As Kavan Choksi notes, the cryptocurrency market has exploded over the last few years. Approximately 106 million people worldwide now use cryptocurrency. The first cryptocurrency, Bitcoin, was created 13 years ago and was relatively unknown for the first few years. Now, however, there are over 8,000 cryptocurrencies.
Microsoft, Dell, and Lush Cosmetics are among the UK's largest retailers accepting cryptocurrency payments. Additionally, many other household names, such as Amazon, Wagamama, Spotify, and Uber, allow customers to purchase gift cards with cryptocurrencies, even though they do not accept payments directly. With the ability to easily self-manage and transfer funds, Kavan Choksi believes it's no surprise that its popularity has skyrocketed in recent years.
With cryptocurrency here to stay for the long haul, Kavan Choksi argues that it is critical to weigh the potential cybersecurity risks against the opportunities it provides. Crypto users should be aware of the risks and take precautions to keep their funds from falling into the wrong hands. Here are some tips for protecting your crypto and computer systems:
Understand the fundamentals of cybersecurity
Because many cybercriminals use phishing emails to gain access to user accounts, Kavan Choksi suggests educating your workforce on some of the basics of cybersecurity. For example, recognizing dangerous messages and avoiding potentially malicious links is critical. In addition, Kavan Choksi believes it is essential to deny cybercriminals access to cryptocurrency wallets.
Prioritize password security
To deny cybercriminals the ability to engage in cryptojacking, organizations must combine effective password management with multi-factor authentication to prevent unauthorized access. Kavan Choksi notes that by doing so, your organization reduces the likelihood of cybercriminals gaining access to cloud environments and IT assets.
Keep an eye out
Cryptojacking occurs in the background and can often go undetected for extended periods. Effective monitoring is the best and most straightforward way to determine if cybercriminals have infiltrated your system quickly, says Kavan Choksi. Network monitoring tools can also help monitor systems and send alerts if it detects any suspicious activity.