Archive for March, 2022

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TELUS & Vector Institute Reduce Climate Impacts & Open Source New Energy Optimization System

Posted in Commentary with tags on March 31, 2022 by itnerd

TELUS and the Vector Institute, today announced the launch of the Energy Optimization System (EOS), a timely move that will help reduce operational costs and minimize electricity use in commercial buildings, namely data centres, across Canada. This collaborative development uses model-based reinforcement learning (MBRL) to fine tune the heating, ventilation, and air conditioning (HVAC) systems across network locations, allowing for energy-efficient temperature control.

Annually, an estimated 40 per cent of energy consumed across TELUS network locations is directed towards cooling telecommunications equipment, which is critical to maintaining optimal network performance. TELUS team members collaborated with the Vector Institute to build and test a solution to reduce this number and create a more sustainable use of HVAC equipment in 24/7 data centers. 

By optimizing HVAC systems with this new AI technology, it is possible to achieve significant energy savings in data centres and other network locations, reducing the overall environmental impact. Results from a pilot test showed a decrease of almost 12 per cent in reduced annual electricity consumption in a small data centre.

The algorithm also considers the weather forecast to make a decision when to run cooling (either more expensive compressor cooling or less expensive free cooling) or heating to ensure a consistent temperature and better regulate temperatures during shoulder seasons. 

TELUS and Vector have elected to open source this new algorithm as a contribution to the energy conservation community, furthering commitments by both tech leaders to leverage AI to create better outcomes for Canadians and our environment.

As a founding sponsor of the Vector Institute, TELUS has committed to using this partnership to advance the AI ecosystem across Canada, producing an economic boost and creating meaningful impacts with technology. As an example of responsible AI, this program is a demonstration of TELUS’commitment to fostering innovation, while increasing trust with our customers by addressing privacy, security, and ethical risks.

To learn more visit: https://github.com/VectorInstitute/MBRL-HVAC-Energy-Optimization

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Guest Post: Lookout Says Don’t Let Scammers Dunk On Your March Madness Bracket

Posted in Commentary with tags on March 31, 2022 by itnerd

March Madness is in full swing! For many college basketball fans, a large part of the fun comes in creating a bracket, competing against other fans for bragging rights and of course, winning a little money. Unfortunately, scammers take all the fun out of the tournament by creating false betting websites and pocketing your hard earned cash. 

Lookout, the leader in delivering integrated Security, Privacy, and Identity Theft Protection solutions, wants fans to stay safe from potential scams and has listed a few tips that make an impact. 

Lookout suggest all be wary when placing bets by doing the following:

Place a bet through a well established and approved services
Do research and ensure the website selected for betting is verified before adding financial information. Confirm with the local gaming commission or the ESPN website about a service that you are unfamiliar with. 

Don’t fall for ads
A fan may receive spam text messages and emails claiming to be a legitimate betting service. Don’t fall for the false advertising.

Avoid providing additional personal information when prompted
If a website asks for additional personal information when placing a bet or cashing out do not provide it. Most betting sites will not need your social security number. 

Pay attention to the fine print
Read the fine print when finding a service. Any language that presents urgency, limited spots, risk-free betting, or a 100% guarantee is a red flag. 

Lookout helps protect your digital information at every level – from the device you hold, to the apps and online services you use and the networks you connect to. Lookout also continuously monitors the internet to ensure what matters to you the most – such as social security and credit card numbers – aren’t exposed. And if anything happens, Lookout’s team of experts and a $1 million identity theft insurance policy are here to back you up.

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Canadians Should Invest In Themselves & Turn Tax Season Into Trip Season: Kayak

Posted in Commentary with tags on March 31, 2022 by itnerd

According to a new survey from KAYAK, despite how eager Canadians are to file their taxes (32%) and get their refund sooner, nearly a quarter (24%) have admitted to not spending their tax season on anything fun – and this year can be the year to change that. As Canadians look for the best way to invest their tax refunds, it’s important to remember that there’s no better investment than the one you make on yourself. 

In fact, despite earlier data from KAYAK revealing the growing number of Canadians (27%) eager to take advantage of workcations this year, only 1 in 9 (11%) plan to use their tax return to take a trip or vacation.  

