Tech & Innovation
How to store cryptocurrencies, keep funds safe, and spot scams
Given its growing popularity, experts at Avast have provided advice on how to store cryptocurrencies, keep funds safe, and spot scams.
Published
2 years agoon

Avast, a global leader in digital security and privacy, has observed in the first six months of 2021 that cryptocurrency-focused phishing scams are more likely to appear in countries where cryptocurrency is rising in popularity.
Avast’s threat labs researchers have intercepted and protected users against a rise in crypto-related phishing sites since the start of the year, with the majority posing as legitimate custodial wallets. The rise of these sites is higher in countries where cryptocurrency adoption is most prevalent1. The United States, Brazil and Nigeria are the biggest targets for these crypto-scams, with notable levels of scams also in the UK, France, Russia and India. In this research, Avast Threat Labs monitored a selection of 37 samples. The global heatmap below shows where around the world users visited crypto-related phishing in the first six months of 2021:
Peter Kovac, senior researcher at Avast, said, “The crypto market is surging right now. Bitcoin has been given a boost following recent news from El Salvador that it will be recognized as legal tender in the country – with other countries in the region tipped to follow suit.”
“This surge in Bitcoin is having a knock-on effect across the wider crypto space and some analysts are even predicting that 2021 will be a record-breaking year for cryptocurrencies. However, as it has grown in popularity, it has also grown as a more lucrative target for hackers – and our researchers have found the levels of crypto-related scams are most prevalent in regions where cryptocurrencies are gaining popularity.”
Given its growing popularity, experts at Avast have provided advice on how to store cryptocurrencies, keep funds safe, and spot scams.
How to store cryptocurrency
There are several methods and crypto wallets that cryptocurrency owners can deploy to store their cryptocurrency. Each has its own advantages and potential security pitfalls.
Custodial wallets
With a custodial wallet, coins (cryptocurrencies) are managed by some other entity, like a cryptocurrency exchange such as Binance, or similar service. It works like a traditional bank account, where users can log in and manage their funds.
- The advantages: The burden of securing funds is partially offloaded to the service provider, users have guarantees and insurance to a certain extent.
- The risks: If the service goes bankrupt or is fraudulent it could lose some or all funds. If this happens, users are at the mercy of the service provider, and they may limit people’s access to their money.
- Relevant threats: It’s vital that users view their crypto account like any other form of online banking, with the same threats and vulnerabilities facing it, without the same protections and insurances that they have with traditional banks. Phishing is one of the biggest threats facing custodial wallets, with fake websites impersonating exchanges and services designed to steal people’s credentials and funds popping up all the time.
Software wallets
Software wallets are applications that manage cryptocurrency owners’ private keys and allow them to make transactions directly.
- The advantages: Software wallets are designed to be very convenient and easy to use. As a non-custodial wallet, people have complete control over their funds.
- The risks: The device the software wallet is stored on will be the single point of failure. If a device with the app is hacked, stolen or even damaged, then the user could lose access to their funds forever.
- Relevant threats: Besides the physical risks, ransomware encrypting the device and data stored on it, and demanding a ransom payment to unlock said device and data, pose a major threat. Trojans spying on the user’s data, and backdoors letting intruders into the device, also pose a huge risk to software wallets.
Paper & brain wallets
These are the most simple solution but also the most error prone – simply having the private key written down or memorized.
- The advantages: Put simply, the advantage is its simplicity, lack of cost and will not be susceptible to hacking or other computer threats.
- The risks: If something happens to the paper such as damage or theft, or the user has a lapse in memory, they risk losing all of their funds.
- Relevant threats: There will be no backup in case of loss of paper or memory. Once it’s gone, it’s gone for good.
Hardware wallets
Hardware wallets are an actual separate device, such as a USB, that acts as the wallet. These wallets also come with a “recovery sheet” with the private key written on a piece of paper (or carved into steel to withstand fire and other forms of physical damage).
- The advantages: Hardware wallets are especially designed to prevent hacking. Only very select, skilled individuals have shown the ability to crack a hardware wallet after having long-term physical access to it.
- The risks: As with any physical device, losing it would be one of the biggest risks. However, providing a crypto owner is using it according to the best practices by having a secure safety pin/password, it is rather secure. While not necessarily a risk, hardware wallets can be expensive, with associated safekeeping costs.
