Eskenzi PR ad banner Eskenzi PR ad banner
  • About Us
Tuesday, 28 March, 2023
IT Security Guru
Eskenzi PR banner
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
IT Security Guru
No Result
View All Result

Largest cryptocurrency exchange hacked. Over $1 million worth of Bitcoin stolen

by The Gurus
June 17, 2020
in Editor's News
Share on FacebookShare on Twitter

Bithumb, one of the world’s largest Bitcoin and Ether cryptocurrency exchanges, has been breached resulting in the loss of more than $1 Million in cryptocurrencies after a number of its user accounts were compromised. We reached out to some of the world’s leading cybersecurity experts for their thoughts on this latest hack.
Ben Herzberg, research group manager at Imperva, said “The last few weeks have been dramatic for cryptocurrency and its traders, when the market volatility gave opportunity to both honest investors and criminals alike. This is due to the surges in demand for Bitcoin (bringing it to over 2.7K USD, which has now stabilised over the last couple of days at around 2.5K USD) and other cryptocurrencies like Ethereum which spiked from “almost 0” to 400$ in a very short while, now at around 270$.
“Attackers can make a lot of money when attacking crypto exchanges due to factors such as the anonymity of the cryptocurrencies, hence the ability to “get rid” of the stolen goods with limited risk, and also by speculating on market prices (especially in specific exchanges or markets) and causing dramatic changes. In many cases this is done by Denial of Service attacks, which are hugely popular against cryptocurrency exchanges.
“In this case, according to Bithumb, the breach itself was of data stored outside of the company’s assets on a personal computer. This also brings up the question of data security in organisations, and the ability for employees to take sensitive information with them when they’re working out of the office. Part of this is due to the rapidly changing work environment, where employees get more remote access to company resources which poses a challenge to IT security departments.”
David Kennerley, director of threat research at Webroot, added “The news of this Bithumb hack highlights the fact that employees can still be an organisation’s weakest link with regards to security. The fact that access appears to have been initiated by initially compromising an employee’s personal PC is a very worrying development – highlighting huge failings on so many levels, from an employee education and training standpoint, all the way to administrative and technical controls, to monitoring and enforcement. 
“Such cases emphasise the need for businesses to have clearly defined security policies and procedures round the use of personal devices for work purposes and the re-use of passwords  – employees should not be using their work passwords for personal use.  While businesses should consider investing in technical security layers, from threat intelligence solutions, to two factor authentication – which would surely have helped in this case. Understanding why this hack is only coming to light now will be one of the first questions customers will wish to have answered very quickly – as this breach is reported to have occurred in February of this year.”
Pete Banham, cyber resilience expert at Mimecast, concluded “This cryptocurrency heist is a prime example of why firms need to think about the sensitive information employees have access to in a remote working world. Assume home PCs are or will be compromised when designing your data protection strategy. 
“Ongoing security training needs to be balanced with effective data loss prevention techniques that can identify sensitive data leaving an organisation. 
“Managing secure remote access to data is challenging, but requires careful consideration with regards to your risk appetite.”

FacebookTweetLinkedIn
Tags: BitCoincryptocurrencyCyber Attackdata breachhacked
ShareTweetShare
Previous Post

Two thirds of students fear the robot revolution

Next Post

New research reveals businesses under threat from employees’ poor cyber security at home, opening the back-door for cyber criminals

Recent News

Blue Logo OUTPOST24

New Research Examines Traffers and the Business of Stolen Credentials

March 28, 2023

How to Succeed As a New Chief Information Security Officer (CISO)

March 28, 2023

The Importance of Data Security and Privacy for Individuals and Businesses in the Digital Age

March 28, 2023
penetration testing

Cymulate’s 2022 Cybersecurity Effectiveness Report reveals that organizations are leaving common attack paths exposed

March 28, 2023

The IT Security Guru offers a daily news digest of all the best breaking IT security news stories first thing in the morning! Rather than you having to trawl through all the news feeds to find out what’s cooking, you can quickly get everything you need from this site!

Our Address: 10 London Mews, London, W2 1HY

Follow Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

This site uses functional cookies and external scripts to improve your experience.

Privacy settings

Privacy Settings / PENDING

This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.

NOTE: These settings will only apply to the browser and device you are currently using.

GDPR Compliance

Powered by Cookie Information