Category Archives: Internet Security

GLOBAL INTERNET SECURITY FIREWALL MARKET LATEST DEVELOPMENTS, SHARES, AND STRATEGIES EMPLOYED BY THE MAJOR PLAYERS – The Fuel Fox

This report focuses on Global Internet Security Firewall Market status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Internet Security Firewall Market development in the United States, Europe, and China.

In 2019, the global Internet Security Firewall Market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2025-2025.

The report also summarizes the various types of Internet Security Firewall Market. Factors that influence the market growth of particular product category type and market status for it. A detailed study of the Internet Security Firewall Market has been done to understand the various applications of the usage and features of the product. Readers looking for scope of growth with respect to product categories can get all the desired information over here, along with supporting figures and facts.

Get Sample: https://www.lexisbusinessinsights.com/request-sample-120202

Top Key players: SAP, Hewlett Packard Enterprise, Cellusys, Openmind Networks, Tata Communications, ANAM Technologies, AMD Telecom, Adaptive Mobile, Infobip, EVOLVED INTELLIGENCE, MOBILEUM, and OMOBIO

Internet Security Firewall Market: Regional Segment Analysis.

This report provides pin-point analysis for changing competitive dynamics. It offers a forward-looking perspective on different factors driving or limiting market growth. It provides a five-year forecast assessed based on how the Internet Security Firewall Market is predicted to grow. It helps in understanding the key product segments and their future and helps in making informed business decisions by having complete insights of market and by making an in-depth analysis of market segments.

Key questions answered in the report include:

What will the market size and the growth rate be in 2026?

What are the key factors driving the Global Internet Security Firewall Market?

What are the key market trends impacting the growth of the Global Internet Security Firewall Market?

What are the challenges to market growth?

Who are the key vendors in the Global Internet Security Firewall Market?

What are the market opportunities and threats faced by the vendors in the Global Internet Security Firewall Market?

Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.

The report includes six parts, dealing with:

1.) Basic information;

2.) The Asia Internet Security Firewall Market;

3.) The North American Internet Security Firewall Market;

4.) The European Internet Security Firewall Market;

5.) Market entry and investment feasibility;

6.) The reports conclusion.

All the research report is made by using two techniques that are Primary and secondary research. There are various dynamic features of the business, like client need and feedback from the customers. Before (company name) curate any report, it has studied in-depth from all dynamic aspects such as industrial structure, application, classification, and definition.

The report focuses on some very essential points and gives a piece of full information about Revenue, production, price, and market share.

Internet Security Firewall Market report will enlist all sections and research for every point without showing any indeterminate of the company.

Reasons for Buying this Report

This report provides pin-point analysis for changing competitive dynamics

It provides a forward-looking perspective on different factors driving or restraining the market growth

It provides a six-year forecast assessed based on how the market is predicted to grow

It helps in understanding the key product segments and their future

It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors

It helps in making informed business decisions by having complete insights of market and by making an in-depth analysis of market segments

TABLE OF CONTENT:

1 Report Overview

2 Global Growth Trends

3 Market Share by Key Players

4 Breakdown Data by Type and Application

5 United States

6 Europe

7 China

8 Japan

9 Southeast Asia

10 India

11 Central & South America

12 International Players Profiles

13 Market Forecast 2025-2025

14 Analysts Viewpoints/Conclusions

15 Appendix

Get Global Internet Security Firewall Market Complete Brochure @ https://www.lexisbusinessinsights.com/request-sample-120202

About Us:

Statistical surveying reports is a solitary goal for all the business, organization and nation reports. We highlight a huge archive of most recent industry reports, driving and specialty organization profiles, and market measurements discharged by rumored private distributors and open associations. Statistical surveying Store is the far-reaching gathering of market knowledge items and administrations accessible on air. We have statistical surveying reports from a number of driving distributors and update our gathering day by day to furnish our customers with the moment online access to our database. With access to this database, our customers will have the option to profit by master bits of knowledge on worldwide businesses, items, and market patterns

Contact Us:

Lexis Business Insights

Aaryan

(Director- Business Development)

US: +1 210 907 4145

APAC: +91 98677 99788

[emailprotected]

http://www.lexisbusinessinsights.com

See the original post:
GLOBAL INTERNET SECURITY FIREWALL MARKET LATEST DEVELOPMENTS, SHARES, AND STRATEGIES EMPLOYED BY THE MAJOR PLAYERS - The Fuel Fox

Meet the Museum Security Guard Whos Now an Internet Sensation – The Wall Street Journal

Tim Tiller, a mustachioed security guard at an Oklahoma cowboy museum, didnt set out to be a pandemic-era internet celebrity. He swears he got roped into it.

