Why Strong Web Security Is So Important for Cryptocurrencies - Coindoo

Why Strong Web Security Is So Important for Cryptocurrencies

Editorial Team Avatar
Aug 20, 2018
3 min reading time

One of the reasons why so many people have turned to cryptocurrencies lately is for the greater feeling of security offered by these digital assets. With virtual coins held in a secure wallet, many of the traditional banking issues are no longer present.

Yet, there are some concerns about security that cryptocurrency users still need to be aware of. In fact, strong web security is possibly more important than ever before when you consider the dangers that are lurking out there.

Source: Pixabay

Hackers Target Coin Owners and Exchanges

It is no surprise to see that hackers are particularly interested in finding poorly protected cryptocurrency wallets or sites. They know that an awful lot of money is sitting there waiting to be scooped up if they can find a way past the security measures to grab it for themselves.

So far in 2018, the biggest cryptocurrency hacks have seen $30 million stolen from Bithumb, $195 million from BitGrail, and $534 million from Coincheck. If we go a bit further back, we can see that there is a worrying trend of hackers successfully targeting crypto sites with weak security measures.

There are differing opinions on whether hackers can actually get this money out and convert it to fiat. However, there is no doubt that a site getting hacked causes a huge amount of hassle and tremendous reputational damage as well. Even Bitcoin suffered a price fall after a recent exchange hack.

There Is a Lot of New Technology

The world of crypto is one of the most thrilling and innovative areas of technology right now. New coins are regularly released and there are exciting new ideas being put in place to make them more useful.

Having said that, the fact that this industry is so cutting-edge can also work against it at times. When a coin issuer tries something new and revolutionary, then you can be sure that hackers will be working hard to find a weakness that they can exploit.

It seems obvious that, over time, this risk will diminish, as security weaknesses are found and covered. At the moment, though, it is worth bearing in mind that hackers are looking for new ways of getting hold of unprotected coins.

Source: Pixabay

What to Do About It?

Everyone involved with cryptocurrencies needs to work hard to maintain the highest possible level of security at all times. This includes coin issuers, wallet companies, and coin-holders, who all need to be very careful.

One of the first steps needed for good web security is to get a cloud-based WAF service. This important service protects you from a number of types of attack, such as application layer attacks like OWASP top 10 and also zero-day threats.

Traditional security measures such as allocating strong passwords, two-factor authentication, data encryption, and strong browser security are all necessary for great comfort too. What you certainly can’t do is assume that the inherent benefits offered by cryptocurrencies allow you to take less care with your security.

If you carry out these steps then you can enjoy the fast-moving world of cryptocurrencies without any fears.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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