- Relevant threats: Providing a user follows best practices, the threats are minimal. Most hardware wallets require several checks before they allow people to send money. These happen on the device and private keys never leave that device.
How to keep cryptocurrency safe
Users should be wary of scams: Scams can come in many forms online, from “crypto giveaways by Elon Musk” to “we will invest your money for you with XYZ% gains every month”. If it sounds too good to be true, then it probably is.
Crypto owners should:
- Watch out for unsolicited private messages: Whether that’s on WhatsApp/Telegram or any other social media forum, people should immediately block any unsolicited message that may be fraud. For example, if a message comes from an unknown number, or if it comes from a contact but is an unusual, and possibly urgent message coming from the contact, the contact’s phone might have been hacked. It is recommendable to reach out to a contact, for example via phone call, and verify if they really sent this message before taking any further action. Even if the message is unrelated to crypto, the intention can be phishing, to ultimately spy on the user’s data.
- Be aware of mobile phishing: Hackers are increasingly targeting people on their mobile devices in order to steal crypto credentials. These social engineering attacks can come from anywhere on a mobile device, including texts, social media, third-party messaging platforms or email. Beyond phishing, malicious mobile apps are also on the rise that have the hidden ability to log keystrokes and spy the activity on people’s screens. To prevent mobile phishing attacks, users can use Avast Secure Browser, which offers an anti-phishing feature that blocks dangerous websites on Android devices. The browser’s anti-phishing feature also works on Windows and Mac devices.
- Rely on services that use strong security measures: When choosing a custodial or software wallet, people should be assured to choose a provider that offers strong security measures including two-factor-authentication methods. For more security, there are also platforms that encourage the user to set up separate passwords to log in to the platform, and to do a transfer. People who want to stay entirely private may decide for a platform that does not require them to submit an ID, but oftentimes these platforms provide poor security measures. There are platforms that can offer this as they allow crypto trading only instead of trading with Fiat money such as Euro or US-Dollar, which is why they are not obliged to stick to anti-money laundering and know your customer (KYC) rules.
- Install an antivirus: Crypto owners should ensure that they have strong antivirus protection across all of their devices. For example, many people will have an antivirus on their PC but not on their mobile devices or tablets – which is why malicious mobile phishing and malware campaigns have been so effective for hackers. Crypto accounts can be worth a very significant amount of money, so for users it’s essential to ensure robust internet security on any device on which crypto information is stored or from which accounts are accessed.
You may like
-
A guide for global etiquette in the hybrid workplace
-
What could your business get out of managed security services
-
5 Digitization trends to help businesses evolve in 2023
-
Why small businesses need both a domain name and hosting to create their digital presence
-
7 Tips on mitigating cyber risks to your corporate social media in 2023
-
Fear can inspire remote workers to protect IT resources
Strategies
A guide for global etiquette in the hybrid workplace
With people increasingly splitting their time between the office and home, how we conduct ourselves at work has changed drastically.
Published
3 weeks agoon
March 4, 2023
Samir Sayed, Managing Director for ASEAN, Korea, Emerging Markets & Pakistan for Hybrid Work Solutions at HP says “The shift to hybrid work was so abrupt, we’ve not really considered how our behaviour should change to accommodate this new way of working. Should we be amending our behaviour to make hybrid work and hybrid meetings feel more normal? Thinking about how to make hybrid meetings feel more natural will create an equal meeting experience, whether people are in the room or dialling-in from home, which can come down to employers providing staff with the right technology and training.”
“With people increasingly splitting their time between the office and home, how we conduct ourselves at work has changed drastically,” says Liz Wyse, Etiquette Advisor at Debrett’s. “It is clear that hybrid working offers many benefits, including greater flexibility and a better work-life balance. However, that’s not an excuse to let etiquette slip, and standards should stay the same regardless of where you’re working from. What’s the dress code when working from home? How do you eliminate distractions and present a professional façade online? This guide seeks to answer these questions so that both staff and employers can get the most out of a hybrid working arrangement.”
The comprehensive guide offers insight into everything from how to behave on video calls and how to dress yourself and your background, to body language tips and the importance of eliminating distractions. Key takeaways include:
