The crypto security landscape is undergoing some pretty interesting changes as we move further into 2024. You know, it's kind of a cat-and-mouse game where the hackers and security experts up their game on each other.
One of the big surprises this year has been the centralized exchanges once more within the crosshairs of cybercriminals. They follow years where the central point of action was decentralized platforms, and now hackers turn back to the basic ways of doing things. They trick their way in, smoothly, into these exchanges or act as if they want to apply for IT jobs.
The morally constricting thing here is that however hard we try to keep our systems secure, somewhere there is always a weak spot.
But that's not all, exchanges are not the only ones under siege. Ransomware has become a rising pain in the neck. The companies have been coughing up huge amounts to restore their data, and one unfortunate soul paid as high as $75 million for its return. It's like being a witness to some sort of digital hostage situation, and it's getting more intense every year.
What is most interesting, though, is how all these trends are playing a part in shaping the wider crypto market.
With more and more money having been either stolen or paid out in ransoms, it affects everyone who deals with crypto. This isn't about individual losses anymore, it's all about what's at stake with this whole system. Hacking and ransomware attacks leave people a little bit more wary about joining digital currencies.
On the other hand, these challenges drive innovation in security.
Since attackers get smarter, defenders need to raise their game too. We witness new techniques and technologies in development all the while in an effort to stay ahead of bad actors, more like an arms race but with code instead of weapons.