Major hacks in the stock market in 2020

hacks in the stock market

Positive Technologies – a company providing vulnerability assessment, compliance management, and threat analysis solutions – has recently assessed the security of the enterprise network perimeter and hacks in the stock market and trading platforms. The company has found out that 93% of enterprises can gain access to resources on the local network, and in 71% of organizations, even a low-skilled hacker can access the internal infrastructure. At the same time, in 77% of cases, penetration vectors were associated with deficiencies in the protection of web applications. The rest of the hack methods were mainly associated with the selection of credentials for accessing various services on the network perimeter, including the DBMS and remote access services.

A study by Positive Technologies highlights that the bottleneck of web applications is vulnerabilities found both in proprietary software products and in solutions from well-known manufacturers. In particular, 53% of companies found vulnerable software in their IT infrastructure. The same refers to btc otc, which is now looking for ironclad solutions to provide absolute safety to users and their assets.

Here is another information about bitcoin casino Canada.

“It is necessary to analyze the security of web applications regularly. The most effective verification method is to analyze the source code to determine all the potential errors and threats. To proactively protect web applications, it is recommended to use a Web Application Firewall (WAF) to prevent exploitation of existing vulnerabilities, even if they have not yet been discovered,” the researchers from the Positive Technologies center said.

hacks in the stock market

What’s happening in the stock sector?

The world changed in 2020. Due to the shock of the coronavirus pandemic and the subsequent collapse of different markets, people seem to have already adapted to the new isolating reality. One of the fundamental changes in our life has been a massive shift to telecommuting. Against this background, the number of cybercrimes has also boomed significantly. As the researchers predict, the number of the attacks will go through the roof, and major trading platforms should step in and develop strong protective solutions.

The cryptocurrency community and companies have long been a target for hackers. According to analysts, by October 2020, the blockchain industry has lost more than $ 13.6 billion if you take into account all the attacks since 2012. Unfortunately, hacking Bitcoin exchanges and digital wallets are far from a novelty. And in 2020, amid the boom of another innovation, DeFi projects became a new target for hackers. CipherTrace estimates that by November 2020, attackers had stolen nearly $ 100 million from DeFi protocols. The case is not unique in its nature.

Most booming hacks of 2020

Let us remind you of the major hacks of 2020 that caused users to lose millions of dollars and even made some companies end their operation:

  • The loudest hack of the year was the attack on the KuCoin crypto exchange (damage – $ 280 million);
  • In 2020, the DeFi protocols were the most affected by attackers (damage – $ 100 million);
  • Several users fell victim to hackers in an attempt to get instant credits.

The growing popularity of cryptocurrency and cryptocurrency exchanges is accompanied by a growing interest of hackers to hack an exchange, wallet, or someone’s accounts to steal cryptocurrency. Accordingly, every year the requirements for cryptocurrencies to ensure protection and improve the security of storage and further use of cryptocurrency are growing.

In today’s world, almost every cryptocurrency exchange can be compared with banking systems in terms of security provided. But even this fact allows hackers to carry out cyberattacks and steal valuable cryptocurrency. The most commonly used are phishing, fraud, supply chain attacks, or hacking. In some cases, even unconnected computers may be hacked.

hacks in the stock market

Exploring the Security of Cryptocurrency Exchanges

From the latest analytical investigations of the company ICOrating, which investigates the security of cryptocurrency exchanges; 135 sites were selected, thanks to which cybersecurity experts have studied the main 4 security mechanisms:

  • User Security;
  • Domain & Registrar Security;
  • Web Security (protection against Internet threats);
  • DdoS Protection (protection against hacker attacks).

As a result of the analysis, the highest rating of A + was not received by any cryptocurrency exchange. Many exchanges received high scores on two or three parameters, but none of them received the highest score on all 4 indicators. Only 37% of all the tested exchanges were protected from downgrade attacks, and 60% of sites were safe in terms of clickjacking risk.

  • Downgrade Attack – an attack in which a hacker forces a user to use less secure features, protocols that are still supported for compatibility reasons.
  • Clickjacking – a technology-deception based on the placement of invisible elements that cause some action on the site on top of visible activity (buttons, video playback, etc.)

It is Kraken and Cobinhood that have received the highest score (A). To ensure security, these platforms store the bulk of the funds in the reserve fund in cold wallets. OKEx, in turn, has proposed the creation of a single SRO center for cryptocurrencies. It will be something like a global ecosystem aimed at developing and implementing innovative security standards to increase the transparency of the entire crypto market, and therefore the security of users and their wallets.

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