A South Korean security agency expects more exchange hacks in 2020
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Answer A South Korean security agency expects more exchange hacks in 2020
revealed The Korea Internet and Security Agency (KISA) and the Internet Threat Research Network, a consortium of the country’s top antivirus and security service providers, last week said they expect more cryptocurrency exchange hacks in 2020.
Six leading security firms along with KISA have identified a category that poses a significant cybersecurity risk in South Korea, making up a list of seven major cyber threats for the following year.
These attacks included multiple categories including enterprise ransomware, threats involving artificial intelligence and attacks on mobile phone supply chains.
INCA, the largest gaming security company, chose to highlight the potential security risks faced by many crypto trading platforms.
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She noted that many trading platforms have poor infrastructure, which indicates that more breakouts may be on the horizon in 2020.
Many of the largest South Korean exchanges have fallen behind due to hacking over the past few years, losing millions of different cryptocurrencies.
Just last month, $50 million in Ethereum (ETH) was stolen from UPbit platform One of the largest trading platforms in South Korea.
It is still not clear if it was hacked or if it was an inside job.
There was also a hack in March of Bithumb, which lost $13 million in EOS coins, blaming its internal team.
Mr. Kim Seok-hwan, President of KISA Corporation said:
To prevent hacking attacks, basic security management such as continuous security updates related to Internet routers, IP cameras, and Internet of Things (IoT) devices are key.
South Korea is already looking into introducing more regulations for the crypto market.
as it appeared a report Yesterday was telling about the potential taxation of capital gains from cryptocurrencies which could be included in tax regulations in the coming months.
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