Over two years, hackers managed to steal 200 million dollar worth of different online currencies. However, you can still safely invest in and enjoy the cryptocurrency of your choice. Learn how to make sure that your virtual money, as well as your data, are protected.   

One of the most efficient ways to protect your data and cryptocurrency is by using a Web Application Firewall (WAF).  

Is Your Crypto Wallet Secure? 

Crypto wallets are known to be the weakest spot of any cryptocurrency service. Moreover, as all your virtual money is available online, it is also vulnerable in many cases. 

The way many attacks on cryptocurrency providers occur is via SQL attacks. Hackers who use this type of attack typically insert harmful code via login sites.

If they are successful, hackers can see not only your transactions with other users but can also steal your online wallet keys, passwords, and sensitive personal data. 

According to ClearSky analytics, various hacker groups targeted cryptocurrency employees that have higher clearance. Phishing e-mails were also sent to executives of cryptocurrency companies, mostly in the U.S. and Japan. 

But what does that mean for your crypto wallet? 

If the executives of the cryptocurrency exchanges have their data hacked, hackers could easily get to your crypto wallets as well. It is also a sign that their systems are not additionally secured, which should raise a red flag. 

Does Blockchain Technology Ensure Security? 

Most cryptocurrency services operate based on blockchain technology. 

Blockchain technology is a way of online data storage that makes the information and transactions on the cryptocurrency sites transparent. 

This type of technology is not easy to hack; however, it still has its weak points. That is why it must be backed up with additional security - such as a Web Application Firewall. 

Web Application Firewall 

Web Application Firewall is the next level of online security. WAF technology will detect malicious codes that could potentially endanger all of your online crypto funds. 

Therefore, WAF technology is more advanced than your basic firewall. When a Web Application Firewall vs. Firewall is compared, WAF has more advantages. 

Namely, WAF is not only a safety gate of various servers, but it goes in-depth with the websites and apps analysis to monitor and protect the system from cyber-attacks. 

Imperva WAF's, for instance, can be deployed on-premise or on the cloud to protect against the common types of cyberattacks. It will later use the data acquired from the cyber-attack to defend your systems even more efficiently.  

When it comes to cryptocurrency exchanges, the owner of the platform should protect their buyer's data and virtual funds, and you can only make sure that the site you invest in has the best security. 

It is also ensuring that major companies who used WAF technology managed to fight off the hackers and keep the damage to a minimum.  

Additional Tips to Protect Your Crypto Wallet  

Antivirus Kaspersky recommends checking for security measures your cryptocurrency provider has in place. For instance, if they invested in a Web Application Firewall, you know that they take care of their potential security breaches and their user's information. 

Considering that the part of the security problem when it comes to wallets is that everything is available for hackers online, offline wallets might be a good alternative. 

Another great idea is to make sure that you have your currency of choice stashed in more than one wallet. In that way, even if hackers get to one of your wallets, you will not lose all of your money.  

Also, it goes without saying, do not open nor respond to suspicious e-mails. 

Conclusion

You might think that the security of the page that provides cryptocurrency is not questionable and that companies will make sure that you have the best and the safest user experience. However, that is not always the case, and you should know if your sensitive information is protected as well as your virtual money. 

Hackers might breach blockchain technology-based sites but using a top-notch security tool such as a Web Application Firewall is the safest way to detect and prevent malicious attacks.