Crypto acceleration is in full swing. As time passes, more and more people gradually show interest in the ecosystem. In fact, in some cases, whole nations are adopting crypto as a means of finance. In other words, institutional and individual adoption of crypto is at an all-time high.
As a result, it is high time that individual and institutional investors consider the security of crypto assets. Recent research by Binance suggests that approximately 30,000 investors have revealed an increased interest in cybersecurity. However, this study also shows a key paradox.
As adoption increases, the technical vulnerabilities also tend to multiply greatly. More robust adoption clarifies that more loose ends need to be plugged. Furthermore, recent incidents, including the Lazarus group, have also exposed the urgent need for more airtight security measures.
Flaws In The System
The study also showed that even though the need for better security is at an all-time high, some risky practices are still widespread. One of them is storing wallets’ private keys in devices connected to the internet at all times. The study suggested that this is more prevalent in the Southeast Asian region.
The study also suggests that only 21.5% of traders have enabled anti-phishing measures, and only 17.6% use an address whitelist. Overall, the usage of advanced protection measures is not satisfactory compared to adoption.
All in all, the landscape needs better security measures to avoid another multi-billion-dollar theft or phishing scam. Therefore, now is the right time to up the game for crypto firms to upgrade their security measures.
