Are Security Breaches Contributing to the Decline in Cryptocurrency Prices?

Colleagues, any security analyst knows that cyber criminals will target the weakest point in network or system. This principle is being validated over and over again by successful cyber-attacks on the cryptocurrency ecosystem. ICOs, mining farms, wallets, exchanges and crypto ATMs each have varying levels of vulnerability. The recent crypto heist of some $31.5m according to CCN from the South Korea-based Bithumb exchange is simply the latest example. The Korea Internet & Security Agency [KISA] along with the Ministry of Science and Technology (MIC) are investigating the world’s sixth largest cryptocurrency exchange. Bottom line: The Cryptocurrency Academy believes that the ongoing number of cyber-attacks against the global cryptocurrency ecosystem are “in part” a contributing factor to the decline in asset prices. Moreover, if BTC and Altcoins are to cross the chasm from early adopters to the mass markets these security flaws need to be greatly reduced in order to boost investor confidence. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What are the most effective mitigation strategies for watering hole attacks?

Colleagues, cyber criminals believed to be of Chinese origin recently gained access to a range of government resources in Central Asia. This attack was based upon by inserting malicious scripts in the target country’s websites in order to conduct watering hole attacks. Such attacks seek security exploits in which the attacker attempts to corrupt a specific group of end users by infecting websites that a pool of users are known to visit. The goal is to infect a targeted user's computer and gain access to the network at the target's place of employment. Officials attribute the attack to LuckyMouse, a Chinese-speaking actor (aka APT27 and EmissaryPanda). Some of the more effective mitigation efforts include the use of micro visualization, whitelisting risky web content, deploying Malwarebytes, install up-to-date operating systems and loading all available patches for known vulnerabilities. Share your assessment while visiting us today! Lawrence – Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)   

Cryptocurrencies: An Ever-Increasing Target for Cyber Crime – The Monero 5% Heist is the Latest Example

Colleagues, Monero is by no means a tier 1 cryptocurrency. According to Satoshi Pulse it ranks 14^th in cryptocurrency market cap worldwide. However, the recent theft of some 5% of the currency’s value at the hands of so-called “malicious miners” once again exposes the vulnerabilities cryptocurrencies need to resolve. Key cybercrime targets in the cryptocurrency world include ICO, mining, exchanges, wallets and the underlying Blockchain. Cyber criminals undoubtedly will probe very component of the crypto ecosystem to find the weakest links. Now that we have entered the era of quantum computing-based cybercrime security is of tantamount importance to the mass adoption of cryptocurrencies.  Post a comment and visit us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Coinrail Reports a $40m Heist – So just how secure are cryptocurrency exchanges against cyber theft?

Colleagues, the recent Coinrail loss of some $40m is just the latest in a steady stream of cybercrime attacks against cryptocurrency exchanges. Coincheck lost an approximately $400m earlier this year, last November saw Tether claim it lose $31 million following an attack. Mt. Gox hacking in 2014 is the mother of all crypto attacks. In total the exchange lost around 744,408 BTC. That was worth around $350m in 2014.  While Coinrail is by no means a tier 1 exchange this cyber heist raises serious questions about the security of cryptocurrencies in general, and second the exchanges on which they are traded. There is no silver bullet mitigation strategy, however, the Cryptocurrency Academy would a couple of best practices for minimizing the risk to your crypto investments: Currencies, exchanges and wallets. First, the top-tier currencies such as BTC, Ethereum, Ripple, Litecoin, etc. generally have more security on-board. Second, the larger and more established exchanges are likely to be built on more secure platforms with cyber security professionals on staff. And third, although opinions surely vary, hardware wallet such as the industry-leading Nano Ledger S are believed to offer more security … especially when compared to cloud-based wallets. Send us a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

How to mitigate the increased threat of cryptocurrency theft?

Colleagues, currency theft is nothing new. However, with the meteoric rise in cryptocurrency trading in the past 2-3 years the opportunity for cyber thieves and risk to investor has never been greater. Cloud security firm Carbon Black has issued a new threat report entitled “Cryptocurrency Gold Rush on the Dark Web“ in which it claims some $1.1b USD in cryptocurrencies have been illicitly stolen so far this calendar year. Moreover, Japanese cryptocurrency exchange Coincheck had $600m in XEM stolen by hackers in January 2018. A number which is likely to grow dramatically over time. The malware needed to commit cryptocurrency theft can be obtained for a mere $224. Two key questions emerge: First, which components of the cryptocurrency ecosystem are vulnerable to attack – mining, wallets, exchanges, etc? And second, which mitigation strategies can the ecosystem in general and investors in particular, take to reduce risk? For the moment, concrete answers to these question appear illusive. Nonetheless, the Cryptocurrency Academy will pursue these issues and keep you informed. Please share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

How will cyber criminals exploit the RCE vulnerability in EOS Blockchain using Smart Contracts?