- Give a Royal wave: Ending a video call can sometimes feel a bit awkward. To make calls feel more friendly and inclusive, you can soften the abrupt finality of pressing ‘End call’ by giving colleagues a wave goodbye.
- Avoid video motion sickness: Stay in a fixed position during video calls. Carrying your device while you answer the door or wander around the office during video calls risks giving your colleagues a bad dose of motion sickness.
- No meeting munchies: You should try to avoid eating – you don’t want people to focus on the contents of your lunch rather than what you’re saying. It’s preferable to eat before you join a meeting.
- Beware the danger of diversions: Your home is full of diversions. Be it domestic chores, the garden or visits to the fridge – it’s all too easy to wander around doing jobs or making snacks, which ultimately distracts you from your job and impacts your productivity.
- Eliminate virtual background clutter: Indulge in a little set-dressing before your call. Evaluate your video background. Try to eliminate chaotic bookshelves, discarded clothing, empty take-away containers and distracting artwork. You want your colleagues to focus on you, not your background.
- Say no to stoic sickness syndrome: Do not struggle into the office if you have got a cough or cold or anything contagious. Nobody will applaud your stoicism.
- No meeting multitasking: It’s inappropriate to multitask during meetings – for example looking at your phone. It is also very bad form to carry on working while on a call; everybody will realise your mind is elsewhere and hear the incriminating clatter of your keyboard.
- Mute your work mates: Noise in the office can be distracting when joining calls. It’s quite acceptable to politely ask your colleagues to keep their voices down and to turn down their radio or music.
- Dress for success: People will choose to wear more relaxed, comfortable clothing when working from home, but it’s important to be aware of the psychological impact of truly letting yourself go. Aim to dress as if you are in the room with other meeting attendees.
- Embrace long pauses: Don’t be alarmed by long pauses during meetings and scramble to fill them with chatter; they are an invaluable way of giving people space to interject or expound.
Looking ahead, instead of giving everyone the same equipment, organisations should understand how people like to work and collaborate, and the spaces they use – including their home office setup. This can be used to tailor the equipment provided, allowing employees to look their best, be heard, feel included and avoid distraction, irrespective of where they’re working from.
To learn more about the new etiquette for hybrid work, please click here. An infographic can also be found here.
BizNews
What could your business get out of managed security services
If lack of budget is one of the top reasons your business is in status quo despite the danger of security breaches, the more you may need to consider getting on board a managed security service provider (MSSP).
Published
3 weeks agoon
March 4, 2023
Is your business still counting on your general IT team to handle an entire spectrum of cybersecurity issues? If you do, it might be time for a change.
If lack of budget is one of the top reasons your business is in status quo despite the danger of security breaches, the more you may need to consider getting on board a managed security service provider (MSSP).
What exactly is a managed security service provider (MSSP)?
Today, companies of all sizes go to a managed service provider or MSP for extra hands to support different business areas, such as payroll and HR. This is the usual route taken by businesses in the midst of growth where systems have to be implemented quickly but internal resources and expertise are lacking. With information security becoming a growing concern, services now also include management of IT services and infrastructure. In other words, an MSP is a third party for businesses maintenance services.
A managed security service provider (MSSP) is of a different breed because it focuses on cybersecurity. The first job of an MSSP is to help with the process of keeping a company’s critical systems and highly sensitive information secure while understanding the client’s concerns and showing them how to overcome it. Large organizations with diverse in-house staff of IT experts but need specialized help with a whole range of cybersecurity outsource an MSSP.
For companies requiring round-the-clock monitoring, an MSSP is a suitable alternative to a security operation center (SOC), which requires at least nine people to operate 24/7. An MSSP is designed to reduce the number of operational security personnel that an enterprise needs to hire, train, and retain.
In a post-pandemic environment, planning for contingencies and considering the uncertainties of the future are what will ultimately spell the difference between surviving and thriving among businesses.
Gartner projected that by 2023, the widespread adoption of advanced technologies will see a jump from less than 15% today to 75% of organizations restructuring their risk and security governance.
