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How to Protect Your Cryptocurrency Investments from Cyber Attacks

cryptocurrency

Cryptocurrency theft or attack is a serious issue of concern in the digital currency world. In fact, in the latest Statista crypto theft report, $320 million was lost in February 2022 alone and was never recovered. While cryptocurrencies are well known for sophisticated security systems, hackers have always found entryways into these tough security systems to cause mayhem. Whether it’s your first time trading coins or you are an experienced trader, it’s important to learn how to protect your investments. Here are some proven ways to go about it.

Store in a Cold Wallet

One of the main reasons why hackers easily attack and steal cryptocurrency investments is because they’re stored online in hot wallets. Cold wallets are devices that store cryptocurrency private keys offline. Once you buy Bitcoin, for instance, you can hold it in a cold wallet and have the private keys transferred from an internet-connected device to a non-connected or offline device. This way, you minimize attacks on your investments either at a personal or corporate level.

Learn About Latest Cyber Scams

Cyber scams have continued to evolve with every new invention of cybersecurity trends. Scammers and cybercriminals also take advantage of the struggles law enforcers go through globally to curb rising cybercrimes. If you’re a newcomer in this trade, even the oldest of scams can catch you unawares, leaving you counting your losses.

For instance, scammers can easily trick you into revealing your one-time password (OTP) to be used in activating two-factor authentication to access your account. Fraudsters can use different tricks to acquire your OTPs, including the following:

  • Accessing unmonitored verification forms
  • Posing as authorized parties
  • Impersonating you at banks
  • Sending malware-infiltrated links

Regardless of the nature of the scam, you should be well prepared to avert the threats they carry to remain safe in the long run.

Always Use Secure Internet

It’s important to emphasize that public or widely shared internet protocols are major leeways to various forms of cyber attacks. Even if you use public Wi-Fi for personal use, when it comes to trading and crypto transactions, you must switch to a secure connection. You can use a VPN to add an extra layer of protection over your home or office network just to cover your location and IP address, keeping you secure whenever you browse.

Open Multiple Wallets

Opening multiple wallets can help minimize the magnitude of loss in case you’re attacked, and your investment goes. You can maintain a separate wallet for various activities, like one for active trading, another for online purchases and transactions and another one for storing your investments.

Doing this will help restrict any loss to the account that’s been attacked, leaving the rest safe and intact. If hackers got your wallet information from a website or platform you purchased something from, they could only steal what’s in that account while your other investments remain safe.

Don’t Expose Your Crypto Holdings

Many users are tempted to show the world their trading success in an attempt to woo newcomers into the craft for some commission. Hackers use social media as a fertile ground for gathering user information before launching an attack. You might end up exposing just what they need to gain access to your account and steal everything remaining there.

Protecting your cryptocurrency investments from cyber attacks will demand a lot from you, which means you must remain vigilant anytime you’re transacting. These five crucial tips should help you achieve a smooth run with your investment accounts in the long run.

Image Credit Kanchanara

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FTC starts inquiry into Generative AI Investments and Partnerships

FTC launches inquiry into Generative AI Investments and Partnerships

To maintain a fair playing field in the rapidly growing generative AI industry, the Federal Trade Commission (FTC) has initiated a probe into the business dealings of some of the sector’s most influential players. Alphabet Inc., Amazon.com Inc., Anthropic PBC, Microsoft Corp., and OpenAI Inc. are now under the microscope as the FTC exercises its authority to demand extensive documentation on their operations, affiliations, and strategies.

This FTC AI inquiry is not a hunt for legal violations but rather a deep dive into the inner workings of these companies to ensure they are not stifling competition or innovation. The FTC, under the leadership of Chair Lina M. Khan, is using its powers to issue 6(b) orders, a tool that allows for a thorough examination of business practices without the pretext of an ongoing legal case. The Commission’s unanimous decision to deploy these orders is a clear signal of its intent to keep a watchful eye on the AI market, which is evolving at a breakneck pace and has the potential to become dominated by a few key players.

FTC seeking information specifically related to:

  • Information regarding a specific investment or partnership, including agreements and the strategic rationale of an investment/partnership.
  • The practical implications of a specific partnership or investment, including decisions around new product releases, governance or oversight rights, and the topic of regular meetings.
  • Analysis of the transactions’ competitive impact, including information related to market share, competition, competitors, markets, potential for sales growth, or expansion into product or geographic markets.
  • Competition for AI inputs and resources, including the competitive dynamics regarding key products and services needed for generative AI.
  • Information provided to any other government entity, including foreign government entities, in connection with any investigation, request for information, or other inquiry related to these topics.