These behaviours differ from our neighbours down south, with KAYAK revealing interesting comparisons between how Canadians and Americans plan to use their tax return*: 

  • Half of Canadians (50%) use their tax refund to pay off debt (i.e. credit cards, loans, bills) compared to 41 per cent of Americans 
  • More Americans have used their tax refund in past to take a trip (16%) compared to only 9 per cent of Canadians
  • 1 in 6 Americans who expect to get money back for their 2021 returns are enthusiastically planning to spend it on travel, compared to only 1 in 9 Canadians

Canadians on a tight budget shouldn’t rule out the possibility of investing in themselves this summer. For those looking to escape and make the most of the season (and their tax return), KAYAK has compiled a list of the most affordable roundtrip destinations for Canadians by city to help take their next trip without breaking the bank**:

Ontario
– New York, NY – $200 
– Chicago, IL – $227 
– Newark, NJ – $241
– Boston, MA – $241 
– Fort Lauderdale, FL – $267 		British Columbia
– San Francisco, CA – $229 
– Los Angeles, CA – $265 
– Las Vegas, NV – $319 
– San Diego, CA – $320
– New York, NY – $382
Alberta
– San Francisco, CA – $235 
– Seattle, WA – $303 
– Las Vegas, NV – $309
– Los Angeles, CA – $348
– New York, NY – $427		Quebec 
– New York, NY – $284 
– Fort Lauderdale, FL – $350 
– Chicago, IL – $357 
– Orlando, FL – $405 
– Tampa, FL – $419 

To help Canadians looking to splurge on their wanderlust, KAYAK also launched an interactive tax refund calculator to show the ways that Canadians can consider reinvesting in themselves this year. I’d be happy to put you in touch with a KAYAK spokesperson who can discuss these tax return trends and speak to how Canadians can best use their tax refunds to plan their next trip.

*YouGov Methodology:

This survey has been conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. All figures, unless otherwise stated, are from YouGov Plc. Canadian survey: Total sample size was 1005 adults. Fieldwork was undertaken between 4th – 14th March 2022. The survey was carried out online. The figures have been weighted and are representative of all Canadian adults (aged 18+); U.S. survey: Total sample size was 1084 adults. Fieldwork was undertaken between 16th – 17th February 2022.  The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).

**Methodology: KAYAK considered searches originating in Canada for international travel from 5.27.22 through 9.5.22 (all prices listed are in USD).

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Guest Post: #BeCyberSmart: Tax Season Tips From TikTok

Posted in Commentary with tags on March 31, 2022 by itnerd

At TikTok, we’re always looking for ways to uplift our global community to #BeCyberSmart. Last year, the IRS identified over $10 billion in losses from tax fraud and financial crimes. With Tax Day around the corner, cybercriminals may be primed to unleash a range of nefarious tactics — whether on a connected device or a landline — to trick people into unwittingly handing out sensitive information. 

Some TikTok creators are taking their expertise to #TaxTok to help others stay ahead of fraudsters that continually evolve their tactics. These Certified Public Accountants, lawyers, and fraud fighters are spotlighting ways to avoid falling victim to scams. Drawing from the IRS, along with leading experts like the Identity Theft Resource Center (@idtheftcenter__) and National Cybersecurity Alliance (@natlcybersecalliance), we’re spotlighting some of our favorite tips to #BeCyberSmart this tax season.

  • Ignore imposters – Phishing and smishing are the most common tactics used to steal personal data. The IRS will not call, text, email, or visit your home. They will not accept payment in gift cards, prepaid debit cards, wire transfers, or cryptocurrency. Don’t open links or attachments from suspicious senders. Scams related to COVID-19, Economic Impact Payments, and other tax law changes are increasingly common this year. 
  • Verify what you see – Fake IRS sites are scattered all over the online world. The official site is IRS.gov, and all IRS.gov web page addresses begin with http://www.irs.gov/. Beyond tax tips, if you’re on e-commerce sites, ensure the web address begins with“https” – the “s” is for secure communications over the computer network. Also check for the “padlock” icon in the browser’s address bar meaning there’s a secure connection between the browser and the server where the website is hosted.
  • Use secure Wi-Fi, VPN, and 2-step verification – Don’t trust unsecured public Wi-Fi, especially in airplanes, airports, malls, or public transit. Use a virtual private network (VPN) whether on the go or at home, and secure home Wi-Fi networks with a strong password. This is essential as wireless printers, door locks, and refrigerators create new access points for people with bad intentions. Enable 2-step verification for an added layer of security.
  • Have a back-up plan – Use a secure cloud service or external hard drive to copy important information, like photos and files on computers and mobile devices, as a lifeline to recover financial or other tax data if lost.
  • Protect with a PIN – Taxpayers who can validate their identities can obtain an Identity Protection PIN, a six-digit code that prevents an identity thief from filing a fraudulent tax return using your Social Security number.

