I told you Crypto wasn’t safe

Time to read
1 minute
Read so far

I told you Crypto wasn’t safe

Fri, 04/27/2018 - 22:31
Posted in:

By James Azar

The many detractors of crypto currency use the it isn’t safe argument every time. I have to disagree with that. It’s not safety, it’s a lack of education. I am in the midst of writing my book titled “The myth behind a secure blockchain – Addressing the need for cyber security in blockchain”.

Original article can be view @ CyberHub Summit

This week the news of more Cryptojacking were published, the more I saw people shaming others or gloating about how unsafe, unreliable crypto currencies are. I felt a strong desire to write about this in the blog and I will talk more about it in my podcast next week. (See CyberHub Engage).

But for this blog post I want to talk about Crypto Jacking and why it’s happening as often in a product that’s supposed to be “safe”.

What’s Cryptojacking?

A form of cyber-attack in which a hacker hijacks a target's processing power in order to mine cryptocurrency on the hacker's behalf or hijack their tokens to the hacker’s benefit.

[Cyberhub Summit is Coming back to Atlanta, Ga | October 9-10, 2018 - Cyber Security education for executives and business owners, Exclusive Dinner and Powerful Networking. | Get the latest from Cyberhub Summit by signing up for their newsletters. ]

How is this happening?

Well most investors in crypto currency are fairly new to the field. Many don’t understand how important it is to secure their wallet keys in a hacking world of untraceable crypto currency. This is the first challenge.

 The second challenge is within the development of a wallet. Some wallets are developed with a small security infrastructure relaying on hosting agents like Amazon or google to secure their data. While some of this is true, a bigger piece is untrue. Mapping connectivity can be a complex issue that can leave gaps for hackers to exploit and eventually lead to a cryptojacking situation. Which then allows hackers to take over the wallet, steal and the keys and get away with millions untraced. Yep think Oceans 11 on a digital scale.

The third challenge lies within the crypto currency world on interconnectivity. Most website are just that simple website that give access to the platform or wallet someone is looking to trade, store or invest in. At times, the security awareness of the developers is so focused on the platform, wallet and others that they forget the simple thing, like updated security flaws within their website, vetting plug-ins, widgets and others third party solutions they use and eventually, one simple and overlooked flaw can take down an entire operation or cause chaos which allows hackers to gain access to information they otherwise couldn’t get to.

I am sure we will continue to hear more about cryptojacking, I just hope the crypto community can come together to address the security situation and work togethe