Over the last few months, the cryptocurrency world has been getting a lot of media attention. Ballooning in value, and growing in popularity, more and more people are investing in digital currency dreaming of endless riches. But is this Bitcoin boom too good to be true?
While investors continue to eagerly buy up digital currency, intelligence firms, financial experts and cyber security companies are warning that the cryptocurrency market is a hotbed of criminal activity. Investors stand to lose millions of pounds as hackers, cybercriminals and fraudsters hone in on the cryptocurrency trend.
So, before you invest in one of the 1,400 cryptocurrencies in circulation – ask yourself this: are your IT systems fully protected and secure?
This morning (Friday 9th February), despite a huge crash in the global cryptocurrency market, a single Bitcoin was valued at £5,420. At its peak last year, one Bitcoin was worth £14,837. So, it’s easy to see why the lure for cybercriminals is so great.
But why are these cryptocurrencies so easy for criminals to steal? Well, despite the fact it has been around for a while, the cryptocurrency exchange is largely unregulated and unsecure, so it’s an easy target for sophisticated cybercrims.
And as more businesses, investors and individuals start buying up Bitcoin, ripple, ethereum and other cryptocurrencies, it’s easier for hackers to digitally follow the money and fraudulently get their hands on it.
Without getting too technical, a hacker can take over a computer to ‘mine’ cryptocurrency and force transactions. So you might not even know your virtual money is being stolen.
Find out other ways cybercriminals are stealing cryptocurrency here.
What we do to help
At Conflict International, we offer clients highly sophisticated cyber security measures, to ensure your IT infrastructure is safe from cyber-attacks.
We have a team of TSCM (technical surveillance counter measures) experts who can enhance your IT security systems and expose any vulnerabilities. This is a vital service, which more and more clients depend on to ensure business operations run smoothly.
We keep your personal and financial data safe with our advanced technical knowledge and expert team.