WazirX, the biggest bitcoin and ICO exchange in India was targeted by hackers who stole $235 million worth of tokens during a hack in July 2024, prompting the company to reduce business losses. The occurrence has given rise to significant concerns about the security measures in place and the need for robust cybersecurity strategies to prevent similar losses in the future.
Figuring out the Hack
Unspecified cryptocurrency tokens were transferred to WazirX’s Ethereum wallet after an understanding of the hack led to a security breach. The organization collaborates closely with government agencies, such as the Financial Intelligence Unit (FIU), IB, and the Indian Computer Emergency Response Team (CERT-IN), to conduct investigations. According to sources, despite an ongoing investigation, there have been no reports of misconduct from the company.
Â
Key Cyber Security Measures to Prevent Business Loss
- Endpoint Detection and Response (EDR) / Extended Detection and Response (XDR) Software: The use of Endpoint Detection and Response (EDR)/Extended Disclosure Resolution (XDR) software can help businesses take control of their threats and detect them in real-time, thanks to cyber security measures. These tools can provide comprehensive monitoring of endpoint activities and detect suspicious behavior before it causes significant harm.
- Web Application Firewall (WAF): A WAF is a type of web application firewall that can protect against HTTP traffic and monitor it while filtering or monitoring it. The device helps to prevent harmful requests and protects against widespread web-based dangers like SQL injection or cross-site scripting (XSS)
- Firewalls: The regulation of both inbound and outbound network traffic is facilitated by traditional firewalls, which are commonly used as security measures. These devices safeguard against unauthorized access and can be configured to prevent traffic from questionable sources.
- Dynamic Application Security Testing (DAST): The use of DAST tools enables the identification of security weaknesses in web applications by scrutinizing how the application is affected by attacks. Preventing potential breaches requires frequent DAST checks, which can identify any weaknesses in the security system that may require attention.
- Static Application Security Testing (SAST): SAST tools are designed to detect security flaws in source code and evaluate them early in the development lifecycle. SAST implementation in the software development lifecycle enables organizations to identify security vulnerabilities and act against them before they are implemented.
- Rate Limiting: To minimize the impact of brute-force attacks, implementation of this technique involves limiting how many requests a given requestor can make in one period. It is possible to prevent systems from being accessed by hackers through this method, which can also provide protection.
- Geographical boundaries for rogue nations: Blocking traffic from countries that are known for their cybercriminal activities can reduce the risk of attacks. The application of geographic restrictions can allow organizations to impose barriers on systems in regions with high-risk areas.
The WazirX hack underscores the importance of effective cybersecurity practices. To effectively protect their assets from cyberattacks, organizations must implement a multi-layered approach that involves using EDR/XDR software alongside WAF for optimal protection against potential threats from attackers or adversaries, as well as firewalling measures such as DAST, SAST attacks, rate limiting measures, and geographic restrictions. The continuous improvement and updating of security measures are essential for organizations to remain ahead of the curve in terms of threats.
Feeling paranoid and want whizzygeeks to protect yourself from cyber threat ? Fill in the requirement form or Drop us an email on [email protected]
