Home
News
- 1 Australian Securities and Exchange Commission (ASIC), has shown concern about hacks and attacks in the crypto industry.
- 2 The company witnessed significant hacks, leading the crypto industry to substantial financial losses.
With rapidly advancing technologies, unethical activities like hacks and attacks also boomed. Keeping the whole scenario in mind, a cyber security warning is issued by ASIC, an independent Australian government body accountable for regulating financial services and consumer credit. An active approach to evaluating and managing cyber risk is essential for every business sector, according to ASIC.
What ASIC Warned About?
The chairman of ASIC, Joseph Longo, is more concerned about the rising attacks and hacks in the business industry, mainly crypto.
Longo warned the businesses about the enhanced trend of businesses’ dependency on third parties for cyber security and data protection. The reliance of business firms on other third parties for data protection and security is emerging as a serious weakness.
ASIC survey results assured Longo about the same.
Most businesses in Australia are at risk due to their higher dependency on third parties for cyber security. Approximately 44% of the respondents who took part in the survey have their own system for data protection and risk management, whereas the remaining are completely dependent on third parties to safeguard confidential information.
Three elements are suggested by Longo that can safeguard a firm from any of the attacks. Planning and testing for attacks is the best way to understand the issue and safeguard the company from it. Another factor to consider is not safeguarding the things that are not clear. Avoiding complacency, even though implementing protection against cyberattacks is a common way to minimize cyber risks,
Rising Attacks in the Crypto Sector
ASIC also warned the crypto industry amid the upsurging cyber hacks. The digital asset sector has witnessed a hike in hacks, which not only affects the crypto sector but also leads to substantial financial losses. The hack of approximately $870,000 in crypto from billionaire Mark Cuban’s wallet best explains the situation.
In addition to this, one of the biggest cryptocurrency news websites, BeInCrypto, came up with a report on crypto hacks. As per the report, there were around 48 major crypto hacks attempted in July, leading to losses of around $165 Million. In addition to this, attacks by PolyNetwork, Vyper, Multichain, and Coinpaid are among the top hacks of July. The top five hacks stole around $159 Million while the remaining was managed by other hacks in the same month.
Looking at the yearly data, March and July are the worst months for the crypto industry, mainly in terms of hacking and cyberattacks. $200 Million was stolen by hackers in March, whereas the amount declined to $165 Million in July.
The list is so long and is expected to increase much more in the near future.
Addressing the current situation, it is essential for the crypto sector to take cyber security risks and data protection factors seriously.
Conclusion
ASIC, an independent Australian government body, issues a warning to Australian businesses as well as businesses operating in the crypto industry. The gradual increase in the number of hacks and cyberattacks is simply impacting the financial stability of firms.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