Reporting potential scams helps prevent future attempts and protect others. Report IRS, Treasury, or other scam attempts to the FTC, IRS, Treasury Inspector General for Tax Administration, or Identity Theft Resource Center. If you encounter suspicious activity in-app, report it to TikTok’s Safety Center, and follow @TikTokTips for more ways to #BeCyberSmart.

“Whether or not you are ready for tax season, the identity criminals are, so it’s a good time to remind friends and family to stay vigilant and #BeCyberSmart,” said Eva Velasquez, CEO of the Identity Theft Resource Center (@idtheftcenter_). “File your taxes as early as possible, do your research before handing information over to a tax preparer, and use a secure internet connection to file online or mail it directly from the post office if you don’t.”

“What’s scarier than the IRS? Someone pretending to be from the IRS,” said PJ Rohall, Co-Founder of About-Fraud. “Tax scammers will milk you for more money and cause more emotional damage than a lifetime of filing tax returns or interacting with legitimate IRS agents.”

“Tax season is a haven for identity theft, so it’s critical to do your due diligence before handing over personal information,” said Gabriel Friedlander, founder of Wizer – Free Security Awareness Training (@wizersecurity). “When it comes to tax preparation services, it’s best to work with a reputable professional that comes recommended by a friend or family member.”

“Bad actors look for any chance to accomplish their agenda of nefarious schemes, and tax season can leave the most vulnerable at risk,” said Ian Mitchell(@ian.t.mitchell_), founder of The Knoble. “TikTok’s #BeCyberSmart initiative is a powerful step to fight back by raising awareness to prevent cybercriminals from targeting unsuspecting victims.”

“We know how stressful tax season can be, and we’re proud to partner with the IRS to share tips on how to stay safe when filing taxes this year,” said Lisa Plaggemier, Executive Director of the National Cybersecurity Alliance (@natlcybersecalliance). “It’s critical for the TikTok community and everyone online to do research, report potential scams, and secure their online accounts.” 

In partnership with our fraud awareness champions, we developed a Bingo card as another fun way for people to brush up on their cybersecurity skills. Good luck, and remember to always #BeCyberSmart! 

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Guest Post: Backup your Data and Your Relationships on World Backup Day

Posted in Commentary with tags on March 31, 2022 by itnerd

By Carol Clark, Vice President, Product and Solutions Marketing, Commvault

In 2011 a digital consultant named Ismail Jadun created what has become World Backup Day after he saw a Reddit post where someone wished they had been reminded to backup their data. Eleven years later and we are still trying to remind people that their data is so valuable that they should make sure they can get it back. Enterprise data varies from email to files to images and databases and everywhere in between but it is the currency that runs today’s business landscape. Throughout the years the initial concept of World Backup Day has persevered and thrived, and it is rare to find even the smallest company that does not protect their data in some way, however the world has changed a lot since 2011.  The increase in cyberattacks is well documented and is now at the top of mind for board members, business owners and everyone throughout the corporate structure.    

Cyberattacks threaten the data being used day in and day out and often even the backups of the data. Today’s IT administrators and leaders often must think of the security implications of a change before they even get to consider the technical challenges. On World Backup Day 2022 we suggest the first thing you should do is to check those backups and your processes but the second is to reach out to your information security teams and find out what precautions they are taking and share your cyber threat specific recovery plans.

  • Share and collaborate on your procedures – Learn if there are tests you can work together on to validate your recovery.
  • Highlight security capabilities in your data protection solutions so security teams can factor in that intelligence into their overall telemetry. Capabilities such as security dashboards anomaly detection, air gapped backup copies can be essential components of an overall corporate preparedness plan – and speed your time to recovery.
  • Review access control systems and who has access to critical back ups to better control the attach surface
  • Investigate the use of public clouds that allow for secure airgap driving better redundancy and peace of mind (Our Metallic™  Cloud Storage Service (MCSS) is a GREAT place to start….)
  • Collaborate on network connectivity to determine if you can speed up the recovery
  • Understand if there are compliance regulations they need to adhere to and how your team can better help prove compliance.

Reaching out to the infosec teams is not only best practice but is also a way for you to proactively expand your team’s effectiveness in the event … of well, an event. The day-to-day world of back up is no longer about files and applications. As an administrator there are concerns over encrypted files due to ransomware, data that is exfiltrated and sold and probably one of the most worrying to others is the risk of your customer data being leaked. 