When the National Cowboy & Western Heritage Museum in Oklahoma City closed earlier this month amid a coronavirus-driven shutdown, the museum asked Mr. Tiller to help manage its social-media platforms by posting images of objects on display since the guard would be one of the few people still allowed in the building.

Go here to read the rest:
Meet the Museum Security Guard Whos Now an Internet Sensation - The Wall Street Journal

Coronavirus Proves We Need the Internet Now More than Ever Before – The National Interest

As more and more U.S. schools and businesses shutter their doors, the rapidly evolving coronavirus pandemic is helping to expose societys dependence good and bad on the digital world.

Entire swaths of society, including classes we teach at American University, have moved online until the coast is clear. As vast segments of society are temporarily forced into isolation to achieve social distancing, the internet is their window into the world. Online social events like virtual happy hours foster a sense of connectedness amid social distancing. While the online world is often portrayed as a societal ill, this pandemic is a reminder of how much the digital world has to offer.

The pandemic also lays bare the many vulnerabilities created by societys dependence on the internet. These include the dangerous consequences of censorship, the constantly morphing spread of disinformation, supply chain vulnerabilities and the risks of weak cybersecurity.

1. Chinas censorship affects us all

The global pandemic reminds us that even local censorship can have global ramifications. Chinas early suppression of coronavirus information likely contributed to what is now a worldwide pandemic. Had the doctor in Wuhan who spotted the outbreak been able to speak freely, public health authorities might have been able to do more to contain it early.

China is not alone. Much of the world lives in countries that impose controls on what can and cannot be said about their governments online. Such censorship is not just a free speech issue, but a public health issue as well. Technologies that circumvent censorship are increasingly a matter of life and death.

2. Disinformation online isnt just speech its also a matter of health and safety

During a public health emergency, sharing accurate information rapidly is critical. Social media can be an effective tool for doing just that. But its also a source of disinformation and manipulation in ways that can threaten global health and personal safety something tech companies are desperately, yet imperfectly, trying to combat.

Facebook, for example, has banned ads selling face masks or promising false preventions or cures, while giving the World Health Organization unlimited ad space. Twitter is placing links to the Centers for Disease Control and Prevention and other reliable information sources atop search returns. Meanwhile, Russia and others reportedly are spreading rumors about the coronaviruss origins. Others are using the coronavirus to spread racist vitriol, in ways that put individuals at risk.

Not only does COVID-19 warn us of the costs and geopolitics of disinformation, it highlights the roles and responsibilities of the private sector in confronting these risks. Figuring out how to do so effectively, without suppressing legitimate critics, is one of the greatest challenges for the next decade.

3. Cyber resiliency and security matter more than ever

Our university has moved our work online. We are holding meetings by video chat and conducting virtual courses. While many dont have this luxury, including those on the front lines of health and public safety or newly unemployed, thousands of other universities, businesses and other institutions also moved online a testament to the benefits of technological innovation.

At the same time, these moves remind us of the importance of strong encryption, reliable networks and effective cyber defenses. Today network outages are not just about losing access to Netflix but about losing livelihoods. Cyber insecurity is also a threat to public health, such as when ransomware attacks disrupt entire medical facilities.

4. Smart technologies as a lifeline

The virus also exposes the promise and risks of the internet of things, the globe-spanning web of always-on, always-connected cameras, thermostats, alarm systems and other physical objects. Smart thermometers, blood pressure monitors and other medical devices are increasingly connected to the web. This makes it easier for people with pre-existing conditions to manage their health at home, rather than having to seek treatment in a medical facility where they are at much greater risk of exposure to the disease.

Yet this reliance on the internet of things carries risks. Insecure smart devices can be co-opted to disrupt democracy and society, such as when the Mirai botnet hijacked home appliances to disrupt critical news and information sites in the fall of 2016. When digitally interconnected devices are attacked, their benefits suddenly disappear adding to the sense of crisis and sending those dependent on connected home diagnostic tools into already overcrowded hospitals.

5. Tech supply chain is a point of vulnerability

The shutdown of Chinese factories in the wake of the pandemic interrupted the supply of critical parts to many industries, including the U.S. tech sector. Even Apple had to temporarily halt production of the iPhone. Had China not begun to recover, the toll on the global economy could have been even greater than it is now.

This interdependence of our supply chain is neither new nor tech-specific. Manufacturing medical and otherwise has long depended on parts from all over the world. The crisis serves as a reminder of the global, complex interactions of the many companies that produce gadgets, phones, computers and many other products on which the economy and society as a whole depend. Even if the virus had never traveled outside of China, the effects would have reverberated highlighting ways in which even local crises have global ramifications.

