Tech

How Can Good Hackers Beat Bad Hackers?

Published

4 years ago

February 11, 2021

Between 2019 and 2020, the number of successful cybersecurity attacks worldwide has almost doubled from roughly 2,100 to nearly 4,000 data breaches. This has occurred at the same time that the penetration testing (or “Pen Testing”) vertical within the cybersecurity industry has become a multi-billion-dollar market, projected to more than double in size between 2021-2025. With the number of cybercrime incidents rising and with so much at stake in securing our digital information, the question remains, how are successful attacks still rising?

Rapid Digitization Means More Personal Data is Available Online

Twenty years ago, it would have been relatively uncommon for a middle-class home to have more than one computer with internet access, whereas nowadays you would be hard-pressed to find one without an array of technology devices connected to various networks. Because virtually every piece of technology we use in our daily lives is now internet-connected, our personal data is being shared through an increasing number of devices. When those devices and the software and data stored on them is not properly secured, it further adds to the problem of growing cyberattacks.

If a software company hires a cybersecurity consultant to perform Pen Testing services on a new application the company has developed, it may take 2-3 weeks just to get the paperwork in order to conduct the testing, leaving potential vulnerabilities in the software’s data untested and exposed. At the same time, cybersecurity consultants who use scattered software toolkits in their Pen Testing, coupled with human-centric Pen Testing policies, can cost these companies more resources (time and money) in the long run.

Rapid Technological Evolution

Another symptom of rising rates of malicious cyberattacks is the reality that security professionals struggle to match the speed at which our technology, and the data we store in it, evolves. Before IT security professionals can properly secure a new technology that has already been delivered to commercial markets, another newer technology is ready to launch, perpetuating the problem.

Since the onset of COVID-19 last year, more people are using technology to work remotely, adding new challenges for cybersecurity professionals to keep the organizations and people they work with secure. Normally, companies would hire cybersecurity professionals to test their data security, as well as identify, assess, and fill in the gaps found in those defenses. However, the gap between the supply and demand of certified cybersecurity professionals is increasing and there are currently not enough professionals in the industry to perform the amount of testing needed at scale right now.

Beating the Hackers with AI-Backed Pen Testing

The problem of malicious cybersecurity attacks is not linked to a lack of investment in cybersecurity products and services. Rather, the problem arises when these investments are not performing as intended. Every major company and software platform needs cybersecurity testing and we must increase the amount of Pen Testing from certified Pen Testers to help reduce the success of malicious cyber-attacks.

One option is crowdsourcing, where companies bring in a broad amount of hacker expertise from all around the world and test their cybersecurity defense systems. One caution is that this often causes companies to lose control over the process of which defenses are being tested, the methods used in testing, and the frequency of those tests, leaving their data vulnerable to attack.

A second option, one many cybersecurity professionals agree as to the more plausible and advisable one, is to use technology such as Artificial Intelligence (AI) in order to generate algorithms from the process that your Pen Testers perform, allowing for human hackers and AI to complement each other to perform more testing in less time for less cost.

Using this method, companies can secure Pen Testing within 24 hours, rather than waiting 2-3 weeks to file the paperwork traditionally associated with the process. Within 5-6 days, the results are sent to the company’s software developers with recommendations on how to fix any potential threats that were identified. This process makes the entire testing process much easier, faster, more accurate, and more cost-effective for the client. It also allows software development companies to develop at a more rapid pace without sacrificing security, providing additional value to product end-users.

The endgame of cybersecurity professionals is to have a more secure society, but the only way we can achieve this is by including solutions such as AI-backed Pen Testing, allowing security professionals to conduct more tests, more often, in order to generate more accurate results and identify issues that can be fixed proactively, rather than reactively. In using AI-backed Pen Testing processes, companies can ensure that their business’ and their clients’ data are fully protected and remain secure.

Seemant Sehgal is the Founder & CEO of BreachLock Inc. – the world’s first AI-powered full stack and SaaS-enabled Penetration Testing as a Service. Since 2019 BreachLock has quickly emerged as a market disrupter in the traditionally human dependent Penetration Testing market.

Tech

The Evolution and Impact of Crypto Swapping in the Financial Landscape

Published

2 months ago

September 19, 2024

Jonathan Grilli

Introduction

The rise of cryptocurrencies has revolutionized how we think about money and how we handle financial transactions. Among these innovations, the ability to swap crypto is a significant development, enabling a more fluid exchange of digital assets. This method allows for directly swapping one cryptocurrency for another without the need for traditional financial intermediaries, such as banks or conventional exchanges. Specifically, swap crypto platforms help these transactions through decentralized systems that enhance user autonomy and security. This article delves into the intricacies of crypto swapping, exploring its mechanisms, advantages, challenges, and potential to reshape the financial ecosystem. By examining how swap crypto functions within the broader context of digital finance, we gain insights into its transformative impact on personal and commercial financial practices.

