Guard against hacking and cybercrime

As the Bitcoin price soars to new highs increasing in value, besides turning the heads of investors, institutions and consumers, unfortunately a criminal element is also awakened.  A real threat to our new digital economy is cybercrime. During 2016, data, cryptocurrency wallets, exchanges and a decentralized venture capital fund was hacked.  Ransomeware is threat to businesses globally.

Data

Yahoo – more than a billion user accounts hacked

Dropbox – a hack of more than 68 million user passwords

Cryptocurrency wallets

Many more than reported but includes high profile Bitcoin Veterans too

Cryptocurrency exchanges

Bitfinex – $1,3 Million in Bitcoins

Gatecoin –  $2 Million in Bitcoins and Ethereum

Venture Capital Fund

The DAO –  $50 Million in Ethereum

Ransomware

Even though Ransomware has been around since the start of the internet age, it is now more effective as they are demanding payment in Bitcoin.  Read this article for more info on Ransomware in 2016 – a $1 Billion Industry

Besides the hacking mentioned above, traditional banks have also been in the firing line.  Almost 20,000 Tesco Bank customers have had their money stolen from their accounts after the banking arm of UK’s biggest retailer was hacked.

This is how the hack involving the Bank of Bangladesh went down – “In February 2016, instructions to steal US$951 million from Bangladesh Bank, the central bank of Bangladesh, were issued via the SWIFT network. Five transactions issued by hackers, worth $101 million and withdrawn from a Bangladesh Bank account at the Federal Reserve Bank of New York, succeeded, with $20 million traced to Sri Lanka (since recovered) and $81 million to the Philippines (about $18 million recovered). The Federal Reserve Bank of NY blocked the remaining thirty transactions, amounting to $850 million, at the request of Bangladesh Bank.” Wikipedia

Interesting article from Coindesk regarding cybersecurity – CLICK HERE

There are ways to guard and protect yourself against cybercrime – keep abreast of latest developments to ensure you make the best decisions regarding your security in the digital economy.  Add the free Google Authentication to your wallet and keep your private keys safe which should protect you against external hacking, however this will not protect you from internal hacking, for example if you keep your coins in a hot wallet on an exchange.  Hackers are drawn to this “honey pot” of coins in one place particularly as the value increases.

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Embrace the new Digital Economy, don’t be left behind!

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