Last updated on September 11th, 2020 at 10:35 pm
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Weekly on Crypto: Recently, the rate of cyber crimes is rapidly increasing. Day in day out, headlines about the latest cybercrime dominate the news agenda.
Previously In Weekly On Crypto:
Criminals continue to target high profile organizations and individuals at the scale and show no signs of slowing down.
Ranging from personal data consuming theft, to financial information leakage, to copyright materials these attacks occur regularly and time is against us as criminals need as little as nine minutes to use data posted to the dark web.
Today, hacking is where money is. There are a lot of talented and creative hackers out there testing their mettle against the best and brightest words in tech. Too often,they win but if we can figure out the reason why, we can help mitigate the risk and slow or perhaps even reverse the upward trend of the cost of cybercrime.
Stealing money maybe the hacker’s goal but despite the gaudy numbers, if we fixate on the financial ends, then,we are missing the point. They are highly motivated to find ways to get to the money and defeat the security measures that has been created to stop them.
Now, the answer resides on the applied power of innovation in technologies like artificial intelligence,predictive analytics, biometrics while being forward thinking on what’s around the corner.
Technology is an enabler, meaning that it requires companies and individuals to take action. To innovate and implement moving beyond traditional systems and protocols and embracing the digital future in a secure manner.
After all,criminals are not thinking in the past. They are adopting and adapting these same technologies to exploit the weaknesses of existing systems and building new threats. We are seeing the most advanced customers looking for smarter solutions.
They understand the rapid change in consumer expectations combined with criminals’ potential to damage their business. They recognize that this is a race and that to compete means doing more than knowing that solutions are available.They must be activated.They are waking up to the fact
that the solution is embedded security at the design stage. The fact still remains that criminal hackers seek to exploit security flaws while ethical hackers seek to fix them.
Hackers are smart,innovative and motivated and the damage they do is real. As researchers, entrepreneurs, managers and executives, our motivation must be to work together to be smarter more innovative and preemptive.
The goal is to help ensure online safety,regular training on the latest in digital hygiene to keep awareness high,constant spotting of fake websites.
Also knowing not to share sensitive information,prevent theft of money and intellectual property,stop vandalism and ensure a network is able to function without interference from unauthorized parties.
When you think of it in those terms,you realize that instead of getting angry at your adversary,you must develop a respect for them and strive to be better at your craft than they are.
It helps a security researcher to understand his role which is to find and test new and innovative approaches to the tools and techniques that threaten network integrity and then responsibly share that information with both the industry and the security community to better protect systems and increase awareness and vigilance.
There is no silver bullet,no one solution to stopping cyber crime. Instead,we must approach this challenge using an assault course of multiple layers with interconnected tools.
These layers are interdependent on each other, working together to keep payments,transactions and personal data safe. And also prevent attacks especially in regards to cryptocurrency or digital money and where necessary detect and manage any intrusions.
Not every device,terminal or endpoint in a connected ecosystem will be as secure or up-to-date as the next. For example in University of Nigeria Nsukka Yuletide Hacks.
So,we must review our protocols and ensure the weakest link in the chain is not the easiest access point by supplementing the security elsewhere.
It is only by out innovating the criminals that we can race ahead. Weekly on crypto next week will be awesome. Stay Tuned.
About The Author
Tony Chimdiuto 
Ekenedilichukwu