Understanding Crypto Swapping

Crypto swapping refers to the exchange of one cryptocurrency for another. This can happen on various platforms, including centralized exchanges (CEXs) and decentralized exchanges (DEXs). However, the unique aspect of crypto swapping often refers to its operation on DEXs, which use smart contracts on blockchains like Ethereum to help peer-to-peer exchanges without the need for a central authority. These smart contracts automate the transaction process, ensuring that the terms of the swap are enforced transparently and without bias. The decentralized nature of DEXs enhances security by reducing the risk of hacks associated with centralized repositories and increases privacy, as transactions do not need personal information to be disclosed. Furthermore, DEXs often provide more diverse trading pairs and can help direct swaps across different blockchain networks, expanding the versatility and reach of crypto swapping. This method significantly contributes to the fluidity and interoperability of the cryptocurrency market, promoting greater integration and utility across various blockchain ecosystems.

The Mechanics of Crypto Swapping

The technology behind crypto swapping depends on using smart contracts. These are self-executing contracts with the terms of the agreement directly written into lines of code. In the context of DEXs, intelligent contracts automate the transfer of cryptocurrencies between parties once predetermined conditions are met, ensuring trust and eliminating the need for intermediaries. Platforms like Uniswap, Sushiswap, and PancakeSwap have popularized this model by offering liquidity pools. These pools are funded by users who deposit pairs of tokens, which are then available for others to trade against. When a user initiates a swap, the intelligent contract adjusts the prices based on the pool’s supply and demand dynamics, executing the trade instantly. This method simplifies the trading process and enhances efficiency by minimizing the time lag often encountered in traditional trading environments. Additionally, it democratizes access to financial markets by allowing virtually anyone to become a liquidity provider, potentially earning transaction fees. This dynamic fosters a more inclusive financial ecosystem and underscores the transformative potential of blockchain technology in reshaping traditional economic structures.

Advantages of Crypto Swapping

Increased Accessibility: Crypto swapping democratizes access to financial markets. Anyone with an internet connection can swap tokens without approval from traditional gatekeepers like banks.
Enhanced Security: By decentralizing the exchange process, crypto swapping reduces the risk of hacks and security breaches that can plague centralized platforms.
Lower Costs: Without the overhead associated with traditional financial institutions, crypto swapping can significantly reduce transaction fees.
Immediate Settlement: Transactions on DEXs can be settled almost instantly, unlike traditional banking transactions, which can take days.

Real-Life Impact

Example 1: Emerging Markets In countries with unstable currencies or restrictive financial systems, crypto swapping provides a viable alternative for individuals to obtain more stable, internationally-recognized currencies like Bitcoin or Ethereum. For instance, Venezuelans have turned to cryptocurrencies amidst economic turmoil to preserve their savings and engage in commerce.

Example 2: Entrepreneurial Ventures Startups increasingly use crypto swapping to manage their finances more efficiently. By leveraging DEXs, these companies can avoid the hefty fees and bureaucratic hurdles associated with cross-border transactions, fostering a more global approach to business operations.

Challenges Facing Crypto Swapping

Regulatory Hurdles: The lack of clear regulations around cryptocurrencies and DEXs poses challenges, including potential future restrictions that could affect the accessibility of crypto swapping.
Market Volatility: The prices of cryptocurrencies can be highly volatile. Rapid price fluctuations can lead to market instability and affect the reliability of executing swaps at desired prices.
Technical Barriers: Using DEXs and understanding blockchain technology need a certain level of technical knowledge, which can be a barrier for the average user.
Liquidity Issues: Some less popular tokens may face liquidity issues on DEXs, making it difficult to execute large orders without impacting the market price.

The Future of Crypto Swapping

As blockchain technology evolves and more users become comfortable with digital currencies, the scope of crypto swapping will likely expand. Innovations like cross-chain swapping and integration with traditional financial systems could further enhance usability and appeal. Moreover, with increasing attention from regulators worldwide, more precise guidelines could lead to more widespread adoption and integration of crypto swapping into mainstream financial practices.

Conclusion

Crypto swapping is more than a technological novelty; it represents a fundamental shift in how individuals and businesses interact with the global financial system. By offering a secure, efficient, and accessible means of exchanging value, crypto swapping has the potential to contribute significantly to the democratization of finance. This shift could empower individuals by giving them direct control over their financial transactions, thereby reducing dependency on traditional banking institutions and systems that often impose cumbersome processes and high fees. Moreover, businesses could leverage this technology to streamline operations, cut transaction costs, and expand into global markets with fewer barriers. However, navigating the associated challenges and ensuring a favorable regulatory environment will be crucial for realizing its full potential. As such, ongoing dialogue between innovators, regulators, and stakeholders is essential to forge regulatory frameworks that safeguard participants while fostering innovation. In this evolving landscape, crypto swapping stands not as a disruption but as a transformative force with the power to redefine financial engagement on a global scale.