To understand how organizations have responded to their pandemic-related challenges so far, Kaspersky has surveyed businesses of different sizes in 26 countries in September 2022.
Results of the survey are collected in the latest Kaspersky IT Security Economics Report where respondents in Southeast Asia shared their current setup when it comes to managing the IT security of their organizations.
In using MSSPs to fulfill their IT security needs, SEA businesses admitted to be enjoying the following benefits:
- IT teams doing more with less. SEA companies appear to be placing a premium on getting access to extensive knowledge and resources from outsider-cybersecurity technology pros.
Some 55.8% of these companies said MSSPs provide special expertise, 54.7% are helping them meet compliance requirements and reduce regulatory risks for them, and 50.4% realized that MSSPs are taking the complexity out of business processes. They believe that partnering with MSSPs is a shot in the arm for their internal IT crews with all the resources and skills they bring to the table.
- Cutting costs. This is one of the biggest benefits of MSSPs for 49.4% of companies in the region. Keeping a roster of highly specialized cybersecurity experts in-house is expensive for every company of every type and size. Engaging an MSSP could reduce HR expenses and up-front IT security costs such as huge spending on full-time staff, rigorous protection measures as well as staff training and awareness.
Businesses are now beginning to look at security as an operational expense, taking into account the cost of suffering a breach such as a hacked database, costly downtime, customer losses, and reputational damage that could seriously hurt the bottom line.
- Scalability. SEA respondents (48.5%) have found that working with MSSPs is helping their organization become flexible in terms of changing requirements. They can add resources in increments or only for a certain period of time.
“Recall how the usual ways of doing business were impacted during the pandemic years. We have seen how physical offices and stores shut down, employees suddenly dispersed to work remotely, and customers forced to transact everything online. We were also witnesses to how cybercriminals took advantage of the unprepared world, unleashing a surge of cyber attacks of various kinds,” says Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.
“From their pandemic experience, decision makers of thriving businesses have learned to adapt to the new normal to stay in the game and be on the frontline for when opportunities arise. There is no other way but to grow and expand only if we change our mindset and shift our priorities,” he said.
Kaspersky’s partner-MSSPs across Southeast Asia are at the disposal of companies that are considering turning to MSSPs to gain access to Kaspersky’s wealth of experience, expertise and comprehensive portfolio of cybersecurity services and solutions, including threat intelligence, incident response, threat detection, malware research, and reverse engineering and digital forensics.
To know more about Kaspersky’s Managed Service Provider Partnership, interested vendors can contact https://www.kaspersky.com/partners/managed-service-provider .
The full report Kaspersky IT Security Economics Report 2022 is available for download here.
Tech & Innovation
5 Digitization trends to help businesses evolve in 2023
To sustain this momentum and push forward, Eastern shares five key digital transformation trends to help Filipino businesses evolve every day in 2023.
Published
1 month agoon
February 5, 2023
Digital transformation has substantially evolved in recent years, assisting many businesses and industries to recalibrate their operations to overcome the challenges and thrive post-pandemic.
Premier telecommunications company Eastern Communications believes that many companies have started embracing the concept of digitization. This belief is aligned with the International Institute for Management Development (IMD) research which reported that the Philippines improved in terms of competitiveness in shifting to digital technology as a catalyst for economic transformation. Providing increased efficiency and enhanced operations, digital transformation helps businesses drive growth through the pandemic aftermath and unforeseen economic situation.
To sustain this momentum and push forward, Eastern shares five key digital transformation trends to help Filipino businesses evolve every day in 2023.
1. Big shift to cloud computing
As anticipated, businesses are observed to shift more of their data to the cloud. In fact, according to Statista’s research, the revenue in the Philippines’ Public Cloud market is expected to reach ₱46.14-B (US$844.70-M) in 2023.
Eastern Communications encourages cloud computing adoption because it lowers IT operating costs, enhances the time-to-value and agility of business operations, reduces data loss, and fosters better organizational collaboration. The telco recently expanded its cloud portfolio, with Eastern Platform as a Service (PaaS), Eastern Cloud Virtual Router, and SGX Confidential Computing offerings, and it will welcome more cloud advancements in 2023. Discover the latest Cloud offerings from Eastern Communications here.
2. Remote working and hybrid network
