We live our lives online these days – and given this simple fact, it should come as no surprise that cybersecurity is one of the fastest growing industries around, and one that’s critical to all other sectors. For those in the cryptocurrency industry, however, cybersecurity plays a more interesting role. That’s because, while cryptocurrency operations clearly need to enhance their own cybersecurity efforts, they’re also reliant on technology – blockchain – that other industries are using for their own security needs.
When cryptocurrency’s use of and contributions to cybersecurity are considered, alongside the many stages of development represented within the industry, a case study emerges. By monitoring the cryptocurrency industry, it becomes possible to observe and evaluate the importance
of cybersecurity across all phases of business development.
Most cryptocurrency scams don’t actually get their start inside cryptocurrency companies. Instead, scammers use the industry as a front to con people out of money or information. That being said, cryptocurrency platforms could do more to ensure that bad actors aren’t making use of their platforms – with recent high-profile hacks like the one targeting major Twitter accounts only increasing the pressure on cryptocurrency companies to manage their user base.
IT consultants specializing in cybersecurity could help both new and established cryptocurrency operations balance the expectation of privacy – even anonymity – on their platforms, with enhanced security throughout.
In addition to concerns about anonymity and free use that underlie the cryptocurrency industry, there are several other reasons that the field has likely underemphasized cybersecurity is due to the approach many IT consultants take to the work. Specifically, many of these consultants resell
existing security products, which rarely works for such complex systems. What cryptocurrency operations need is an IT consultant who can develop a technical cybersecurity plan based on system architecture.
There’s another advantage to IT consultants working with cryptocurrency companies. While off the shelf solutions won’t work, if skilled consultants can build the necessary infrastructure, they may also be able to apply those strategies to other blockchain-based security systems. Blockchain is integral to many new security strategies, so taking lessons from the original cybersecurity experts – crypto companies – could help fight
Smart cybersecurity requires a multi-layered approach, as any savvy business knows – and cryptocurrency companies, despite their shortcomings, have embraced this approach. In particular, cryptocurrency is generally protected at three levels: the coin or token, via the exchange, and through the use of a “wallet.”
There’s even been a push to employ security wallets, designed to enhance transaction privacy. Such transaction privacy could be of significant interest to many other industries, but such adoption requires getting leadership on board with evolving IT demands.
Cryptocurrency companies from the newest players to the household names require strong cybersecurity tools to protect their users, but the industry also leans on technology that informs the rest of the IT world. Given the importance of blockchain across numerous fields, then, implementing more complex, responsive IT consulting services at every level of cryptocurrency business could support blockchain-based IT and security services in other industries. The result would be better security for everyone.
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