The collision of data owners that is the result of modern cyberthreats adds another level of complication or recovery and by extension to the core backup strategy. Security teams are only the start for the collaboration for today’s IT infrastructure teams. New groups have arisen that will also need to be consulted from the Chief Data Officer to data analytics groups. All of these teams can provide insight into the right data to protect and when. The Chief Data Office can help drive the conversation around what data is more mission critical with the analytics to back up the conversation. These cross functional conversations will continue to add efficiencies into your data protection strategy.

Data recovery can no longer be a siloed activity. World Backup Day is a day that reminds us to backup our data but remember that the key to any data management strategy is not the backup but the recoverability and for that you need to test, test again and then when you think you have completed all your testing, do it one more time, with your new info sec friends.

Sponsor a join table top exercise, bring in lunch and learn from each other as you refine your practices and build better defenses to protect your business. World Backup Day is not the day to relax assuming your backups are good but instead take the time to be ever more diligent and backup your data along with your relationships.

Help us celebrate our customers on World Backup Day by meeting them here https://www.commvault.com/customers

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Researchers Discover A Novel Email Phishing Attack Involving Calendly

Posted in Commentary with tags on March 31, 2022 by itnerd

INKY has published research that analyzes a novel email phishing attack delivered via hijacked accounts luring victims to the modern scheduling platform Calendly where the threat actors crafted a clever sequence leading to a credential-harvesting payload that impersonates Microsoft 365. INKY’s cybersecurity researchers detected this credential harvesting operation exploiting the free online appointment scheduling software by hackers inserting malicious links on Calendly’s event invitations. 

Calendly displays confirmation pages for invitees after scheduling, which are customizable. In this attack, phishers uncovered this and created a fraudulent SharePoint notification with fax attributes including several pages/file sizes using the “Add Custom Link” feature to insert a malicious link on the event confirmation page. 

As part of the company’s investigation, an INKY engineer entered a fake username and password to test the phishing site and got a fake invalid-password error. Behind the scenes, the attackers harvested the fake credentials. Another attempt to log in led to a second harvesting event, whereupon the victim was redirected to their own (supposed) domain.

I had a look at this report yesterday ahead of its publication and I have to admit that this is crafty. Many people are so used to doing whatever a site telling them to do that I can see how this would be effective. It underlines that everyone needs to be vigilant 100% of the time.

You can read the full report here.

UPDATE: A Calendly spokesperson reached out to me with this statement:

“Security is a top priority at Calendly. Similar to other major technology providers, we have an extensive network of tools and systems in place, such as a next-generation web application firewall, fraudulent IP tracking, and anomalous traffic pattern alerts. We also recommend customers add an additional layer of protection with a password manager and two-factor authentication. 

In this instance, a malicious link was inserted into a customized booking page. Phishing attacks violate our Terms of Service and accounts are immediately terminated when found or reported. We have a dedicated team that constantly enhances our security techniques, and we will continue to refine and stay vigilant to protect our users and combat such attacks.”

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Lapsus$ Is Back And The Pwnage Has Begun Again

Posted in Commentary with tags on March 30, 2022 by itnerd

Cleary the arrest of alleged members of Lapsus$ hasn’t slowed the group down. I say that because after what they claim is a “vacation”, which could be a reference to the arrests, The Verge is reporting that they’ve done a 70GB data dump:

After a short “vacation,” the Lapsus$ hacking gang is back. In a post shared through the group’s Telegram channel on Wednesday, Lapsus$ claimed to have stolen 70GB of data from Globant — an international software development firm headquartered in Luxembourg, which boasts some of the world’s largest companies as clients.

Screenshots of the hacked data, originally posted by Lapsus$ and shared on Twitter by security researcher Dominic Alvieri, appeared to show folders bearing the names of a range of global businesses: among them were delivery and logistics company DHL, US cable network C-Span, and French bank BNP Paribas.

Also in the list were tech giants Facebook and Apple, with the latter referred to in a folder titled “apple-health-app.” The data appears to be development material for Globant’s BeHealthy app, described in a prior press release as software developed in partnership with Apple to track employee health behaviors using features of the Apple Watch. Neither Apple not Globant responded to a request for comment at time of publication.

Now this hack could have been done by the group before the arrests went down and posted today. Or this is a brand new hack. Or it could be a different group of people claiming to be Lapsus$. It isn’t clear. We’ll have to wait and see in the coming days as this unfolds. But one thing is clear, Lapsus$ or someone claiming to be Lapsus$ is back.