Cyber policy in everything

As the next phase of the pandemic response unfolds, society will be grappling with more and more difficult questions. Among the many challenges are complex choices about how to curb the spread of the disease while preserving core freedoms. How much tracking and surveillance are people willing to accept as a means of protecting public health?

As Laura explains in The Internet in Everything, cyber policy is now entangled with everything, including health, the environment and consumer safety. Choices that we make now, about cybersecurity, speech online, encryption policies and product design will have dramatic ramifications for health, security and basic human flourishing.

[Get facts about coronavirus and the latest research. Sign up for our newsletter.]

Laura DeNardis, Professor of Communication Studies, American University School of Communication and Jennifer Daskal, Professor of Law and Faculty Director, Technology, Law & Security Program, American University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Image: Reuters.

More:
Coronavirus Proves We Need the Internet Now More than Ever Before - The National Interest

The story behind that little padlock in your browser – Horizon magazine

Behind that little padlock is cryptographic code that guarantees the security of data passing between you and, for example, the website you are looking at.

In fact, TLS guarantees security on three fronts: authentication, encryption and integrity. Authentication, so that your data goes where you think it is going; encryption, so that it does not go anywhere else; and integrity, so that it is not tampered with en route.

Its the most popular security protocol on the internet, securing essentially every e-commerce transaction, Eric Rescorla, chief technology officer at US technology company Mozilla, told Horizon over email.

In the two decades leading up to 2018, there were five overhauls of TLS to keep pace with the sophistication of online attacks. After that, many experts believed that the latest incarnation, TLS1.2, was safe enough for the foreseeable future,until researchers such as Dr Karthikeyan Bhargavan and his colleagues at the French National Institute for Research in Digital Science and Technology (INRIA) in Paris came along.

Scaffold

As part of a project called CRYSP, the researchers had been working on ways to improve the security of software applications. Usually, software developers rely on TLS like a builder relies on a scaffold in other words, they take its safety for granted.

To improve security at the software level, however, Dr Bhargavan and colleagues had to thoroughly check that the underlying assumptions about TLS1.2 that it had no serious flaws were justified.

At some point, we realised they werent, he said.

After discovering some shaky lines of code, the researchers worked with Microsoft Research and took on the role of hackers, performing some simulated attacks on the protocol to test the extent of its vulnerability. The attacks revealed that it was possible to be a man in the middle between an internet user and a service provider, such as Google, and thereby steal that users data.

It would have to be a fairly complex sequence of actions, explained Dr Bhargavan. Typically, the person in the middle would have to send weird messages to each actor to lure them into a buggy part of the code.

If, as the person in the middle, I was successful, I could potentially steal someones payment details, he continued. Or I could pretend to be Apple or Google, and download (insert) malware via a software update to get access to peoples computers.

Serious threat

Such a hacker would need great expertise and computational power, that of a government agency, for example, as well as access to some of the physical infrastructure close to the key actors. Nevertheless, the Internet Engineering Task Force (IETF), an international organisation promoting internet standards, judged the threat to be sufficiently serious to warrant a new version of the cryptographic protocol.

Dr Bhargavan points out that he was far from the only computer scientist to prompt the revision. There were four or five other research groups unearthing problems with the current protocol, pushing one another along, he says, in a healthy rivalry.

Still, he says that his group discovered some of the most surprising flaws in TLS1.2, which he believes may have been the final nails in the coffin for the protocol.

His group was also part of a broad collaboration within the internet community, overseen by an IETF working group, to construct the more secure, and man-in-the-middle-proof successor that is TLS 1.3, using modern algorithms and techniques. Dr Bhargavan was a key player in that effort, said Rescorla who oversaw TLS at the IETF at the time of the work.

TLS 1.3 was officially launched in August 2018. Since then it has been implemented by major internet browsers such as Mozilla Firefox and Google Chrome.

So long as you click that padlock you have some confidence about safety.

Dr Karthikeyan Bhargavan, INRIA, France

So how much safer are internet users as a result?

Human error

It is true that for most online security breaches, TLS is not to blame. Usually, personal data gets into the wrong hands because of bugs in software what Dr Bhargavans group was working on to begin with or human error.

But Dr Bhargavan believes there is reassurance in knowing that the underlying protocol is secure. Its not everything, but so long as you click that padlock you have some confidence about safety its the most basic thing, he said.

Besides, internet users are not only worried about hackers. Since 2013, and the leaks of Edward Snowden, a former employee of a US National Security Agency contractor, many people are concerned about the amount of personal data amassed by state intelligence and large enterprises.

