Cloudflare's CEO says crypto exchanges are a popular target for cybercriminals

Cloudflare-CEO-says-crypto-exchanges-are -popular-target-for-cybercriminals

September 15, 2021: -On Monday, Cryptocurrency exchanges have become a popular target for cybercriminals, Cloudflare CEO Matthew Prince told CNBC.

“The adage is, why do bank robbers rob banks? It’s due to the money is,” Prince said. “One of the biggest places that cyber attackers are going after right now is the various cryptocurrency exchanges and other cryptocurrency parts of the universe,” Prince added.

Cryptocurrencies attracted attention in connection to cybercrimes earlier this year after high-profile ransomware attacks, most notably the Colonial Pipeline incident in May that disrupted fuel supply in parts of the East Coast.

Colonial Pipeline ended up paying $5 in ransom one day after its IT network was hacked. However, U.S. law enforcement officials could recover nearly half of the bitcoin that the criminal cybergroup received.

The events ignited debate around the role that blockchain-based digital currencies play in the increase of ransomware attacks. Some argue that cryptocurrencies enable ransomware incidents, while others say that transactions recorded on public ledgers can help solve cybercrimes.

Cloudflare, which went public two years ago, offers companies web network infrastructure, allowing them to put their content online. Cloudflare is providing security services to prevent what is known as distributed denial of service attacks.

Prince said some of its clients are cryptocurrency exchanges, giving the company a “front-row seat” to the evolving cyber threats they face. “We’re watching more innovation from attackers in that space, but we are staying ahead of it,” he adds.

Prince commented Monday, who asked whether the executive would feel safe investing through a crypto exchange that is a Cloudflare customer.

“We’re proud of the fact that we’ve kept the cryptocurrency customers that are ours secure and safe and is helping the augment the additional protections that they have in place,” Prince. “I’d feel safe using any of the cryptocurrency exchanges that use Cloudflare today.”

CNBC has reported on individual crypto investors who had their Coinbase accounts hacked.

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