Cybercrime Is On the Rise and It Comes With a Hefty Price TagAccording to a report issued by McAfee, the costs related to cybercrime exceeded $1 trillion and increased by nearly 50% since 2018.
In the USA alone, five significant cyber-attacks occurred between February and July of 2021.
Cybercrimes are not limited to the USA, other countries have also fallen victim to these attacks. An incident occurred whereby a Swedish retail chain’s IT provider was hacked, and their cash registers were all locked, leaving them to shut down hundreds of their stores.
Even more alarming was an incident in February, when hackers increased the levels of sodium hydroxide of a water treatment plant in Oldsmar, Florida. The hackers manipulated the
TeamViewer software of the plant to gain access, putting thousands at risk of poisoning. Luckily, the plant controllers noticed suspicious activity and could rectify it in time.
In another incident, Colonial Pipeline’s systems were held for ransom, and the hackers demanded payment in Bitcoin. The FBI recovered the money and traced the crimes back to operations in Russia.
The losses incurred are more than just the ransom payments that victims have to pay. Hidden costs include loss of sales, costs to improve cybersecurity, downtime losses, and brand reputation.
Cybercrimes and crypto
Cybercriminals are starting to demand ransom payments in cryptocurrencies since transferring large sums of money is easier through crypto wallets and it’s tougher to trace than traditional methods. Not only has crypto been the payment of choice, but they also started using malware to hack into crypto exchanges.
Binance fell victim to an attack in 2019 when 7000 Bitcoins were stolen; hackers also stole users’ two-factor authentication codes and API keys.
Binance made provision to reimburse those affected from a Secure Asset Fund, to the relief of their customers, and they have since improved their security measures.
How can you protect your information?
These cyber-attacks on businesses have caused traders to be startled, as they fear their information and funds are compromised. Many active crypto traders are switching to brokers who offer better security and privacy technology.
Dripcoin, a cryptocurrency broker, has procured next-generation technology to protect and safeguard users’ information and funds.
They allow the trading of an array of digital currencies via a web-trading platform. Their platform is equipped with multiple charts to monitor trades simultaneously and a customizable interface to suit your trading needs.
Dripcoin ensures users’ funds are protected through its robust withdrawal policy, which, although it has flexible payment options, requires positive proof of identification for every transaction.
Dripcoin has a strict security policy which emphasizes the importance of secure login credentials and urges users to contact their support staff if they suspect their account has been breached.
With so many cyberattacks and criminals finding better ways of hacking secure systems, traders should ensure that they choose brokers who are a step ahead of the technology.
Like many other crypto brokers, Dripcoin offers a futuristic trading platform. However, they are taking extra measures to implement full-proof technology against malicious activities.