Designed with the Snowden revelations in mind, TLS 1.3 closes the door to some types of this pervasive network-based monitoring through its encryption of both user data and metadata. It also prevents retrospective decryption one of the previous versions weaknesses.

There was a long discussion in the IETF working group about whether preventing surveillance was one of the goals of TLS, says Dr Bhargavan. And the answer was ultimately in the positive, he said.

Now Dr Bhargavan is returning to the issue of software security. He believes the majority of remaining vulnerabilities can be eliminated at the design stage.

Verified

To do this, he and his colleagues are constructing a library, HACL*, of fully verified cryptographic code, which other developers can draw on when building new software. In this project, known as CIRCUS, they are also creating an easy-to-follow reference paradigm that tells developers how to put software together without introducing security glitches.

The resultant high-assurance software has already been taken up by developers at Mozilla and Microsoft, among others. We want everyone to be following these techniques, Dr Bhargavan said.

Ultimately, his goal is not to secure everything online, but to find the safest spots within our highly complex computer systems. I dont think we will ever get to a point where everything is verified, he said, but we can find the most secure basket in which we can put our keys and passwords and financial data.

The research in this article was funded by the European Research Council. Dr Bhargavan is a recipient of a 2019 Horizon Impact Award for societal impact across Europe and beyond.

If you liked this article, please consider sharing it on social media.

Read the original here:
The story behind that little padlock in your browser - Horizon magazine

Finder helps secure the Internet in a time of crisis – CMO

Finder has released a solution for secure online identity verification for banking details in its new app, a very timely solution given the current necessity for Australians to self isolate.

With the COVID-19 pandemic pushing Australia to the edge of a recession, more Australians will be looking online to see how they can find better deals to save money and reduce unnecessary spending. As more people go online, there becomes a greater risk of Australians being attacked by cyber criminals and having their personal information compromised, Finder said.

With 2.6 million unique monthly visitors, Finder wanted to reinvent its membership program back in 2018. While Finders existing model wasnt broken, it saw an opportunity to better serve users by leading the development of the Finder app, which aims to connect users bank accounts to track their spending habits and identify where they could save by switching products.

To do this, Finder needed a robust security solution that would keep users financial data secure.

The Finder app is designed to find members better deals for credit cards, home loans, savings accounts and health insurance. It does this by linking users financial data for analysis across thousands of financial products and notifies them of potential savings across those four main categories.

As Australia enters a new open data sharing landscape with Open Banking just around the corner, there is also a growing requirement for companies to be proactive in sourcing robust security solutions to maintain customer trust and loyalty when dealing with private details, such as email addresses, phone numbers, banking details and credit scores. COVID-19 has brought this need for remote security to the forefront even more.

Using multiple user systems, including a main website service and credit score service, meant Finder needed a solution that utilised a number of features to improve user data security and to consolidate several stores of user data into one unified system.

Finder chief product and technology officer, Joe Walker, said the aim was a defence in-depth security strategy.

If you've somehow gotten through the castle walls, we dont necessarily assume that just because youre inside, youre allowed to be inside. Its safer to keep running additional checks, and so we continue to re-authenticate users," he said.

Trying to build out authentication ourselves would divert all of the hundreds of engineers that we have working on key products and features for our members.

"We wanted to reduce the potential attack surface, and consolidating our member data into a single, secure system was the best approach. When our users provide us withmembership and financial information, they are placing a level of trust in us, and its important that we honour that trust."

When Finder began moving towards a microservices architecture and building their app, the company sought out an authentication provider that could provide strong security. Once the decision to use Auth0 was made, Finder started to migrate hundreds of thousands of user accounts to the new system.

The Finder app launched in mid-March, with plans to roll it out in the UK and the US. Within the first week of launching, the group received 10,000 downloads of the new app. With this many downloads comes the need for a robust platform that secures and authenticates personal information continuously, to prevent fraudulent activity and identity theft.

One of the security features Finder uses is anomaly detection. It prevents malicious attempts to access the website or the Mobile application as well as block further login attempts.

Finder further secures data by fully integrating Auth0 into their membership flow, with tokens refreshing regularly. This continuous authentication strengthens the walls of Finders data fortress.

For me, a secure member platform is a license to innovate safely and securely. Without a solid member platform thats secure, we wouldnt be able to innovate as quickly as we do. Any future work that we create, we make from eligibility programs or membership data which Auth0 has made possible, Walker added.

Follow CMO on Twitter:@CMOAustralia, take part in the CMO conversation on LinkedIn:CMO ANZ,follow our regular updatesvia CMO Australia's Linkedin company page, or join us on Facebook:https://www.facebook.com/CMOAustralia.

