Importance of Data Security in Cryptocurrency

Data security is one very important of the internet that has continued to experience challenges, and most times the effects of a lax in security can make the platform vulnerable to attacks from hackers. In times past we have heard about attacks on crypto exchanges where people lost their crypto investments. In January, Cryptopia was attacked, and as such users of the platform lost a lot, and there are no indications that they will get their money back.

Hackers are always looking for loopholes, and no matter how tough a security system, there is someone somewhere looking for the tiniest chink in the armor, and when they find that flaw, they will exploit it and go as far as they can with the attack.

We Hear About Hacking Bitcoin Private Keys, What Else Are These Hackers Up To? 

In a recent development, hackers have been able to attack more than 50,000 servers in different parts of the world, as a technique to mine cryptocurrency while using tools that are sophisticated. On the 29th of May 2019, Guardicore Labs, a company that deals with cybersecurity revealed that the malware attack had been happening since February. It is said that each day, the attack spread to new victims numbering over 700. According to the report, the targeted platforms include media, telecoms, healthcare, and the IT sector. After inspection of the systems, it was discovered that there were 20 varying malicious programs in the malware, and every week, new ones got created. As soon as the new malware got created, they were deployed to begin their operations on the server. To make things worse, the malware package usually installed a sort of firewall rootkit that made it almost impossible to remove the malware.

Effects of Cyber Crime

According to the cybersecurity firm, they got in touch with the attack servers’ hosting provider, and also the entity that issued the rootkit certificate, and thus the certificate got revoked, and they began to take down the attack servers. Furthermore, Guardicore Labs reported that the attack was facilitated with the aid of sophisticated tools, such as the ones employed by nation states, and that is an indicator of the fact that  sophisticated digital weaponry can now be accessed easily by cyber criminals, and that invariably means that if measures are not put in place to check the activities of cyber criminals and their access to high-tech digital weaponry, achieving mainstream data security may remain a somewhat impossible process.

It may interest you to know that the “Nansh0u campaign” malware program as it was called, was written with the aid of Chinese language tools, and then they got placed on Chinese servers. According to the report from Guardicore Labs, there was the need for stronger credentials in order to protect the data of companies and individuals, and they also said that common passwords were a very easy way for the attackers to get in, hence, they recommended that it was imperative for organizations to have their assets protected with the aid of really strong credentials and other necessary security solutions.

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