The New York State Department of Financial Services recently released a draft dictating new cybersecurity regulations for finance sector. Hailed the first of its kind in the United States, it has received a fair share of criticism as well. The Bitcoin companies in the region come under NYDFS, which makes these new regulations applicable to them as well.
These challenging regulations, once implemented may turn out to be the savior of millions of customers, especially at the time when cyberthreats are at an all-time high. According to the US Federal Bureau of Investigation , cyber intrusions, ransomware attacks, and zero-day exploits have become common occurrences. It is not just the FBI, Kaspersky Lab’s research report shows a 550 percent increase in Bitcoin ransomware attacks during the period between April 2015 and March 2016 (compared to the same period in 2014-15).
In a recent cybersecurity survey conducted by one of the technology magazines, it was found that over 66 percent of CIOs believe that the cyberthreat levels faced by their companies have drastically increased in the recent days. There are various instances in the recent days where hacker groups and cybercriminals have held the companies as well as individuals at ransom with Bitcoin ransomware attacks and threats of DDoS attacks.
These threats continue to evolve as cybersecurity companies find ways to counter them, making it a continuous never ending battle. With Monero gaining traction, these cybercriminals are expected to shift from Bitcoin to the newer, more secure cryptocurrency. This will make it much harder for law enforcement agencies to track them.
The recently launched Kaspersky Cybersecurity Index shows that only 60 percent of internet users surveyed by the company had cybersecurity software installed on their devices. Another 29 percent were affected by cyberattacks and the remaining 21 percent believe that they are either under attack or fell threatened by cybercriminals.
As mentioned many times before this, it is always advisable to take proper precautions against cyberattacks while using the internet. It will definitely save a lot of trouble.
Ref: Kaspersky Lab | Tech Republic | Image: NewsBTC