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June 16, 2020

IronFX, Cyberattacks vs Cryptocurrency and Forex markets - Underestimated global threat

Cyberattacks remain as a threat against online financial markets. How do we prevent from Cyberattacks?

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This article is originally referred from IronFX Special Report.

Cyberattacks – Underestimated global threat

In the past years until the present moment, we have seen a dramatic increase in cyberattacks around the world.

The matter, gains huge attention with cyberattacks literally robbing financial institutions inside out, or even disturbing operations leaving no organization safe or out of threat.

This report aims to create a brief update on the subject but also to create awareness as the majority of people exposed to these threats may not be aware of it in the first place.

In the end we will also provide our personal view on the matter accompanying the points we chose to look into.

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Cyberattacks through deception

The most used method by criminals to impose cyberattacks is through deception.

90% percent of the time, individuals working for any kind of institutions will receive a very well camouflaged email asking them to either enter information or download some kind of file attached.

For example, as the world remains deeply concerned over the covid-19 outbreak, cyber thieves have recently used the topic to take advantage of certain companies.

According to BBC the latest victim of such attacks was auto manufacturer Honda.

The happening was confirmed by the company as it added that the matter created difficulties for the firm’s employees to access its computer servers, use email, and use its internal systems.

According to the specific report the criminal wanted to enforce ransomware.

This is a criminal tactic which hackers use malware to take over a firm’s system, not allowing them to have access to internal programs, platforms or files.

They do this in exchange for demanding a sum of money as ransom.

The money is usually sent online into specific accounts and then the criminals tend to move the funds in other banks in different continents.

Is Cryptocurrency involved to cyberattacks?

These gang operations are ruthless and usually hit many organizations at once.

In the previous months, other reports indicated that the gang that enacted cyberattacks on at least two major cooperation’s and many other medium ones with ransomware, were investigated in depth.

Many of the organization’s members were located in more than 15 countries around the globe.

So these hack gangs are internationally connected and they tend to get stronger as time passes.

Despite the fact that during the past years Cryptocurrencies worth of Billions of USD were stolen in Asia and most have yet to be found.

In our opinion, the situation can be confronted immediately with the following steps being used as a stepping stone.

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Stay sharp to avoid any types of scams

First, as we researched the specific matter, we came to understand that the public does not seem to comprehend the risks that their systems are exposed to.

We could even call them ignorant to a certain degree.

Only after great hacks or theft do organizations finally take actions to constantly receive updates on the threats that are out there.

The more you know of the threats, the more ways you can think of to protect yourself.

All industries should have their management groups and employees know about the threats they face, either from other companies experiences or from specialists.

The more information and education they have on previous successful cyberattacks the more tools they have to understand the risks.

They will also understand the way the criminals tend to think, which gives them the opportunity to outthink or outmaneuver them.

Combating Cyberattack with platforms

The second measure that could be a continuation of the first, is to create a platform and detail all the cyberattack incidents.

Detail means write down and provide full information of every single part of the cyberattack, from the first to the last.

For example, very recently hackers saw an open window of opportunity and took it without hesitation.

Cyber criminals sensed people’s worries and anxiety regarding the pandemic, tricking them into clicking and sharing links that steal information.

If we manage to share information between us and impose regular and mandatory checks on this platform, we can create the necessary awareness needed to protect many industries.

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Regulations and Financial Licenses

Third and a fact that needs major modernization is the regulatory approach.

Regulations should enable firms and even governments to pay specific attention to cybersecurity.

More precisely, many countries have different standards and regulations regarding this matter.

Inconsistency creates a huge gap and enables hackers to take advantage of.

We believe that this is the unavoidable future of the cybersecurity industry and we hope no major damage takes place before we wake up to take action.

Some countries regulations help cover for the wrong doings in other countries and scammers can get away with it.

If regulation is imposed on all countries we can bring these people to justice and also minimize the cyberattacks overall as the laws can prevent these groups from forming in the first place.

Conclusion

As a conclusion, these are not all the methods used for Cybersecurity but they are the first steps in our view.

We are sure that there are far more advanced methods to trick people and get access to information and as time passes they could even become more complex and well hidden.

Finally during the most recent years, the cyber insurance industry has equally grown as attacks take place.

Cyber Insurance provides coverage to other companies exposed to criminal activities but is risking these kind of attacks themselves, Moody’s stated in a new report.

Demand for these insurances is high but many experts believe that the claims are based on ambiguous policy wording or the lack of explicit exclusion of cyber risk.

Original Source: IronFX Special Report

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