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Crypto to Face New Threats; Cybersecurity Experts Expect More Attacks in 2018 – Cryptovest


Cybersecurity experts predict that hacker attacks and other security breaches will increase this year and beyond, advising companies to adopt proven technologies to counter these threats.

The group behind this statement was reacting to the massive 2017 cybersecurity breaches, which led to the creation of Cyber Oregon in the last quarter of the year.  Members of the Oregon Cybersecurity Advisory Council have called on business leaders to learn from previous breaches and to bolster community involvement in educating the public on cybersecurity.

Kerri Fry, council chairman and president of Redhawk Network Security, commented:

“Where the rubber meets the road is when we break out of our ‘comfortable’ communities and stretch ourselves—with competitors or cross-sector industries. The common thread is the protection of information. In each industry, we all have information to protect.”

He said it was imperative for the business sector to join forces in the fight against cybercrimes and put aside differences where any exist.

Cryptocurrencies fall prey to hackers

With the huge amount of money raised in the nascent cryptocurrency space through initial coin offerings (ICOs), the blockchain industry has whetted the appetite of hackers and has been stripped of billions of dollars.

Lex Sokolin, who oversees fintech strategy at Autonomous Research, disclosed that hackers had stolen $1.2 billion in Bitcoin and Ether in less than ten years. Despite blockchain being highly secure, the attacks succeeded because the surrounding ecosystems have security weaknesses.

But these attacks could have been prevented if only cryptocurrency companies and their executives did their due diligence by taking security more seriously, said Zachary Piester, co-founder and chief development officer of Bitcoin and Ethereum venture studio Intrepid Ventures.

Speaking to Cryptovest on the sidelines of the Blockchain and Bitcoin Conference in Manila, he said:

“These (hacks) are fundamental stupid stuff. There were bugs in their codes. Their software has not been audited. Some of the companies knew they have problems, but they still chose to launch [their ICOs] anyway.”

Still, Piester said the blockchain technology remains solid, and a breach in security would require an enormous amount of computing power.

Multi-factor authentication

Charlie Kawasaki, vice-chair of the Oregon Cybersecurity Advisory Council and CTO of PacStar, stated he was surprised to find at a recent conference that none of the participants have implemented multi-factor authentication to further improve security.

Mark Cooper, president and founder of PKI Solutions, said that 2018 is a great year to deploy two-factor authentication as it is one of the proven technologies for stopping data theft.

“By leveraging two-factor authentication, a stolen or guessed password alone won’t be enough to access your critical accounts,” he said.

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