CyberSecurity and Crypto: How They Work Together

7/15/2021

Cybersecurity and Crypto: How They Work Together | Chika Wonah | New Technology

Chika Wonah | New Technology

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Cybersecurity and Crypto: How They Work Together

BY CHIKA WONAH /

ON JULY 12, 2021 /

EDIT

The relationship between cybersecurity and crypto is a complicated one. Cybersecurity protects the information that companies collect from hackers, while cryptography ensures that data remains confidential once it has been collected.

Cryptocurrency – What Is It? Cryptocurrency, or digital currency, is the future of money. It’s an encrypted form of cash that does not rely on a centralized bank to regulate its value. Instead, it relies on encryption and mathematics for security – which are two things cybersecurity excels at!

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Cybersecurity and Crypto: How They Work Together | Chika Wonah | New Technology

Cryptography ensures that cryptocurrency transactions remain confidential, while cryptography also helps protect data from hackers by encrypting it with strong algorithms so only you can access your files.

They offer a decentralized global payment system without borders (no national banks needed!) that lets us send money without dealing with all those annoying fees charged by traditional financial institutions.

Cybersecurity and Cybercrime Cybercriminals have better access to cryptocurrency because of decentralization, which makes it vulnerable to hacking. As a result, billions of dollars in cryptocurrency have been stolen or lost to hackers.

However, with the help of blockchain technology and security protocols such as two-factor authentication (also known as “multifactor authentication”), cryptocurrency can be more secure.

Blockchains are digital ledgers that record transactions in chronological order so that they cannot be modified or hacked without leaving an indelible mark on time itself! The best part about this form of cybersecurity? It’s FREE!

Cryptocurrency Exchanges Cybercriminals have used them for money laundering, drug trafficking, and, more recently, ransomware attacks. For example, the WannaCry attack relied on a vulnerability within systems at two Russian companies which were hacked last year – they took

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Cybersecurity and Crypto: How They Work Together | Chika Wonah | New Technology

advantage of this weakness when attackers demanded ransom payments be made in Bitcoin or Ethereum.

Cryptography – The Science of Cryptocurrency Security When cryptography and cybersecurity work together, we can enjoy the benefits of cryptocurrency without getting hacked!

When these two fields work together, they make some really interesting things happen: in this case, cryptocurrencies like Bitcoin offer people something new. They offer a decentralized global payment system without borders (no national banks needed!) that lets us send money without dealing with all those annoying fees charged by traditional financial institutions.

Cybersecurity excels at protecting data from cybercriminals, while cryptography also helps protect our data from hackers by encrypting it with strong algorithms so only you can access your files.

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