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CertiK Alerts, a cyber security firm, reported increased crypto security incidents in October 2024 excluding phishing, which was above the monthly average of 40 recorded in the year. Yet, damages were infrequent and relatively less in terms of money; the sum of $2.6 million was shown, the lowest recorded for the year 2024 up to this month.
The decrease in losses suggests a change in attack types or success, as there were far fewer high-severity breaches than in the prior months.
Vulnerabilities Become the Key Actors
Of these threaded incidents, slightly over 17 were attributed to code weakness, which is way above the once-per-month figure. Although there was an increased risk of vulnerability exploitation, there were fewer cases of loss that equalled or exceeded $1 million.
This is contrary to previous months when vulnerabilities indicated lots of losses. It could mean it has become like before, where despite all the vulnerabilities present, the attackers cannot capitalize on them or are focusing on small projects.
Current Muse on Future Security and Incidents
While the numbers last month suggest a positive trend, such has demonstrated a higher volume of incidents originating from vulnerabilities Therefore, it is important especially for the crypto market to improve on their levels of security.
As we move closer to the end of the year, exchanges, DeFi platforms, and investors must remain cautious, especially as the industry has become a favourite among hackers.
More profound concentration on practices concerning the security of code, usual, and timely checks and balances could be beneficiary in minimizing the frequency of the above-enumerated incidents as well as keeping the monetary losses within the downward slope.