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Why Antivirus Alone Isn’t Enough To Protect Your Crypto Wallet In 2020

04 September 2020 11:00, UTC
Amy Cavendish

Viruses and malicious software are as present as ever, so it stands to reason that antivirus software is as important as ever. But with a greater number of increasingly sophisticated threats on the loose, the days when an antivirus was enough to protect you online are long gone.

Today’s threat landscape is further complicated by the ways we use the net; 15 years ago the internet was an activity largely contained to a desktop computer with a dial-up connection.

Nowadays though, we connect to the web via multiple devices, and plenty of our home-based tools are internet enabled. Threats are decentralized and spread through networks and devices nimbly. According to Norton, there was a 600 percent increase in Internet of Things (IoT) attacks from 2016 to 2017. These figures are only increasing.

For the reasons above, among others, antivirus software by itself can’t adequately protect your devices and networks. And if you’re investing in bitcoin or mining coin, proper cybersecurity to secure your assets is even more important.

With that in mind, here are three essential security tools to use in conjunction with your standard antivirus software in 2020:

1. Virtual Private Network (VPN) protection

A VPN app ensures security through proper data encryption. Your VPN essentially scrambles any data in transmission making it near impossible for hackers to intercept or otherwise interfere with that data.

You can see why this is particularly important for cryptocurrency traders and investors. One small data leak containing details about your wallet or wallets can see your funds drained in mere seconds. A VPN effectively circumvents the risk by sending encrypted data on a private network.

2. Multi-factor authentication

While a strong password is always a good start, it can still become compromised and mean a breach of your cybersecurity defenses. Consider switching to multi-factor authentication for all of your accounts, but particularly for your wallets and trading platforms.

09-09-2019 15:10:20  |   Technology
Bear in mind that unlike a traditional bank account, there are no fraud protection laws or recovery processes to protect you if your cryptocurrencies are stolen or lost. And currencies are always an attractive target for hackers, in 2019 alone, more than US$4 billion dollars worth of cryptocurrency was stolen from exchanges and through insider theft, according to Forbes.

3. Malware software

Viruses are one thing and malware quite another beast entirely. While there is some crossover, it’s unlikely that even the best antivirus software can pick up the myriad malware scripts running rife in today’s cyberspaces.

Antiviruses are great at detecting so-called classic threats (worms, viruses, trojans, keyloggers) but they aren’t as good at finding and quarantining other malicious programs. Anti-malware, on the other hand, does the job of an antivirus program and covers modern threats. For that reason alone, a high-quality, paid anti-malware program is a must.

About the Author:

Amy Cavendish is a content strategist at the TechFools, a tech blog aiming to inform readers about the potential dangers of technology and introduce them to the best ways to protect themselves online. As an outspoken advocate for digital freedom, Amy is dedicated to empowering her readers to take control of their digital lives with her thought-leadership articles.

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