Hackers focus on cryptocurrency exchange and digital token platforms now, if you are yet to be aware of it, you better act on it. Whether you are cryptocurrency exchange or digital wallet service provider, you need to focus your resources to make sure your infrastructure, system, services and application is perform end to end cybersecurity assessment and testing, if you are no doing it for long time. If you read the news recently, will notice the hacker current effort is shift toward attack cryptocurrency exchange and digital token platform (ie those who are provide e-wallet fintech service), since they make not be as secure like other more traditional business.
More and more related sector service providers are being “compromised”. Said Poly Network (blockchain site) USD 600m heist, Japanese cryptocurrency exchange USD 100 million, and more and more in the various sizes of services provider across the globe being targeted. In as earlier as 2014, Tokyo-based exchange half a billion dollars of bitcoin went missing, and Coincheck was hacked for USD 530 millions in 2018, those are well known historical records and provide incentive to attract more hackers to target those service providers, as the entire infrastructure is online. Once the system has the vulnerability in the windows of exploitable, for sure the attack will come.
One of the incentives to do so is that cryptocurrency is actually a highly acceptable currency in the cyber world. 1 Bitcoin at the time of writing the post is equal to USD 49,234. Whether for cryptocurrency stolen in the above way or via the ransomware attack and asking for payment in the cryptocurrency, the consequences remain the same. In the process, it is still the exit of the weakness and vulnerability hackers are exploiting.
The more appropriate proactive response to those incidents is not to wait for that happen to you, instead it time for you to perform application security assessment cover both infrastructure to application, as well as make sure the officer who involved in it possess the right level of security awareness where it make it harder for hackers exploit your enterprise system. The system here refers to “hardware, software, policy, procedure, process, people” as holistic coverage, as most of the enterprise is always forgetting how important each component is for the better system. We hope the post “Hackers focus on cryptocurrency exchange and digital token platform” will help to bring awareness in the market, it is time to look into your security aspect of the business, if you are not yet.
E-SPIN in the enterprise ICT solutions supply, consultancy, project management, training and maintenance. Established since 2005 in the market, actively involved in the various digital transformation (DT) initiatives for the customer engagements, from advising and assisting in enabling the end to end holistic cybersecurity system for hassle free managing experience, and avoiding for respective vendor lockdown.Feel free to contact E-SPIN for your project requirement and cryptocurrency infrastructure and blockchain security and protection inquiry.