The crypto security trends in 2020 will be the latest issue that we will have to re-consider and become more creative in order to protect the user’s funds and identities. This is why, in our crypto news today, we take a closer look at what can be done.
Cryptography is one of the most important elements of information security and not everything is secure in the world of crypto as we know. The crypto exchanges are still under a lot of attacks and hacks but also the rare 51 percent attacks. As crypto continues to grow further and enjoys bigger adoption, it is inevitable for the cybercriminals to try and get a piece of the cake for themselves. As multiple experts noted, it is likely that the attacks against exchanges could increase in 2020 and that the mining reward halving of Bitcoin cash and BSV could make these altcoins more susceptible to the attacks.
McAfee’s chief scientist Raj Samani noted that these instances can even grow with the rising number of IoT devices in businesses and homes and given their unsecured nature. McAfee’s own threats report from August show that there is a 29 percent increase in crypto-jacking between Q4 2018 and Q1 2019 which was not a result only of the increase in IoT targeted attacks. The bitcoin developer Jimmy Song explained that the exchanges will continue to get hacked as they have been so in the past 10 years.
Some of the other commentators predicted an actual increase in hacks and attacks in 2020 as the chief technology officer of cryptocurrency Charles Phan and the derivatives exchange Interdax, believes that the hacks will include the crypto-related platforms and wallets as well. The thefts and fraud did drop in Q3 of this year as per the intelligence and blockchain security company CipherTrace explained in the reports. The hackers, however, will not be focusing on the direct theft of the public’s crypto holdings but will try to steal personal info and hack user accounts which will then lead them to bigger personal holdings of the users’ wallets. Phan commented about the latest crypto security trends:
“While hackers usually try to steal people’s money, they also frequently target or abuse sensitive personal information, as we saw with the BitMEX email leaks and the exploit of Coinmama, [a crypto trading platform] in early 2019.’’
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