On completing this course, you will be able to:
Welcome to this module, which will explore the different methods that cybercriminals use to launch an attack
Understanding what these are and how they work is the best way to protect ourselves. So, let’s make sure you know what you’re up against.
Cryptocurrency is digital money that can be used to buy goods and services, using strong encryption techniques to secure online transactions.
Banks, governments and even companies like Microsoft and AT&T are very aware of its importance and are jumping on the cryptocurrency bandwagon!
Wallet
Cryptocurrency owners keep their money in encrypted, virtual ‘wallets.’ When a transaction takes place between the owners of two digital wallets, the details are recorded in a decentralized, electronic ledger or blockchain system. This means it is carried out with a degree of anonymity and is self-managed, with no interference from third parties such as central banks or government entities.
Mining
Approximately every ten minutes, special computers collect data about the latest cryptocurrency transactions, turning them into mathematical puzzles to maintain confidentiality.
These transactions are then verified through a technical and highly complex process known as ‘mining.’ This step typically involves an army of ‘miners’ working on high-end PCs to solve mathematical puzzles and authenticate transactions.
Secure transactions
Once verified, the ledger is updated and electronically copied and disseminated worldwide to anyone belonging to the blockchain network, effectively completing a transaction.
Cryptojacking is an emerging threat that hides on a user’s computer, mobile phone, tablet, laptop or server, using that machine’s resources to 'mine’ cryptocurrencies without the user's consent or knowledge.
Many victims of cryptojacking didn’t even know they’d been hacked until it was too late!
It’s clear that the cyber landscape is changing. And while the rise of cryptocurrency has produced lots of opportunity, it also exposes more vulnerabilities, making it easier than ever before for hackers to steal huge sums of money online.