Cyber Security Tag

Keeping your Cryptocurrencies Safe

With cryptocurrencies such as Bitcoin, Ethereum and various alt coins having reached all-time highs recently, this has resulted in a flood of new investors opening trading accounts with crypto exchanges around the world. Many of these investors blinded by the potential for large profits may only have a basic level of knowledge of the crypto markets and how the underlying technology works. This results in many people falling prey to scammers, losing their investment on exchanges that perform exit scams or making mistakes that result in them losing access to their crypto forever. 

With the renewed interest in cryptocurrencies, now seems like an appropriate time to discuss the steps you need to take to keep your cryptocurrencies safe. There is a popular saying in the crypto world, “Not Your Keys, Not Your Coins”. The saying refers to the need to owning the private keys associated with your crypto. Whoever controls the private keys ultimately controls the crypto. When someone sends you some cryptocurrency such as Bitcoin you will provide them with a receiving address. The exact format of the receiving address will vary from cryptocurrency to cryptocurrency. The receiving address is your public key. It is called a public key because you can send it to anyone without compromising your cryptocurrency. Associated with the public key is a private key. The private key is what allows you to access and control your cryptocurrency. The private key identifies you as the owner of the crypto and allows you to transfer or sell your crypto asset. 

When you store your cryptocurrencies on an exchange, the exchange is in control of the private keys and as a result while you may have access to your crypto assets you do not have control of them. With this is mind the following points should be considered when using a crypto exchange:

• Only use well known reputable exchanges
• Only use exchanges that offer security features such as:
  • Two-factor authentication (2FA), such as Google Authenticator
  • Complex captchas
  • Additional verification via email or SMS when logging in from new devices or IP addresses
• Only use exchanges that are insured in the event that they suffer a major hack.
• Use exchanges that store the majority of the crypto assets in cold wallets. A cold wallet is a wallet that is not connected to the Internet. 
• Only use exchanges that undertake yearly security assessments by independent cyber-security firms.
• Only store on the exchange the crypto that you are actively trading.
• Do not use the exchange for long term storage of your crypto assets.

When not storing your cryptocurrency on an exchange, what options do you have to safely store your crypto? There are basically two category of wallets that you can use, hot wallets and cold wallets. A hot wallet is any wallet that is connected to the internet while a cold wallet remains disconnected from the Internet for the majority of the time. 

Before I discuss the different types of wallets in more detail there is one misconception that needs to be cleared up. People often mistakenly think that their cryptocurrencies is stored in the wallet. This is not the case. The cryptocurrency remains located on the public blockchain while the wallet stores the information required to access the blockchain thereby allowing the user to conduct transactions. Information held on the wallet includes the public and private keys. 

So how are the private keys generated? When you create a wallet where you have control of the keys, private keys will need to be created. This will generally be done by using something called a recovery seed. The seed will often consist of a list of either 12 or 24 random words which is used to generate the private keys. You will then create a password for access to the wallet. It is vital that you retain a copy of the recovery seed and keep the copy somewhere secure. If you ever forget your password the recovery seed can be used to regain access to your crypto. If someone else gains access to your recovery seed, they will also be able to gain access to your crypto and will be able to transfer it to a wallet under their control. It is recommended to write down your recovery seed on paper and keep it somewhere safe so it cannot be accessed via the Internet. Remember if you forget your password and lose your recovery seed it will be impossible to recover your cryptocurrency. 

Hot Wallets 

Hot wallets offer convenience and include exchange wallets, web wallets or software wallets installed on the computer or on mobile devices.

Web Wallets – A web wallet allows you to access your cryptocurrency via a web browser interface. You would create a wallet and a password to secure the wallet. However, it is important to understand that depending on the provider, they may still control the public and private key. Many web wallets do allow you to control the keys and the safest way to do this is to store your private keys on a hardware wallet (see further details on hardware wallet under cold wallets section). This option would give you full control over your keys in the most secure way. Therefore, it is important that you do your research before entrusting your cryptocurrency to a web wallet provider. 

Software Wallets – Using a software wallet allows you to download and install the wallet to your computer or mobile devices. The advantage of a software wallet is that it gives you complete control of your private keys.

Hardware Wallets – hardware wallets are USB hardware devices that are used to generate public and private keys which are stored on the device itself. The hardware wallet is considered one of the most secure options for protecting your private keys. The device itself is protected by a password which you create and must enter in order to access the device. When you set up the device you will be provided with a recovery seed which as discussed before you must record and keep secure. The private keys for your web wallets and software wallets can be stored on the device. This means that when you wish to access your wallets the device must be plugged into your computer or connected via Bluetooth. A question commonly asked by people is “What happens if my hardware wallet breaks or is lost or stolen?” As long as you still retain possession of your recovery seed then there is no issue in regaining access to your crypto. It is simply a matter of obtaining a new hardware wallet and set it up using your recovery seed. You will then have full access to your cryptocurrency again.

Summary 

The cryptocurrency market is highly volatile. Some crypto coins/tokens you currently own that are only worth a few cents each, may be worth thousands of dollars in a few years’ time. It is not uncommon to hear stories of people who forgot that they were storing cryptocurrency on their computer and as a result either reinstalled the operating system, sold the computer or simply forgot their password and as a result can no longer get access to their cryptocurrency that would have made them a millionaire.

