As digital currencies are cross-border and decentralization-dependent in their performance, so are cyber crimes, which are the main reason behind emergence of the term cybersecurity. Apparently, as development pace of creative ideas’ creators is increasing, who are driving progress in the world, those with criminal ideas also evolve to undermine this progress.

Analysis Of Cybersecurity Concept

At first, we clarify what cyber means, as the word “cyber” means a group or groups of IT networks connected to each other. These groups may include tools or technological means such as the Internet, telecommunications networks, computer systems, and the processing systems they include.

Therefore, cybersecurity is an early-stage warning system to protect the process of data sharing, aiming to reducing risks of exposure to electronic or cyber attacks, in order to protect data being shared.

Cybersecurity And Cryptocurrencies

Digital currencies have always been a source of inspiration to criminals in the digital world. As in banknotes, criminals need two things to accomplish their job, the first to penetrate accounts, the other is to hide money, but in digital currencies, which are mainly dependent on secrecy, so that criminals have one step, which is penetration.

Does Cybersecurity Limited to Currencies?

The first cyber attack was recorded in 1988. The term may not have spread then, but what really happened was a cyber attack. “Morris Worm” virus, was the first to be distributed through computers widely in the United States. The virus took advantage of weaknesses in UNIX Noun 1 and copies itself regularly.

Robert Taban Morris, creator of the virus, was the first to be convicted under the US cybercrime law.

Since then, cyber attacks have taken place, which costed government huge sums of money, in some cases than wars’ cost.

Even in some of these electronic wars, they also led to wars with weapons, so the casualties were added to the money losses.

Source: Ponemon Institute LLC and Accenture (2017)

The Latest Cyber Attacks In Cryptocurrencies

The most recent cyber attack what OKEx and Bitfinex Cryptocurrency exchanges announced a multiple denial of service attacks.

For more information about cybersecurity, read this report about cyber crimes and digital economy in the GCC.

To read the previous episodes of the “Crypto Capsule”: What is the Currency? – What is Minting? – Digital Currencies

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