The rise of cryptocurrency malware and ways to reduce risks

Being in the epicentre of exchange and commerce means that Singapore must rely on and keep up with technology. However, this dependence can make our Little Red Dot more vulnerable to cyberthreats and attacks than ever before.

As the Bitcoin rage continues to hit Singapore’s shores, the Monetary Authority of Singapore has imposed various safeguards to lower related risks. For example, it has implemented anti-money laundering and countering the financing of terrorism (AML/CFT) requirements on the intermediaries that buy, sell or exchange virtual currencies. Additionally, it has also helped Singaporeans understand more about risks involved through advisories. These measures, in turn, have helped to boost the willingness towards the technology.

However, even though many of us are familiar with Bitcoin, the term Blockchain is another we should get acquainted with as it is the technology which underpins and enables not just bitcoin but all cryptocurrencies. More importantly,…