In response to the news that a new study from Ernest & Young has revealed that cybercriminals have managed to steal almost $400 million in cryptocurrency by targeting ICOs, Mark James, Security Specialist at ESET, around securing cryptocurrency commented below.
Mark James, Security Specialist at ESET:
“One of the biggest problems with cryptocurrency is its lack of regulation. If we take Bitcoin for instance, in the last couple of years it has ranged from being worth $200 through to its peak at £17.5K and now currently it’s on decline.
Anyone thinking of investing into these types of currency must take those considerations into account, but from a malicious actor point of view, it could be easy money. Stealing it is a lot easier than pounds or dollars or indeed any other physical currency. Once in your possession hiding it or your tracks is again a lot easier in comparison to real money. Additionally, because of the fluctuations in worth, one day you could have a few thousand dollars in digital money and the next it could be worth a hundred times that.
There are a few ways to make your cryptocurrency more secure. For instance, because of the nature of block chain having a few backups will help secure your hard-earned currency. Make sure it is onsite and offsite and more than one is a bonus. Also ensure you are encrypting your data and if possible use two factor authentication.”