How Crypto Trading is Impacting Cybersecurity and Compliance

As crypto trading has been gaining in popularity, experts have been saying that these new alternative cryptocurrencies are going to take the world by storm. However, crypto trading is also going to affect many other areas of society and business – a few of these affecting cybersecurity and compliance .

According to a recent story from CNBC, one expert in cybersecurity said that crypto trading is expected to have a major effect on cybersecurity one way or another. Banking institutions are expected to need cybersecurity support more than ever before. The crypto industry is still in its infancy, but there are already cases of crypto exchanges being hacked and crypto thefts becoming rampant . As crypto trading becomes more popular, it is only natural that the crypto industry will grow. With that comes more crypto thefts, crypto hacks, crypto swindles, and crypto crimes. These are all cases of cybersecurity coming under attack .

Yet another area where crypto trading is impacting compliance is the need to avoid insider trading. As it turns out, crypto exchanges are not regulated or monitored by any governmental agency at this time since cryptocurrency itself is still not viewed as an official currency. For the crypto exchanges, it is up to them to regulate and police their own platforms by regulating who can trade crypto. Some crypto exchanges already have rules in place that aim to stop insider trading .

However, there are still crypto insiders who would like nothing more than to make easy money off of all the crypto investors who would engage in crypto trading. This could very well lead to crypto insiders engaging in crypto insider trading . The crypto industry is still a risky place for crypto investors, and crypto investors should be careful not to fall prey to crypto scams and crypto swindles. Just recently, the crypto market has been hit with a new type of crypto scam that crypto investors must be aware of. This crypto scam is crypto phone porting .

Criminals are able to get crypto investors’ crypto wallet numbers and their crypto PIN codes through crypto-porting attacks because many crypto users still rely on landline or traditional telephones. Once criminals have the crypto investor’s crypto wallet number and PIN code, they can access crypto wallets and steal crypto assets .

The situation is so bad that crypto users are advised to keep their crypto PIN code private at all times. They should also refrain from sharing it with anyone, not even family members. Having said that, crypto investors must rely on hackers’ ignorance of their crypto wallet numbers in order to protect themselves against crypto phone porting attacks.

In the end, crypto trading is definitely having an impact on cybersecurity and compliance. As the crypto industry grows, it is only natural that cybercrime will grow with it. Banking institutions, crypto exchanges, and crypto investors all need to be aware of these risks and take steps to protect themselves. In order to do so, they will need to rely on crypto experts who are well-versed in all things crypto. Only then can they be assured that their crypto investments will be safe and that their crypto activities will remain compliant with the law.