See more here:
Finder helps secure the Internet in a time of crisis - CMO

Cowboy Museum security guard takes over the internet – KAMR – MyHighPlains.com

(WBAL) Performances and events have been canceled in the wake of the coronavirus pandemic, but one Maryland performer is bringing the performance to neighborhoods for free.

Greg May's circus performing business all but stopped when large gatherings and events were banned.

See the original post here:
Cowboy Museum security guard takes over the internet - KAMR - MyHighPlains.com

One senator wants vendors to ensure their internet connectivity devices are secure – fifthdomain.com

Sen. Mark Warner is urging several network device vendors to ensure their products remain secure as millions of Americans work from home to slow the spread of the new coronavirus.

In his letters to Google, Netgear, CommScope, Asus, Belkin and Eero, the Virginia Democrat specifically expressed concern about wireless access points, routers, modems, mesh network systems and related connectivity devices.

During this time, the security of consumer devices and networks will be of heightened importance, Warner wrote in his letters. It is also imperative that consumer Internet infrastructure not be used as attack vectors to consumer systems and workplace networks accessed from home. In light of these circumstances, I request your attention and diligence to help protect the consumer devices you sell.

Warner also called on vendors to issue timely security updates for their products to reduce vulnerabilities. He also urged the companies to consider sending notifications to users about available updates and to provide information on how to securely use the devices.

This is a timely occasion to remind customers about best practices and cybersecurity hygiene, Warner wrote. If any of your manufactured devices are no longer capable of receiving critical cybersecurity updates, consumers should receive and have access to clear guidance from your company advising them when their product is no longer protected from cybersecurity threats by its manufacturer.

Read the original:
One senator wants vendors to ensure their internet connectivity devices are secure - fifthdomain.com

How a VPN works – The Upcoming

How a VPN works

In todays world of technological advancement, more than four billion individuals surf the internet daily. What most of these people do not realise is that they are viewing hundreds of pages without proper protection. Due to this, every website they visit has a digital trait of their personal data left behind. And while you may not think of this as harmful, numerous hackers can use your personal information or sell it on the black market. This is why, to keep the data of billions of individuals safe, many companies have advised the use of a virtual private network (VPN).

While VPN technology has existed in computers for years, individuals have recently discovered its potential to keep their data safe. This has happened due to multiple factors, for example, ISPs selling users personal information, hackers and governments stalking online activities for their purposes. So, it is not surprising that many individuals would want their data to be kept private.

Until now, many countries have developed their versions of internet security. Canada has also taken great interest in cyber-privacy by developing multiple VPN Canada technologies to keep the data of its citizens safe from potential harm. Before we look at the different types of recommended VPNs, let us first discuss what it is and how it works.

What is a virtual private network?

A virtual private network, or VPN, is a technology that gives its users the freedom to access multiple websites on the internet without their data or location being recorded. It offers numerous servers for different countries that can also help to hide any online action.

How does it work?

The way a VPN works is very simple. When users connect their device (computer, mobile or tablet) with a VPN, the technology changes their IP address to a different one that exists in another country. Your device is then enabled to safely roam different websites as if you are on a new location or server. This can help to access blocked websites or secure your personal data if you are using public Wi-Fi.

How many types of VPN are there?

There are multiple types of VPNs available to assist different devices or purposes. These types include VPN extensions

Some VPNs allow users to have browser accessibility in which they can easily install an extension on their browsers and use it to safely surf different websites. There are a plethora of VPN add-ons you can install on your Firefox or Google Chrome browsers. Various browsers like Opera already come with its own built-in VPN that you can turn on whenever you would like to protect your data or access a blocked website, such as Netflix or Hulu.

The editorial unit

Read the rest here:
How a VPN works - The Upcoming

New Security Report from WatchGuard Shows Explosion in Evasive Malware – socPub

Report finds macOS adware and 2017 Excel exploit running rampant and includes analysis of keylogger malware used in coronavirus-related phishing attacks.

24 March 2020 WatchGuard Technologies latest Internet Security Report shows that evasive malware has grown to record high levels, with over two-thirds of malware detected by its Firebox security appliances in Q4 2019 evading signature-based antivirus solutions. This is a dramatic increase from the year-long average of 35% for 2019 and points to the fact that obfuscated or evasive malware is becoming the rule, not the exception. Companies of all sizes need to deploy advanced anti-malware solutions that can detect and block these attacks.

In addition, WatchGuard found widespread phishing campaigns exploiting a Microsoft Excel vulnerability from 2017. This dropper exploit was number seven on WatchGuards top ten malware list and heavily targeted the UK, Germany and New Zealand. It downloads several other types of malware onto victims systems, including a keylogger named Agent Tesla that was used in phishing attacks in February 2020 that preyed on early fears of the coronavirus outbreak.

