Everything is hackable as long as its connected to the internet. The possibility of getting your self under malicious attack is very high. These days many of our meaningful tasks are somehow supported by the internet and as time passes our money will be too.
With the introduction of the digital coins managed through the blockchain, many things have the possibility of sorting many problems from the past or problems we have now, but it also opens many new problems that we did not faced before.
The cyber security field is becoming more and more important as time goes by and a crucial part in every company’s policy that needs a mandatory security best practices implementation in order to prevent any unfortunate events.
Such events have been uncovered by the Anti-Phishing Working Group that has reported that around 1.2 billion dollars in cryptocurrencies have been stolen by hackers since the beginning of 2017. This report from this non-profit group includes the reported and unreported actions of theft.
The CEO of the cryptocurrency security company CipherTrace, David Jevans has commented that the new General Data Protection Regulation enforced by the European Union will negatively affect the Global law enforcement agencies ability to find criminals stealing cryptocurrencies:
“GDPR will negatively impact the overall security of the internet and will also inadvertently aid cyber criminals. By restricting access to critical information, the new law will significantly hinder investigations into cyber crime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking.” and continues:
“So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore.”
This is comment is also touching on the matter that the new European regulations will mean that the EU domain data will no longer be added to the WHOIS internet database after the law comes into force in May 25, and investigators will lose all access to the data that is needed for prosecution and investigation of cyber criminals.
This law has been passed in 2016 and aims to simplify and consolidate the rules of which companies should follow their data protection and to return the control of the personal information to the people of the EU countries.
By the estimation of the CipherTrace CEO, only 20 percent or less from these 1.2 billion dollars worth of cryptocurrency has been actually recovered.
Crypto-jacking has become the new preferred method by the cyber criminals to make some fast cash, even surpassing the usage of malware turning computers into miners for digital currencies.
Youtube has been experiencing a threefold increase in illegal cryptocurrency mining via malware-embedded adverts according to the Anti-Phishing Working Group’s report. And to make things even worse, it has been discovered that Malwarebytes blocks 8 million malicious mining attempts per day stacking up to 248 million per month.