.

Dangerous Code: Cybercriminals enter code on websites, e-mails or downloads, hosted on a user’s computer and hijacked to mine cryptocurrency in the name of cyber criminals, this malicious code is known as “forced mining” and is detected by changes in the computer in speed things, strange processes, among others.

Cybersecurity Challenge

One of the ways in which cyber criminals usually take a user’s cryptocurrency or their account is through phishing, because in the Blockchain they cannot be canceled after the transaction

The use of virtual wallets uses the same passwords as Facebook, Gmail, Outlook, iCloud, where users often use the same access key for everything, making it more attractive and vulnerable to attacks on the cryptocurrency world by cyber criminals. So it is recommended to add authentication via cellphone.

Some recommendations for avoiding hacking victims are:

– Maintain the updated operating system and browser used.
– Perform regular backups to systems that are used and stored outside the network, this ensures that they can recover immediately after a Ransomware attack.
– Make sure the application, both your source and the manufacturer, can be relied upon before uploading personal information.

– Use vpn services. You can try the services by clicking on https://vpnpro.com/best-vpn-services/.

It must also be taken into account that there are two alternatives to storing cryptocurrency: Custody services and Virtual Wallet are not the perfect solution, but both are intended for cryptocurrency storage.

Custody Services: They are provided by companies responsible for virtual money from those who employ them and provide instructions through the application or the web about how to handle them. The risk is that these companies are also vulnerable to theft and declare bankruptcy.

Whereas Virtual Wallet is an application that is installed on a cellphone or computer to transfer funds. The risk is that he uses a password, which when lost also loses cryptocurrency.

Ideally, every user with cryptocurrency must be careful with their personal code to reduce the risk of being stolen.