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Traeger Launches New Timberline Grill

Posted in Commentary with tags on March 30, 2022 by itnerd

Traeger, Inc. the innovators and category leaders in wood-pellet grills, have perfected the outdoor cooking experience with today’s launch of an all-new Timberline grill. The ultimate combination of consistency, convenience, and versatility, the new Trager Timberline redefines what a grill can do, pushing the limits of cooking outdoors, all while bringing people together to create memorable meals.

Originally launched in 2017, the Traeger Timberline has a history of revolutionizing the grilling industry, pioneering a connected cooking experience through technology and innovation with features that are now ubiquitous across the category. With today’s launch, Traeger is introducing a new future of outdoor cooking, with more improvements and features that will eventually cascade into other grill models to come.

The all-new Timberline truly perfects the outdoor cooking experience through the following:

UNBEATABLE CONSISTENCY

  • PERFECT RESULTS EVERY TIME – Traeger set the standard for precision temperature control and has taken it to an entirely new level of performance with its new SmartCombustion™ system. This system uses a series of smart sensors and cooking environment data to avoid flare-ups and provide an ultra-consistent cook for perfect results, every time.
  • SET-IT-AND-FORGET-IT – Dialing in your temperature is easier than ever before with a vibrant, full-color touchscreen display. The new Timberline controller opens more functionality with guided onboarding, monitoring temperature, and performing grill maintenance checks.
  • ULTIMATE WOOD FIRED FLAVOR – Traeger’s patented DownDraft Exhaust envelopes food with wood-fired goodness and an improved Super Smoke Mode delivers even more smokey flavor when activated thanks to a new FreeFLow™ firepot that produces maximum smoke output.
  • HOTTER MORE CONSISTENT TEMPERATURES – Full stainless-steel insulation delivers precision temperature regulation, no matter the weather. The new Timberline also features a redesigned heat delivery system thanks to radiant heat from full stainless steel interior that results in hotter temperatures at the grates for perfect searing capabilities.

NEXT-LEVEL CONVENIENCE

  • NO HASSLE CLEANUP – A proprietary Traeger technology, the EZ-Clean™ Grease & Ash Keg system channels not only the grease, but also excess ash into one convenient, accessible unit for easy disposal.
  • CONTROL YOUR GRILL FROM ANYWHERE – Grilling freedom is at your fingertips with the Traeger App featuring WiFIRE® Technology allowing consumers to control and monitor every aspect of the grill from anywhere. The new Timberline grill also features a more powerful 360 WIFI antenna for easier connection.
  • NO STRINGS ATTACHED – The new Timberline is equipped with two Traeger x MEATER® Wireless Meat thermometersfor precise monitoring of food temperature from literally anywhere utilizing WiFIRE technology via the Traeger App.

ULTIMATE VERSATILITY

  • SEAR, SAUTE, SIMMER, and FRY– A first of its kind in North America, Traeger’s outdoor-rated Induction Cooktop provides fast and efficient heating for grilling versatility when sauteing onions, simmering sauces, searing steaking, or frying hot wings.
  • ENDLESSLY CUSTOMIZEABLE – The patented P.A.L. Pop-And-Lock™ rail system provides endless possibilities to customize the Timberline with an entirely new set of accessories aimed at improving the cooking experience, all while ensuring cooks are seamless and efficient.  ModiFIRE™ accessories allow customers to utilize a variety of cooking styles simply by easily swapping out the cooking surface of their grill
  • DREAM DECK READY – Consumers looking to outfit their patio with the ultimate backyard setup can now build the new Timberline grills into their pre-existing or newly fabricated spaces with ease.

The new Timberline grill features 865 sq. in of cooking space and retails for $3,499. The Timberline XL possesses 1,320 sq. in of cooking space and is priced at $3,799. Both grills are now available at www.Traeger.com and key retailers across the US and Canada.

To learn more about Traeger Grills, please visit www.Traeger.com.

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The Great Re-Evaluation – High Salaries Are Not Enough To Mitigate Frustrating Work: ServiceNow

Posted in Commentary with tags on March 30, 2022 by itnerd

In the new world of work in Canada, the job perks that office employees once valued have changed, according to a new survey from digital workflow leader ServiceNow. Traditional, pre-COVID workplace policies and compensation are not enough to attract and retain talent, forcing employers to quickly reassess the employee experience within their companies.

Results from the ServiceNow New World of Work Study, which surveyed 1,501 Canadian office workers, revealed in the bid for talent, high salaries are not enough to mitigate frustrating work, as nearly 3 in 4 (71%) said they would never take a job that is frustrating or unrewarding – even if the pay was higher.