Our findings from Q4 2019 show that threat actors are always evolving their attack methods, said Corey Nachreiner, chief technology officer at WatchGuard. With over two-thirds of malware in the wild obfuscated to sneak past signature-based defenses, and innovations like Mac adware on the rise, businesses of all sizes need to invest in multiple layers of security. Advanced AI or behavioral-based anti-malware technology and robust phishing protection like DNS filtering will be especially crucial.

WatchGuards Internet Security Report prepares businesses, service providers and end users with the data, trends, research and best practices they need to defend against todays security threats. Other key findings from the Q4 2019 report include:

The findings included in WatchGuards Internet Security Report are drawn from anonymized Firebox Feed data from active WatchGuard UTM appliances whose owners have opted in to share data to support the Threat Labs research efforts. Today, over 40,000 appliances worldwide contribute threat intelligence data to the report. In Q4 2019, they blocked over 34,500,000 malware variants in total (859.5 samples per device) and approximately 1,879,000 network attacks (47 attacks per device).

The complete report also includes key defensive best practices that organizations of all sizes can use to protect themselves in todays threat landscape and a detailed analysis the MageCart JavaScript malware used in the Macys payment card data breach in October 2019.

For more information, download the full report on WatchGuard's website.

Link:
New Security Report from WatchGuard Shows Explosion in Evasive Malware - socPub

Cryptocurrency Wallets: Everything You Ever Wanted To Know – hackernoon.com

@akshita

Tech savvy writer who loves technology, coffee, and writing!

Keeping the cryptocurrency wallets secure is very important for all those people who are going to use various crypto wallets for the first time and are unaware of security risks related to crypto wallet usage.

Many naive crypto wallet users trust the promise of blockchain technology in creating a secure system for users where someone can't hack into your cryptocurrency and steal it. Blockchain is indeed a model of internet security since it is underpinned by a distributed ledger that creates a chain of immutable records.

But, you must know that the security promise offered by revolutionary blockchain tech doesn't automatically apply to your crypto wallets. There is a surprising risk associated with crypto wallets usage and this is not because of blockchain. In most cases, the security risk related to your crypto wallet arises because of your wallet or exchange provider. Wallet providers often track the information you provide to them while signing up.

As competition is continually growing among crypto wallet solution providers, companies seek more information about their customers so they can provide more personalized product offerings. Similar to digital wallets in real-world, tracking software is used by many companies in their crypto wallet solutions today to seek information about crypto wallet users - their search history, email or web activity information so they can identify what customers actually want and can deliver the exact results.

Hence, it is very important for beginners in the crypto space to take full responsibility for safeguarding their funds stored in the crypto wallet.

To help you achieve this, the article would highlight the key security issues and risks related to crypto wallets usage, how to choose a crypto wallet safely and key measures to safeguard your crypto wallet funds.

But, before moving on to the actionable insights related to how to make you cryptocurrency wallet secure, lets first try and understand what is a cryptocurrency wallet and how it differs from a digital wallet or eWallet:

What Is a Cryptocurrency Wallet?

In other words, a crypto wallet allows a particular user to send/receive or exchange bitcoin and other popular cryptocurrencies with others easily. If you want to send/receive bitcoin or any other altcoin, you simply need a crypto wallet.

How Does It Work?

Now, that you have got the basics covered, lets understand how crypto wallets work:

Unlike the real-world physical wallet, your cryptocurrency is not stored in the digital wallet in a physical form. Instead, it is digitally stored on the blockchain - a revolutionary,

ground-breaking technology that contains an immutable, circular record of every single transaction incurred on the network, including the total account balances held by each wallet address. The software inside the crypto wallet is directly linked with blockchain and allows you to submit transactions on the blockchain ledger. The wallet is responsible for the generation of public and private keys for you, without which you wont be able to access or transfer funds.

So, whenever you send bitcoin or any other cryptocurrency, you essentially transfer the ownership of your wallet coins to the other wallet address where the coins are being sent. To access and unlock the funds, the recipient wallet owner must have the private key linked to its wallet address and it must also match the public key/address where you have sent the coins. Remember, no actual exchange of real coins is done here and the transaction will only be recorded on the blockchain along with an update in the crypto wallet balance of you and the receiver.

What Are the Different Types of Cryptocurrency Wallets?

