One of the biggest challenges that the crypto community has is the continued tussle with the exponential rise in the number of cybercrime incidents.
From phone porting to lost keys and mismatched wallet addresses, scams, cryptojacking, and phishing attacks on exchanges. There are just too many ways to lose money in the crypto space, and that has become a real problem in the markets, especially for newbies.
A Korean based web company coughed out $1 million worth of Bitcoin as ransom to a hacker while Coincheck and Mt Gox still remain the most popular exchanges that have been hit by cybercriminals in the past few years.
With the growth of the crypto market coinciding with a massive adoption of artificial intelligence solutions, one would rightly expect that both technologies would crossover.
Therefore, using artificial intelligence to guarantee more security for crypto investors comes under the radar and is not a far-fetched concept.
For instance, in the case of cryptojacking, where hackers tap a victim’s processing power to mine cryptocurrencies, mining companies would be better off if they were able to detect different malware behavior in any other way than the manual process.
As an improved solution – artificial intelligence with automation at its base can trigger threat detection and response systems to safeguard mining networks.
This helps corporate networks avoid low device performance, increased electricity costs, and hardware damage caused by the thermal loads that are inflicted by intruders.
Another strength that artificial intelligence could bring in the battle against crypto hacks is the ability to provide immediate alerts to miners without relying on prior knowledge and the specifics of the impending attack.
This is almost impossible with the manual detection process where hackers gain access to user machines before an attack is spotted.
The fact that artificial intelligence solutions can provide real-time insights into the nature of an attack makes it possible for companies to monitor and detect entities in the network that can pose a threat.
Data generated via AI can provide the basis for immediate action against hackers and will go a long way to reduce cybercrime figures in the crypto mining industry.
Vectra, a cybersecurity firm that prides itself on developing AI systems to detect and combat threats could be working on a solution for the crypto space after publishing an Analysis of AI-based crypto mining detections.
Alex Vaystikh, CTO at SecBI Ltd has also worked with his team to build an Autonomous Investigation technology. This solution deals with the threat issues by using machine learning to look for suspicious patterns in the vast sea of data that comes through corporate mining networks.
DarkTrace and WatchGuard are also AI based viable solutions for installing a network-based strategy to defend against cyberjacking attacks on mining sites.
It will only be a short time before more AI solutions are rolled out on the battlefront against hackers.
Improved efficiency and of course, a greater ROI awaits mining corporations and crypto exchanges that employ AI at the base of their cybersecurity process.
Conclusively, curbing crypto cybercrime is a more realistic target than seeking total redemption, and AI holds a lot of promise for reducing the numbers.