A cryptocurrency is a digital asset that operates as a medium of exchange.
It can be used to make electronic payments, and utilizes a form of cryptography in order to secure payments, as well as a distributed, immutable ledger for tracking ownership and transactions. As the popularity of cryptocurrencies continues to expand, questions linger as to both their sustainability, as well as how to defend from potential breaches through crypto platforms.
Firms dealing with cryptocurrencies, or considering getting involved, should be wary of their adoption without the right protocols in place. As cyber threats are on the rise worldwide, these same threats extend to cryptocurrencies, with malicious parties seeking to find the gaps between security and your firm, emboldened by the anonymity and decentralized nature of cryptocurrencies.
Generally, governments and federal regulators are playing catch-up as to how to treat cryptocurrency. Because of this, cybercriminals have benefited greatly, and have been able to take advantage of openings in existing security structures. In a typical attack on crypto assets, malicious parties are able to hack into trading platforms and steal funds. This breach can potentially lead to the theft of both significant financial holdings and personal information, and can affect other areas of your firm.
A particular trend in recent years has been that of ransomware. With ransomware, malicious parties can hide their identities, and ask for ransom of private information or assets in the form of cryptocurrencies. Typically, this is a form of cybercrime where the attackers are unable to be traced due to the nature of cryptocurrencies.
The best way to protect your firm from cybercrime of any kind is by implementing proper cybersecurity protocols and practices. The expert cybersecurity team at Drawbridge can help with this every step of the way. Drawbridge’s unique software allows your firm to manage various facets of your cybersecurity program on a single platform, reducing the complexity and expense of managing multiple tools and relationships. Drawbridge’s vulnerability management capabilities locate and mitigate potential breaches with ease, while continuous network scanning, vendor due diligence, and—coming soon—dark web monitoring tools round out your firm’s readiness.