12.4 How cybersecurity adds value to the existing digital assets ecosystem

The decentralized nature of cryptocurrency is an opportunity for cybercriminals to use digital assets to keep their illicit activities from regulators' radar. Having the appropriate cybersecurity protocols in place can prevent cybercriminals from taking advantage of the vulnerabilities of digital asset systems.

Figure 119. Cybersecurity for digital assets – Value added to the existing financial system

Pain point of the financial system How cybersecurity adds value Detail

Prone to phishing risks Phishing threat detection tools can detect fraudulent clones of the project website and enable digital asset exchanges to respond to the attack immediately. Continuous analysis of phishing activity provides immediate alerts that help protect from losses.

Users’ lack of security awareness

Vulnerabilities in confidential data when involving thirdparties

Source: Kaspersky

Cybersecurity firms can educate users to raise awareness.

Cybersecurity tools can assess the suspicious third-party applications Examples include training for users to enhance their cybersecurity awareness and skills.

When engaging third parties, an application security assessment can detect and fix the vulnerabilities that may lead to the syphoning of confidential data or infiltration of the system.