Colleagues, Chinese researchers at Qihoo 360 have discovered an RCE (remote code execution) vulnerability in Blockchain EOS when using smart contracts. This bug potentially allows hackers to take complete control over node servers.  Commonly referred to as Blockchain 3.0, EOS is an open source platform smart contracts. The RCE flaw is considered by some to be a 51% attack. Bottom line question: How vulnerable are node servers on a Blockchain to the RCE bug? Specific mitigation methods are rather illusive. However, CSD recommends your review of “Bug Characteristics in Blockchain Systems: A Large Scale Empirical Study” published by the Singapore Management University.  Share your mitigation recommendations and subscribe today! Lawrence, Cyber Security Defender (https://cybersecuritydefender.blogspot.com)

How Secure is AWS Authentication when using Google’s identity service for user identification?

Colleagues, Amazon Cognito can provide authentication, authorization, and user management for AWS users of mobile apps. This process involves a better understanding of federated authentication mechanism, a simplified credential management for teams who already have Google accounts, Customize authentication mechanisms at very low maintenance costs while serving as a good alternative to deploying and configuring our own IDP service Codecentric recommends a three step process: First, build a simple web service using AWS API Gateway and AWS Lambda. Second, use AWS IAM is the AWS service for access control. And third, employ using the AWS Secure Token Service together with Google Sign-In. Given the significant growth of both Amazon AWS customers who also use Google’s identity service the critical question is just how secure is this process? Without doubt both vendors systems are highly secure, however we are less certain about the security and viability of using the two disparate system in tandem. Share a comment and subscribe today! Lawrence, Cyber Security Defender (https://cybersecuritydefender.blogspot.com) 

VPNFilter Router Malware Attack – Is Russia Up to its Common Tactics?

Colleagues, the US FBI and DHS along with the UK’s National Cyber Security Center jointly warned that hackers working on behalf of the Russian government are compromising large numbers of routers, switches, and other network devices . Code-named VPNFilter, this malware has primarily targeted some 500,000 consumer and small business router worldwide … yet with a geographic focus on the Ukraine. Sound suspicious? It contains the RC4 encryption cipher BlackEnergy. BlackEnergy has been used in a variety of attacks tied to the Russian government. The type of devices targeted by this actor are difficult to defend. Most of the impacted routers are on the perimeter of the network with no IPS and commonly without do not have an AV package. Read the Cisco Talos security report by clicking here. So who is behind VPNFilter? CSD supports the Russian origin theory. What about you? Share a comment and subscribe today! Lawrence, Cyber Security Defender (https://cybersecuritydefender.blogspot.com) 

How Serious is the ZipperDown iOS App Programming Vulnerability?

Colleagues, China-based jailbreaker Pangu Labs has identified a vulnerability which they project impacts some 9.5% of the 168k Apple iOS apps may have. The root cause appears to be an app programming error that can lead to code execution and data overwritten in the affected apps." Some of the more noteworthy iOS apps impacted include but not limited to QQ Music, MOMO, Weibo, Kwai and NetEase Music. The ZipperDown web site provides a good FAQ yet is short on mitigation details. Bottom line: How far reaching are the consequences of ZipperDown?  And is there a comparable bug in Android apps? Details to follow. For now, share a comment and subscribe today! Lawrence, Cyber Security Defender (https://cybersecuritydefender.blogspot.com) 

RSA Conference’s Cybersecurity Tech Accord – Substance or Delusion?

Colleagues, during last month’s RSA Conference 34 tech companies including Microsoft, Facebook, HPE, ABB, Arm, Cisco, Nokia, Oracle, and Trend Micro announced a Cybersecurity Tech Accord (aka Digital Geneva Convention) pledging to mount a united effort against state-sponsored cybercrime and warfare. Notable abstentions included Amazon, Alphabet and Apple. According to Juniper Research cybersecurity attacks on organizations and commercial entities is expected to reach an $8 trillion impact by 2022. The essence of the Accord is a four-fold commitment to: 1) Share threats and minimize the potential for malicious code to be introduced into cyberspace, 2) Protect all customers globally regardless of the motivation of the attack, 3) Will not help governments launch cyberattacks against innocent citizens, and 4) Empower users to make effective use of their products with new security practices and new features. Here at CSD applaud this move … particularly in light of increased cyber threats from Russia, Iran, North Korea and non-state bad actors. Bottom line: Will the four-fold commitment of the Accord be fulfilled in concrete deeds not just words on a signed piece of paper to appease the public and free-democratic governments? Share a comment and subscribe today! Lawrence, Cyber Security Defender (https://cybersecuritydefender.blogspot.com)