Further, these two wallets can be divided into the following categories:

Online/Web Wallets (Hot Wallet)

These wallets are cloud-compatible and are accessible from any internet-connected device from any part of the world. These wallets offer you extreme convenience as you can store your private keys online - which would be secured by a third-party on your behalf. Although, your private keys are at the highest risk of getting stolen online from online due to hacking attacks and theft.

Desktop Wallets (Hot Wallet)

They are generally installed on your computer system or laptop, just like any other software. Although, desktop wallets are at high risk of getting affected by malware or computer virus. You should install strong antivirus and have a firewall to protect your wallet private keys. Popular examples include Jaxx, Electrum, etc.

Mobile Wallets (Hot Wallet)

These wallets run via an app on your mobile and offer extreme convenience as they can be used for instant transfer of payments to anyone, anywhere using virtual currencies stored in your account. Some mobile wallets also have web or desktop versions. Popular wallet examples include Coinomi, Mycelium, etc.

Hardware Wallet (Cold Wallet)

Hardware wallets store users private keys on a hardware device like a USB. As users private keys are stored in some physical device, they offer the highest level of security and are least vulnerable to online attacks. Many crypto users consider them the safest option to store their digital money. Hardware wallets can be connected to a PC and also compatible with several web interfaces. To send currency from a hardware wallet; you just need to plug your device to an internet-connected PC or device, enter a pin and send currency. Popular examples include Trezor, Ledger Nano S, etc.

Paper Wallet (Cold Wallet)

How a Crypto Wallet Is Different from a Traditional Digital Wallet/eWallet?

Despite millions of people across the world using cryptocurrency wallets, there is still a misunderstanding when it comes to understanding how they differ from traditional digital wallets:

Lets understand each in detail:

A Cryptocurrency wallet is essentially a software program that enables users to send, receive or store a myriad of cryptocurrencies or digital currency. It also enables users to monitor their crypto balances. These wallets also store the private and public keys of a user and interact with various blockchain so that users can send or receive cryptocurrencies.

On the other hand, a digital wallet or e-wallet is a software-based program or system that securely stores users payment-related information in a secure environment and eliminates the need to enter account information manually for users, every time they make online payments.

E-wallet allows you to store payment details like credit card, debit card information, bank account information, etc. for making faster payments. E-wallets can also work as the main interface for using cryptocurrencies for users if they come with built-in features to interact with various blockchains.

Note: Digital wallets also act as the main interface for using cryptocurrencies like Bitcoin for users if they come with built-in support for crypto storage or exchange.

Heres the difference:

Unlike digital wallets and traditional pocket wallets, a cryptocurrency wallet does not store any currency. All that exists in a crypto wallet is a record of users crypto transactions that are stored on the blockchain network - which might be visible or invisible to other users, depending upon the blockchain type - public or private.

Crypto wallets store the public and private keys of users engaged in the crypto exchange. Such a facility is simply available from a typical digital wallet.

Unlike a typical digital wallet, a crypto wallet has an interface that allows it to interact with various blockchain for sending or receiving crypto on behalf of users.

Digital wallets can be linked to a banks mobile app or any payments platform like Paypal or Alipay, which is simply unavailable in case of crypto wallets.

Examples of Cryptocurrency Wallet Scams in the Crypto Industry

Now that you are fully aware of the working of Crypto wallets and how they differ from traditional digital wallets, let's look at some of the scams in the crypto industry to give you an idea about the security risks associated with the crypto wallet usage:

Case #1

Case #2

Case #3

Risks related to Cryptocurrency Wallet Usage

Spoofing

In the case of spoofing, the malware present inside the user system tries to change the senders wallet address in an attempt to distract another person to send cryptocurrencies to a wrong wallet address. The crypto wallets with less secure security protocols may often become victims to such hack incidents. Hence, always check the level of security protection a crypto wallet offers to you.

Loss of Funds

As discussed, you need both private and public keys to access your crypto wallet and funds stored inside it. Hence, it is important that you store both keys securely. Keeping private keys in an encrypted form is equally important to minimize the possibility of someone accessing your wallet funds without your permission.

High Transaction Fees

While using crypto wallets, the users also pay to pay transaction charges, which might go up to 50% of the sent amount. Ignoring these things might lead to a big financial loss for you.

Centralized Structure

You must know that the public address of your crypto wallet is visible on the blockchain network (excluding private ones) that can readily be seen by everyone; hence, your wallets are at risk of attacks from hackers.

Reversing Payments

While using crypto wallets for virtual current transfer, always remember to enter the correct public address of their receiver, as transactions once performed on the blockchain cannot be reversed due to its nature. You might lose your money as it will be transferred to a wrong wallet address.

