The last two years have been, unequivocally, the year of cryptocurrencies and blockchain technology. The king coin, Bitcoin, posted a massive rally in the market, breaking all of its previous records and setting a new one that exceeded the expectations of various investors in the market. Innovation was also seen entering the rally with new projects replacing old ones, and some even introducing new concepts that were not previously conceived.
Now, while the price and innovation factor of cryptocurrency and blockchain technology were taking off, another part was also making several headlines: scams and hacks. Last year, only the cryptocurrency space registered billions of dollars in losses due to hacker attacks, scams and ransomware, and even large projects fall victim to nefarious actors.
Taking another hit, Bitcoin and other cryptocurrencies have often done Headlines for being used as a tool by malicious actors who attack other sectors. Criminals have used emerging financial tools to move millions of illegally acquired funds, albeit a very small percentage compared to fiat.
Given this, it should be noted that the crimes that take place in the digital space are not just a crypto problem, but an Internet problem. They are treated across industries and borders, with the only common factor being the Internet. And these cyber crimes include activities like malicious domains, ransomware attacks, data harvesting malware, crypto-jacking, botnets, intellectual property theft, data damage and destruction, and more.
‘Without geographical or time limits’
In particular, cybercrime rates are said to be increasing with each passing day, considering that more and more people are getting access to the Internet and it is becoming a necessity for life in the current era. 2021 itself saw a massive increase in crime rates compared to the previous year, due to data breaches due to situations that arose due to the pandemic.
A report suggests that cybercrime would cost the world $10.5 trillion annually by 2025. With more data being stored on cloud storage platforms than ever before, and with the rise of the digitization of everything, several points have begun to appear. blind.
Evan Greenberg, Chairman and CEO of Chubb, set that the rise of cybercrime would be classified as a pandemic. He commented that “exposure that looks like a virus is related to cyber because it has no geographical or time limits.”
Also, an FBI director, Christopher Wray, I speak about a particular cyber crime, ransomware attacks coming particularly from hackers in Russia. The director compared the challenges we face to the 9/11 attacks, where he said there were “a lot of parallels, a lot of importance and a lot of focus on our part on disruption and prevention.”
Joining forces for a more secure network
While the threat is said to grow over time, a number of companies and organizations have upped their game to create a safe digital space. And, in this race for a better future, the members of the cryptocurrency space do not seem to be in the background.
Binance, one of the largest providers of blockchain and cryptocurrency technology, has become the first competitor in the emerging space to make a notable move in line with creating a safer cyberspace. The exchange recently announced that it has joined the National Cyber Forensics and Training Alliance [NCFTA]. The NCFTA is a nonprofit organization dedicated to identifying, validating, mitigating, and neutralizing cybercrime threats.
Of the alliance, Matt LaVigna, President and CEO of NCFTA, said:
“Cybercrime is a global threat that continues to experience exponential growth, with the potential to affect the very fabric of our society. Binance is an industry leader with a proven track record in assisting international cybersecurity investigations..”
Notably, the organization, launched in 2002, has avoided a loss of more than $2 billion between 2015-2020. It is also responsible for reporting more than 3,500 cases to law enforcement and more than 1,000 cases of arrests.
President LaVigna further added,
“With your leadership, collaborative approach, and commitment to the war on cybercrime, you will enhance our ability to achieve the current mission of the NCFTA and help enable a secure environment not only for the blockchain and cryptocurrency industry, but for all. ..”
Interestingly, while this move for a better and safer internet is a first for Binance, the blockchain service provider is not new to its attempt to build a secure crypto space. The crypto platform has partnered with various law enforcement agencies around the world to try and curb criminal activities associated with cryptocurrencies.
One such case that drew attention was the case that led to the arrest of a network of cybercriminals, FANCYCAT, linked to the laundering of $500 million in ransomware attacks. In the case, the exchange collaborated with various law enforcement agencies around the world to take down cybercriminals, and in particular, it was certainly not the last.
Tigran Gambaryan, Vice President of Global Intelligence and Investigations at Binance, stated that joining NCFTA is an important step in Binance’s fight against cybercriminals and their cause to secure the crypto space.
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“Binance aims to be a leading contributor in the fight against cybercrime, ransomware, and terrorist financing. We will continue our fight against cybercrime and increase our level of cooperation and transparency through our partnership with the NCFTA..”
Disclaimer: This is a paid post and should not be treated as news/advice.
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