Cyber Security Hot Topic: Cryptocurrency Security

Bookmark and Share

Cyber Security Hot Topic: Cryptocurrency Security

It’s no secret the cyber security industry has taken note of cryptocurrency security and the issues surrounding it. The currency being untraceable and transactions being irreversible leads to many potential issues for consumers and organizations alike who employ cryptocurrency. Experts agree there are several steps to keeping cryptocurrency out of the hands of hackers.

Passwords:

This may seem like an obvious area of concern strong passwords will help to keep cryptocurrency security safer. The passwords used for cryptocurrency accounts should not resemble any passwords utilized for other types of logins. Passwords should not be about convenience. Long phrases with numbers and letters and symbols that would be impossible to guess are optimal. Therefore it’s also critical to back up these passwords in various places, though not on any device where your cryptocurrency is accessed.

Authentication:

Platforms where cryptocurrency is exchanged typically offer multiple types of authentication- though not always by default. The most common type of authentication is by text message to the phone number registered to the account with each attempted login. This is a critical step, and should be considered as an additional level of security with each account or platform. Another important step is to contact the cell phone provider of the number associated with the account and request the number be frozen so it cannot be transferred to another SIM card. This will stop hackers from moving the phone number to receive the text message to authenticate their login with the information they have maliciously gained.

Hard Wallet:

Storing cryptocurrency hard wallet is recommended for the utmost security. This type of storage involves a device that is plugged into the USB port of a computer. The hard wallet holds the private keys (passwords) to the wallet. Since these private keys are stored offline and are encrypted in such a way that they cannot be exported, this level of security is almost impossible to infiltrate. Hard wallets are simple to set up and utilize and can store almost any type of cryptocurrency.

Separate encrypted email:

Another recommended step is to create a separate encrypted email account communication regarding cryptocurrency. Many encrypted email services offer free accounts which often suffice though for a fee there are also premium features worth considering. Common email servers such as Gmail are easily hacked and can leave important information accessible. Having a separate encrypted email not connected to other types of activities keeps critical information and communication separate and less susceptible to attack.

Ad Blocker Software:

Adding ad blocker software for computers and devices utilized for cryptocurrency is vital. Keeping these devices free of malware and other types of cyber-attacks dramatically reduce risk. Cleaning after each session and restarting the computer is recommended in conjunction with the software.

Site Confirmation:

It is important when dealing with cryptocurrency to verify the URL of the site you were utilizing before entering any information. Phishing attacks are widespread in attacks regarding cryptocurrency. They can easily be avoided by ensuring the web address is indeed the proper address associated with the desired account or platform.
Interested in pursuing a degree in Cyber Security?

2018-02-07T20:38:46+00:00 Categories: Cybersecurity, Data, Uncategorized|Tags: , , , |Comments Off on Cyber Security Hot Topic: Cryptocurrency Security