The final point to remember is that no customer service agent from a legitimate crypto exchange or wallet provider will ask you to provide them with your wallet password or recovery seed. If someone asks you for this information, they are trying to scam you.

“If you find yourself in the unfortunate position of having lost access to your cryptocurrency, either as a result of having forgotten your password or accidently deleting your wallet, then contact Orion to discuss how we may be able to assist.”

About the Author – Andrew has completed the CSITech Ltd Cryptocurrencies for Investigators course and is an active trader of various cryptocurrencies. He is not associated with any product brands mentioned in this article. 

|In-House Training | Hands-on workshop Digital Forensics foundation 4 days for Thai Army Cyber

Orion Forensics LAB  has organized training course  In-House hands-on Workshop  Digital Forensics Foundation Training Course (4 DAYS)  for Thai Army Cyber   on 19th – 22nd  January 2021

A 4 day practical training course for people who are responsible for digital forensic investigations or are wishing to become a digital forensic investigator. The course will provide a solid foundation in the understanding of digital forensics principles and techniques. Each subject is covered in depth and supported by practical scenario based exercises to reinforce the learning points.

As required from expertise, Orion Forensics lab had adapted the curriculum to meet the professional workload of Cloud data collection, Malware Analysis and the Volatility Framework to analyze RAM Memory.

In-House \ On-Site Training available   please contact sales directly  forensics@orionforensics.com

Cyber Security Training For Managers (1DAY) Course training to AIA Thailand

The Orion Forensics LAB has organized training course –Cyber Security Training For Managers [1 DAY], which is a theory course [Non-Technical] giving lectures by experts –Andrew Smith [Director of Digital Forensics at Orion forensics Lab]throughout the course to staff from AIA Thailand on December 17, 2020

What you will learn from this course :

• Gain the knowledge of the threats faced by organizations and where they come from,
• what is required to create a Cyber Security Compliance Program,
• what is a Cyber Risk Assessment and why it is needed, how to rate your level of risk and how to perform a Cyber Risk Assessment.
• You will also cover what is a Cybersecurity Framework and what is required to prepare an Incident Response Plan.

In-House Training please contact sales directly via email forensics@orionforensics.com

Required Skills for Digital forensics investigator

I have been a full time digital forensic investigator now for almost 15 years. I still remember the excitement on my first day when I started within the South Yorkshire Police Computer Crime unit. The learning curve was steep. I had no university degree in computers, limited computer training and most of what I knew about computers was self-taught including how to build computer systems.

Online Trainings-Cyber Security Training For Managers (1DAY) NEW COURSE 2020

While cyber threats may not be in your control, your cyber security strategy is and you should be looking at a risk-based approach. This cyber security training course prepares managers and senior executives to understand, assess, and take a proactive approach in cyber security.

What you will learn from this course :

• Gain the knowledge of the threats faced by organizations and where they come from,
• what is required to create a Cyber Security Compliance Program,
• what is a Cyber Risk Assessment and why it is needed, how to rate your level of risk and how to perform a Cyber Risk Assessment.
• You will also cover what is a Cybersecurity Framework and what is required to prepare an Incident Response Plan.
• The course is a theory [Non-Technical]based course supported by group discussions and several exercises.

 Who Should Attend:

Candidates should have a general awareness of information security and the need to respond to such events.

• Executives
• Incident managers
• IT managers
• Security officers
• Data Protection Officers (DPO)
• Manager – Compliance

Date & Time : Due to COVID this course is currently being run as an online course. Please contact us for further details.

Course Content :

• Payment is due upon registration
• Delegates who cancel after registration, or who don’t attend, are liable to pay the full course fee and no refunds can be given
• We reserve the right to postpone or cancel a training course at any time.
• If a training course is cancelled by us, we will inform all registered delegates on the course as soon as possible. Upon the cancellation of a course, we will offer to each delegate a full refund for the cost of the course or alternative dates for the course.
• We will not be held liable for any expenses, either direct or indirect, or for loss of time, earnings or business, incurred as a result of a postponed or cancelled course.

Andrew Smith run a 2day workshop on Digital Forensics & Incident Response

Dealing with Cyber Crime – Would your business know how to respond

They say there are two certainties in life, death and taxes. I would suggest that there are now three. Death, taxes and being confronted with cybercrime. It is not uncommon to hear the phrase cybercrime or cyberterrorism being used in the media and how another major company has been hacked. Yet many people are still unsure exactly what constitutes cybercrime and whether they may have been a victim.

Why is Computer Forensics Important to your Organization?

Introduction In today’s fast paced world, organisations have to rely more and more heavily on technology to remain competitive. Customers have come to expect organisations to have an online presence with professional looking websites, be able to respond quickly to online enquiries, have online chat functionality and have the ability to order online.

Turning to the Dark Side – The Dangers of Using Mobile Devices for Business

Turning to the Dark Side – The Dangers of Using Mobile Devices for Business With the introduction of the iPad in 2010, the tablet quickly emerged as one of the fastest selling devices in history. Tablets have achieved a level of adoption in 3 years that took smartphones nearly 10 years to achieve. In 2013, the adoption of smartphones in the US surged to 64 % according to the latest Nielsen survey.

Using Digital Evidence in Thai Courts

Introduction Computer forensics or digital forensics as it is now commonly called, is still in its infancy in Thailand but that is about to change. For the past two years I have regularly searched on the keywords “computer forensics Thailand.