Five Most Common Cyber Attack Methods Crypto Investors Should Know About

In the last years, we have seen how different attackers targeted crypto exchanges, users and investors. Just in 2017, cyber attacks caused $275 million dollars in damages to businesses according to Equifax.

It is possible for hackers to steal private information, sensible data, virtual currencies or other funds. In order to remain competitive, hackers and cyber attackers have invented new ideas to steal funds.

Five Most Common Cyber Attack Methods

In this article we will be describing some of the most common attacks.

Ransomware Attacks

Ransomware is a new way of stealing private information that requires the attacker to introduce a file in the victim’s system. Once the file is installed, the hacker will be using advanced phishing methods that will give him the information about important files.

If the victim opens the file that the hacker sent, the hacker would be able to lock and encrypt a specific folder, file or document. The user would not be able to access to them. Indeed, the hacker would be sending a message to the victim saying that he would have to pay a certain amount of Bitcoin or other virtual currency.

In 2017, these attacks grew exponentially. Some of the favorite targets are important companies or government agencies.

Internet of Things (IoT)

Internet of things – also known as IoT – is one of the latest technologies that are being implemented and developed in the world. It allows objects from our daily lives such as TVs, cars, washing machines and other devices, to be connected to the internet and interact with each other.

The main intention of this technology is to make our lives easier.

However, if a group of IoT devices are connected to the internet, then, they are clearly more vulnerable to attacks and cyber threats.

Hackers can have access to these devices and create important damage to the company or victim. It is possible to know certain patterns such as at which time the owners of a flat arrive at night or which day the victim leaves the home.

Social Engineering And Phishing

This is one of the oldest methods for hackers to attack today. Attackers identify themselves as a company or a services provider that request information about the victims. Everything seems very legitimate, and it is very easy to provide the information that they request.

If a hacker contacts all the employees of a company saying that he is the administrator and that he needs private information, some employees would certainly give the information. In this way, it is possible to give the password or username of an account or even private information such as ID number or a picture of the passport.

Although this kind of attack is quite old and used in many different industries, there will always be victims. Attackers will become very cautious and strict with the information they ask and in this way they would be able to access the information they want.

In the last year, as virtual currencies grew at an exponential rate, some hackers decided to start working in Twitter. Attackers create fake profile accounts of important figures in the space such as Vitalik Buterin or Changpeng Zhao. Then, they start commenting under popular tweets saying that they give away virtual currencies for free. But there is only one condition to participate, the victim should send ETH or BTC before.

Cracking

This is a more difficult and complicated strategy used by hackers. They use a powerful software that enters millions of passwords with the intention to find the correct one.

In general, people use simple passwords to enter their platforms and services. This is why, it is always important to have secure (complex) passwords.

Man In The Middle

If there is a person using an unsecure network, there may be a hacker trying to spy on other people’s devices. A company is at risk at all times when workers do not use a secure network. If a hacker has access to the victim’s computer, then, it can access sensitive information such as passwords, usernames or emails.

Conclusion

It may not be easy to avoid cyber attacks. There are many different ways to execute them, and hackers are learning new techniques all the time. Individuals should always use secure networks, avoid opening emails from untrusted sources or use complex passwords.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $164.21B $9,241.0657 1.33% $5.12B
ETH $28.53B $267.7582 0.03% $1.9B
XRP $18.21B $0.4285 -0.82% $466.98M
LTC $8.4B $134.7894 -1.52% $951.13M
BCH $7.27B $407.2195 -1.94% $190.94M
EOS $6.2B $6.7447 -1.74% $631.16M
BNB $4.9B $34.7370 -1.24% $342.38M
BSV $3.82B $213.7793 -4.23% $113.44M
USDT $3.55B $1.0031 0.24% $4.55B
XLM $2.37B $0.1222 -2.06% $66.05M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.