As cybercrime continues to increase in terms of frequency and levels of sophistication, Cyber Security Specialist Ping Identity highlights why companies with a digital profile must implement preventative measures in order to counteract such targeted attacks, matching the efforts of those committing such crimes. This is especially necessary for owners of cryptocurrency accounts, with crypto malware growing by 300% between 2020 and 2021. Additionally, reported losses due to account breaches increased by nearly sixty times from 2018 to 2021.
Key takeaways revealed by Ping Identity include:
- Reported losses in 2021 were nearly sixty times what they were in 2018.
- People ages 20 to 49 were more than three times as likely as older age groups to have reported losing cryptocurrency to a scammer.
- Reports point to people in their 30s as the hardest hit – 35% of their reported fraud losses since 2021 were in cryptocurrency
- The median individual reported loss was $2,600
- Median individual reported losses have tended to increase with age, topping out at $11,708 for people in their 70s.
- Cryptomining malware grew 300% in 2021.
The age group most likely to feel the negative impact of cryptocurrency cyberattacks are aged between 20 – 49. People in their 30s in particular are hit the hardest, with 35% of all reported fraud losses in 2021 for this age group due to crypto currency attacks. The average individual loss came in at $2,600 per person and although those in their 30s were impacted the most, the individual losses for people in their 70s was most severe, with median individual losses of $11,708 being reported for those aged 70+.
Ensuring that your digital currency remains safe all comes down to the levels of security within the medium you store it within. Ping Identity recommends five steps to ensure your cryptocurrency is secure online:
Use a Secure Crypto Wallet
Using a crypto wallet will allow for additional security when holding your digital currency. Rather than relying on a password, this can store your keys and allow for access via an online site or browser extension with secure features such as two-factor authentication or multi-signature technology.
Review the Risks of Storing Crypto Keys
Understanding the risks associated with storing crypto keys is elemental to keeping your account safe. If your account isn’t secure, hackers will be able to view your transactions, resulting in data theft, and use your crypto coins, resulting in financial loss.
Use Strong Passwords and Encrypt your Keys
As passwords are still a vital part of online security, ensuring your password is strong and encrypted will result in enhanced levels of security. Even if someone has access to your crypto key, a strong password accompanied by multi factor authentication will mean that cybercriminals will not be able to decrypt your account and use it for themselv
Don’t Reuse Passwords
Microsoft found that over 40 million users reused passwords, while a study by LastPass revealed that employees reuse a password an average of 13 times. Reused passwords can represent a huge risk because once one of your accounts has been compromised, every place you have used these credentials is also at immediate risk. SSO is also widely used, especially for social media logins. Although not as insecure as using multiple passwords for different accounts, SSO must be implemented in unison with other secure login capabilities.
Don’t Share Too Much Online
Cyber criminals have become increasingly proficient at understanding the behaviors of online users. If you spend time on social media, you will have come across quizzes, which are often designed to acquire private information in order to hack your account. These quizzes can often ask for information such as your pet’s name, your kid’s name, or your favorite books or movies. Avoid clicking on these quizzes, even if you know the sender.
Zain Malik at Ping Identity comments, “Although there is no form of account protection truly impervious to hacking, passwordless is the least prone to successful cyberattacks. In the last two years, cyberattacks have increased to never before seen levels, averaging at 925 cyber attacks a week per organization, meaning implementing passwordless authentication is more important than ever before. While passwords have entropy, the same cannot be said for biometric data. We need to keep an eye on AI, deep fakes and advances in breaking encryption, as they will pose a threat to password replacements.”.
Link to infographic: https://drive.google.com/file/d/1XwZAqczYXKCUqANTRA3HnJGcVwuqiy4Z/view?usp=sharing