The pandemic has enabled businesses to adapt hybrid and remote work setups resulting in location convenience, cost efficiency, and employee flexibility and safety. Thus, requiring more reliable connectivity and hybrid network solution providers to ensure that stakeholders can simultaneously access data across devices and locations.
With the advent of remote work, there is a need for alternative connectivity solutions to cater to far-flung areas across the Philippines. Eastern offers its Teleworker Gateway solution which offers a secure, office-like experience at home with WIFI that is always connected, and its Internet via Very Small Aperture Terminal (VSAT) product, to serve a reliable internet connection wherever you may be via satellite technology.
3. Enhanced cybersecurity
With the rapid rate of digitization in the country, cyber threats will conversely continue to grow exponentially, incurring the demand for increased cybersecurity protection. According to research by Tessian, cyberattacks aggressively increased over the past 12 months in 2021. Cybersecurity awareness is critical to prevent the onslaught of threats and attacks.
Eastern believes that evolving cybersecurity measures are critical in combating rapidly advancing cyberattacks. From being the first telco provider to offer the all-in-one enterprise and connectivity solution Secure Access Service Edge (SASE) in 2021, Eastern intends to launch more flexible solutions and grow into a stronger Managed Security Service Provider (MSSP) in the future.
4. The rise of artificial intelligence
Within the last decade, Artificial Intelligence or AI has become a relevant topic when it comes to technological trends. AI is efficient and effective in creating new business opportunities in the digital age and better services including shorter turnaround time, reduced errors, and personalized AI-to-customer interactions.
As it saw tremendous developments in 2021, AI and machine learning also became huge trends in Software as a Service (SaaS) cloud security services as these facilitated automated threat detection. Based on FinancesOnline, the popular SaaS currently represents the largest world market segment for public cloud service and is expected to reach $623 billion by this year at a compound annual growth rate of 18%. Eastern Communications will continue to develop its SaaS products in the future to assist businesses in adapting to the ever-evolving digital environment.
5. Future in the metaverse
The Metaverse refers to an expansive and immersive future vision of the internet. In particular, the metaverse is the vision of a digital universe that exists alongside and seamlessly blends with our actual universe.
The adoption of the Metaverse enables businesses to take work, recreation, shopping, and socializing to a whole new level. Highlighting several sectors such as finance, real estate, construction, and retail, metaverse can improve employee and client experiences by transforming traditional business processes into immersive ones.
Evolve your business with Eastern Communications
Aside from these five key trends, it is important to note that you should choose a dependable and trusted partner to help you in achieving your objectives and grow your business this 2023. Eastern Communications has been a trusted connectivity and ICT solutions partner for numerous industries for over 140 years. It has grown into a world-class telecommunications and ICT solutions provider, offering an extensive portfolio of services that include Connectivity Solutions, Network Solutions, Security Solutions, Cloud and Data Center Solutions, and Business Applications. With the growing demand for digitalization, Eastern invites local businesses to go beyond their limits and accelerate their digital transformation journey this year.
To evolve your business this 2023, learn more about Eastern Communications’ business-grade products and services by visiting eastern.com.ph or following @easterncommph on Facebook.

Entrepreneurs turn their passions into business ventures

A guide for global etiquette in the hybrid workplace

What could your business get out of managed security services

New way to rearrange store products could boost impulse buying

Working a four-day week boosts employee wellbeing while preserving productivity – study

5 Digitization trends to help businesses evolve in 2023

E-commerce retailers can save money by considering pick failures at stores

Choosing a lucky CEO means bad luck for the hiring company

New way to rearrange store products could boost impulse buying

A guide for global etiquette in the hybrid workplace

Working a four-day week boosts employee wellbeing while preserving productivity – study

What could your business get out of managed security services

Entrepreneurs turn their passions into business ventures
Like us on Facebook
Trending
-
Strategies4 weeks ago
New way to rearrange store products could boost impulse buying
-
Strategies3 weeks ago
A guide for global etiquette in the hybrid workplace
-
BizNews4 weeks ago
Working a four-day week boosts employee wellbeing while preserving productivity – study
-
BizNews3 weeks ago
What could your business get out of managed security services
-
BizNews2 weeks ago
Entrepreneurs turn their passions into business ventures