At the heart of the FTC’s concerns are several high-profile collaborations that could reshape the competitive landscape of the AI industry. Microsoft’s financial backing of OpenAI, Amazon’s tie-up with Anthropic, and Google’s partnership with the same AI firm are all under scrutiny. The FTC is keen to understand the strategic motives behind these alliances and their potential to lock up the market, particularly when it comes to the resources needed to develop AI technologies.

FTC AI inquiry

The companies in question have been given 45 days to respond to the FTC’s orders. The information they provide will be crucial in helping the Commission to map out the current state of play and predict how these relationships might influence the future of AI. The FTC’s investigation is not just about keeping the market competitive today; it’s also about looking ahead and ensuring that the AI industry evolves in a way that benefits society as a whole.

The implications of the FTC’s inquiry are far-reaching. It’s not just about preventing a few companies from gaining too much power; it’s about making sure that the AI industry continues to be a hotbed of innovation. By examining these strategic partnerships, the FTC is also considering how to encourage a competitive environment that fosters new ideas and benefits consumers.

The FTC AI inquiry and proactive stance in investigating the connections between generative AI firms and major cloud service providers is a significant moment in the oversight of the AI industry. The issuance of 6(b) orders to these key players is a testament to the FTC’s dedication to promoting a healthy competitive environment and fostering innovation. The outcome of this investigation will likely have a lasting impact on how investments and partnerships are formed in the AI sector. As the companies involved prepare their responses, the industry and consumers alike are watching closely, eager to see what the FTC’s findings will reveal.

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5 Benefits From IT Investments In Business Practice

In today’s business landscape, whether serving a local or global market, the role of ecommerce and digital tools in amplifying online sales cannot be overstated. As consumers increasingly turn to the internet to discover, research, and purchase products and services, companies, even those with a local focus, find themselves at a critical juncture where IT infrastructure is paramount. The digital realm has become the lifeblood of modern commerce, and businesses must adapt to thrive.

Cloud infrastructure emerges as the linchpin in this digital transformation journey. It offers companies a versatile and scalable platform that can be tailored to their specific needs, whether through managed services platforms or customized solutions. The alternatives, such as relying solely on on-premises infrastructure, are no longer viable without jeopardizing day-to-day operations.

The cloud empowers businesses to leverage the latest technologies, streamline operations, enhance customer experiences, and remain competitive in a rapidly evolving marketplace. It not only provides a robust foundation for ecommerce but also offers data storage, security, and accessibility that are essential for success in the digital age. In this context, investing in cloud infrastructure becomes not just a choice but a strategic imperative for businesses of all sizes and scopes.

Benefits of IT Investments In Cloud

Agility and Innovation: Cloud technology enables businesses to quickly adopt new technologies and innovate without the constraints of traditional infrastructure. Companies can experiment with new applications, services, and features, helping them stay ahead of competitors and meet evolving customer demands.

Cloud infrastructure offers a global presence, allowing companies to expand their operations and serve customers worldwide with ease. This global reach can accelerate market entry and facilitate international growth without the need for extensive physical infrastructure investments. The cost of acquisition of customers comes down to a fraction thereby increasing the margins. 

Cloud providers offer advanced resource management tools that help businesses optimize their IT resources. This ensures efficient use of computing power, storage, and network capacity, reducing waste and lowering operational costs. With optimum use of resources the process flow is seamless which enhances the emotional quotient of both consumers and employees.

  • Automatic Updates and Maintenance

Cloud services typically include automatic updates and maintenance, reducing the burden on IT teams. This frees up valuable time and resources that can be redirected toward strategic initiatives rather than routine maintenance tasks.Time saved is used in building long lasting relationships that will help in future endeavors of the company. 

  • Environmental Sustainability

Cloud data centers are often designed with energy efficiency in mind. By migrating to the cloud, companies can reduce their carbon footprint and contribute to environmental sustainability. Cloud providers also offer carbon-neutral or green data center options, aligning with corporate sustainability goals.

Conclusion:

IT investments in the cloud bring agility, global reach, resource optimization, automatic maintenance, and environmental benefits to businesses. Embracing cloud technology allows companies to innovate, expand globally, operate efficiently, reduce IT management overhead, and contribute to a more sustainable future.These advantages empower businesses to innovate, streamline operations, and remain agile in an increasingly digital and competitive business landscape.