In this video for Help Net Security, Dr. Dmitry Mikhailov, CTO at Farcana Metaverse, talks about cybersecurity in the crypto industry and the vulnerability of a blockchain project.
Crypto industry is very young, but has a huge capitalization. Many companies all over the world try to introduce new services and minimize go to market time.
All this race for new cybersecurity products, is leaving cybersecurity far behind. Many companies ignore time-consuming security measures, but at the same time, few know that 20% of existing cryptocurrencies are stolen.
Having a weak security infrastructure, with a lot of money and inexperienced users, becomes a magnet for hackers. Even cold wallets are being targeted. Popular open websites for hackers often have clear instructions and even source codes for viruses that can be used to copy money from most secure hardware wallets.
Cybersecurity must be prioritized from the first day of a blockchain project. Organizations should invite strong cybersecurity specialists to the team and stay up-to-date on new hackers’ techniques, to make sure future attacks are prevented.