Actionable Insights for How to Secure Your Cryptocurrency Wallet

If you love using crypto wallets, here are some of the important safety measures that you should keep in mind to secure your cryptocurrency wallet and funds stored inside:

Keep your Private Keys Secure

Once someone gets access to private keys or passwords of your crypto wallet, your funds are simply gone. So, always remember to store your private keys safely and make sure no one has access to your private keys or wallet password.

In order to keep your private keys safe, follow these safety tips:

Choose a Crypto Wallet Wisely

Always choose a wallet that stores your private keys in an encrypted form online. Crypto wallet solution providers like Corin are offering private key encryption that prevents insider hacking for your crypto wallet. For users concerned about cyber threats, cold wallets are the best solution. You can use cold storage wallets like Trezor or Ledger so that cybercriminals stay away from your funds stored inside a crypto wallet.

Make your Youre using a Secure Internet Connection

Majority of the public networks or wi-fi networks are vulnerable and have security flaws also, which cybercriminals can easily take advantage of for hacking your crypto wallet funds. If you're using a hot wallet to connect to your crypto wallet - avoid connecting to a public network. It is recommended that you use your private or home networks. Also, make sure your private wi-fi uses strong encryption like WPA-2 protocol.

Avoid Phishing - Email and Web

In the crypto world, it is common for hackers to perform phishing attacks through email and Google ads, To avoid becoming part of such phishing scams. Always check the emails that you receive from your crypto wallet solutions providers have their domain spelt correctly and try to avoid logging into their website by clicking on the Google Ads. Remember, once your private key is exposed to a phishing site, your crypto funds are gone.

Cross-check the Wallet Address

Make sure when you connect to an exchange or hot wallet, you're logging into the right address- the one provided by your wallet solution provider. Also, log in to websites only that are using a valid HTTPS certificate. Most legit sites have HTTPS secure. For extra safety, try browser plugins like HTTPS Everywhere

Keep an Eye on Auto-updates

It's always recommended to turn off auto-updates while using web apps related to the crypto wallet. The bugs arising in new software updates can cause massive losses for you as a crypto wallet account holder. Wait for 2 or 3 days to track any potential issues in the new release of the crypto wallet app or software. Once the app is tested by other users, you can install it without any risk.

Use Strong Passwords

Enable Two-Factor Authentication (2FA)

You should always enable the two-factor authentication functionality if provided by your crypto wallet solution provider. Better you choose crypto wallet solutions that offer this functionality by default. Remember, two-factor authentication is done in different ways by different wallet providers. For example, A Google authenticator app uses a 6 digit code that changes regularly and is unique for every user. Also, whenever possible, use wallet solutions with software or hardware 2FA rather than SMS.

Separate Your Crypto Funds

Spread your total cryptocurrency wealth across multiple wallets - no matter hot or cold to minimize the loss in case of a hack.

Backup your Crypto Wallet Regularly

It is always a good idea to backup your crypto wallet in case you lose the device that is used to access your crypto wallet. Also, make sure the backup is sold in a safe location. Backing up your crypto wallet helps you in the easy restore of your wallet with all-important account details intact.

Now, the Major Question - Are Cryptocurrency Wallets Really Safe for Beginners?

Well, the answer is both a yes and no! If you perform a transaction on the blockchain, it simply cant be reversed and If the hackers somehow get access to your crypto wallet private keys, it would not be possible for you to do anything in such a case. For this reason, you as a beginner in the crypto sphere might get worried.

But, not be disappointed completely. As blockchain is a new and evolving technology, compared to other techs, researchers and developers are working hard to figure out every possible solution for security loopholes in virtual money transfer on blockchain networks. A lot of firms are coming up with new and advanced options, i.e., private cryptocurrencies, AI-based wallets, etc. to safeguard users crypto wallet funds.

Summing Up !

I hope you enjoyed reading my blog about the security aspect of crypto wallets. If you have read it completely, you should have developed a really good understanding of how crypto wallets work in the blockchain sphere.

You might have also obtained knowledge about different kinds of wallets and which one is best for you if you are planning to trade or invest in cryptocurrencies for the very first time, depending upon the security protection offered by each.

Also, if you follow the security measures given in this blog properly, hackers will have a hard time sneaking into your crypto wallet accounts. Remember crypto offers great power into the hands of the general masses and unbanked, but with great power comes greater responsibility. So, try to master the art of safeguarding your crypto wallet before it's late.

If you enjoy reading this post, do let me know your thoughts in the comment section below. You can also suggest your viewpoints or ideas for making the crypto wallet security checklist better, given in this article.

Subscribe to get your daily round-up of top tech stories!

The rest is here:
Cryptocurrency Wallets: Everything You Ever Wanted To Know - hackernoon.com