The barriers to meaningful work and a positive employee experience

In a time where people are re-evaluating what matters in their jobs, there is a rise in Canadian office employees who need the majority of their work to be meaningful (88%, up 7 percentage points compared to 2019). However, it’s a challenge to make this a reality, as office workers are spending nearly a third of their time (30%) each week on menial tasks. That’s equal to 12 hours of work – or one-and-a-half workdays per week. 

Adding to this, the pandemic has created many challenges that continue to be a problem two years later. These have translated into the top reasons Canadian office workers would consider leaving their job, including:

  • Increased burnout (32%);
  • Increased work hours (28%);
  • Difficulty unplugging (27%); and
  • Challenges communicating with colleagues (24%).

Artificial Intelligence (AI) seen as a potential solution for reducing routine tasks and stress

With the increase in technology spending among enterprises over the pandemic, McKinsey found that looking ahead, top economic performers are planning to double-down on tech as a differentiator. Canadian office employees agree as two in three (67%) want their employers to invest more in advanced technologies like AI that will enable staff to get menial tasks done more efficiently, leaving more time for meaningful work.

Canadian office employees feel that the benefits of artificial intelligence in the workplace include its potential to reduce stress (46%), free up time (33%) and reduce burnout (23%). In 2022, AI is no longer abstract – it’s mainstream – and it’s a powerful technique to get to an outcome that makes an employee’s work faster, easier and more accurate. Eight in 10 Canadian office workers (82%) see automation as the most beneficial application of AI at work, including applications like IT services, computer back-ups, analytics and reporting, routine tasks, and spreadsheet-based processes.

More details about the survey findings can be found here.

Survey Methodology

The 12-minute online survey was facilitated by Asking Canadians. The study was in field between January 10 and 18, 2022, and surveyed a nationally representative sample of 1,501 English and French-Canadian office workers. To qualify for the survey, respondents must have been currently working at an office or remotely at companies with 500+ employees.

The precision of Asking Canadians online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.19 margin of error at a 95% confidence level. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement errors that may be off by +/- 1%.

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Guest Post: Blockchain Hackers Stole Nearly $700 Million In Q1 2022 Says Atlas VPN

Posted in Commentary with tags on March 30, 2022 by itnerd

Attacks on various crypto projects and ecosystems brought millions of dollars to hackers and scammers.

According to the recent findings by the Atlas VPN team, blockchain hackers stole $682 million in 72 hack events throughout Q1 2022. In addition, hacks on Solana and Binance Smart Chain ecosystems attributed to more than half of the losses during this quarter.

The Solana ecosystem suffered 4 hack events and lost $397 million in 2022 Q1. Wormhole, a communication bridge between Solana and other DeFi networks, experienced the most significant hack of the quarter and lost about $334 million.

Cybercriminals hacked projects in the Binance Smart Chain ecosystem 12 times, accumulating $99 million in losses.

Other types of hacks on blockchain caused $52 million in losses throughout 9 events. IRA Financial Trust, which provides self-directed retirement accounts, lost $36 million to a crypto hack.

NFTs were the top target among cybercriminals with 20 hacks and nearly $49 million in losses. Many scammers are launching NFT projects, which turn out to be rug pull scams.

Exchanges were hacked out of $42 million in just 3 events. At the same time, the Ethereum ecosystem lost nearly $25 million to attackers in 16 hack events throughout Q1 2022.

Cybersecurity writer at Atlas VPN Vilius Kardelis shares his thoughts on blockchain-related hacks:

“Blockchain project security should be one of the primary concerns for a person looking to invest in cryptocurrency. Most blockchain-related hack events happen because cybercriminals exploit flaws in the project code. A successful hack could cause significant losses to the creators and investors of the crypto platform.”

Blockchain hacks reach an all-time high

The growing market of cryptocurrencies entices not only legit people interested in the technology but also cybercriminals who want to exploit it.

Cryptocurrency projects experienced only 5 blockchain-related hack events in Q1 2018. Next year, in the first quarter of 2019, hacks increased by 1140% to 62. While in Q1 2020, hacks decreased to 13, in Q1 2021, blockchain-related breaches and scams jumped up by 154% to 33.

Blockchain-related hack events have reached an all-time high of 72 in Q1 2022. It represents a 118% increase in hacks compared to the first quarter of 2021.

To read the full article, head over to: https://atlasvpn.com/blog/blockchain-hackers-stole-nearly-700-million-in-q1-2022

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