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TIPS FOR GETTING STARTED WITH CRYPTOCURRENCY

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Cryptocurrency has taken the world by storm in recent years. After years of operating under the radar, it has exploded into the mainstream and captured the imagination of millions across the world. If you are new to the world of cryptocurrency, it can be impossible to know where to begin. By following these handy tips and tricks, you can find out everything you need to know about trading cryptocurrency and prevent yourself from getting caught up in the hype and making a number of mistakes that can cost you time and money in the long run.

 

Pick a strategy

The process of getting involved with cryptocurrency can be stressful. There are a number of steps you can take early on to ensure you are putting your best foot forward and protecting yourself and your assets at all times. Before you dive in and get lost in the sheer volume of cryptocurrencies available to the everyday trader, you must first choose a strategy. This will provide you with a basic framework to guide you from start to finish. It can also mitigate the financial risk involved with trading cryptocurrency by making a series of decisions for you on your behalf. A strategy is not required but it is recommended. It can allow you to respond accordingly and bounce back in the event of a sudden market crash. There is no universal correct answer when it comes to selecting the right one for you. It will usually include asset classes, setups, tools, and triggers. You can also use your strategy to set out how and when you will trade. By establishing a personalised schedule ahead of time, you can inject some structure and routine into your trading strategy. There are plenty of strategies out there, including DeFi Yield investing, which allows you to earn interest on crypto that you hold and stake it against other coins. Check out a reputable DeFi Yield platform such as Unagii, to see if this is the right option for you.

 

Pick an exchange

Before you invest in cryptocurrency, you must research which companies offer exchange services. A cryptocurrency exchange, or digital currency exchange, is a business that allows you to trade cryptocurrencies for assets or money. This can influence where you trade, how you trade, and the community within which you will trade. These are all important factors that must be considered before you embark on your cryptocurrency journey. As you gradually familiarise yourself with the ins and outs of trading, it may benefit you to stick to reputable, well-known sources and purchase your cryptocurrency from reliable exchanges. You may end up spending a bit more than you intended to, but you are less likely to be ripped off. By knowing how to spot fraudsters from afar, you can prevent yourself from losing time and money and earn high yield staking rewards on your assets. Once you complete a transaction, all sales are final. There is no way to retrieve your cash, and banks will be unwilling to help. If it seems too good to be true, it probably is.

 

Automate your trading

Cryptocurrency is a 24/7 global market. It never sleeps. It is impossible to keep up to date with each minor or major development that may affect your assets. The constant desire to track each cryptocurrency can lead to burnout, dependence and even addiction over time. To prevent this from happening, you may benefit from automating your trading strategy. There are a number of tools and platforms out there designed to help you monitor your cryptocurrency without becoming exhausted. They work by tapping into a series of algorithms and processes to trade based on asset price, technical indicators and the proportion of value within your portfolio. Modern automated cryptocurrency trading platforms may also operate on the blockchain. This can be a great option for those new to the world of cryptocurrency trading or with a little less time to spare. Shop around to find the right trading bot to suit you and your lifestyle.

 

Build a portfolio

A solid cryptocurrency portfolio can stand the test of time. There are several factors you must consider when deciding which cryptocurrencies to invest in to build on your existing portfolio. Putting all of your eggs into one basket is never a good idea. By diversifying your assets, you can provide a sense of stability and dependability within such a volatile and destructive market. You can also reduce the risk of financial ruin in the event of a market crash. When it comes to establishing a portfolio and welcoming a brand-new addition, you must evaluate market cap, circulation supply, and total supply. Investing in a single asset can be a recipe for disaster. Distribute risk to a number of different coins and manage your portfolio by making small changes or adjustments over time.

 

Be patient

Patience may not be the first thing that springs to mind when you think of trading cryptocurrency, but it should be. Those looking to make a quick buck are often disheartened to learn that it takes time and patience to make a solid return on investment on cryptocurrency. The market may be volatile, but your net worth is unlikely to skyrocket overnight. Take the time to implement the right strategy and ensure it is working for you. Investing in cryptocurrency is a learning curve. Without the right training and guidance, you will make mistakes along the way. However, this equips you to deal with any future problems and allows you to overcome and adapt as necessary. By surrendering to your inexperience and trusting the process, you can learn the ropes and master your strategy over time.

 

Ask for help

There is no shame in admitting defeat or asking for help. Whether you have blown your savings or have a burning question regarding a prospective investment opportunity, it can be easy to try to keep up with the excitement only to find yourself getting lost in the hype. But do not fear; help is out there. Fellow traders were in your position at one point or another. Most people will be willing to help out and provide you with wisdom and advice to help send you on your way. Those involved in cryptocurrency trading are determined to see others succeed and will encourage you to overcome obstacles and keep going in any way that they can. There are countless cryptocurrency trading communities out there. You can interact with others that share the same passions and interests as you and receive help and advice whenever and wherever you may need it. Communities may be established around assets, strategies, beginner guides, universal adoption of cryptocurrencies, or trading platforms. Trading is a personal journey. Joining a cryptocurrency community may provide you with a number of benefits, but you must remember not to become a victim to the hive mentality.

Cryptocurrency can be a minefield. When it comes to investing, it can be difficult to know where to begin. With so much to learn, mistakes are almost unavoidable. By following these handy tips and tricks, you can enter the world of cryptocurrency trading equipped with all of the tools and information required to make an informed decision. Once you have picked a suitable strategy, selected a reputable exchange, automated your trading, and built a portfolio, the fun can begin. You must also remember to be patient and ask for help if and when necessary.

 

Finance

HOW FINANCIAL ORGANIZATIONS CAN PROTECT THEIR DATA

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Yuval Wollman, President, CyberProof and Chief Cyber Officer, UST

 

Top executives from Wall Street’s largest banks pinpointed cybersecurity as the greatest threat to America’s financial system, at a Congressional hearing that took place in May.

The concern of financial industry leaders with cyber-attacks is neither surprising, nor new. The attraction of cybercriminals to banks and other financial institutions makes sense, given the fact that the financial sector functions as gatekeepers – not just of financial assets, but also of valuable Personally identifiable information (PII).

Threat actors are attracted to attack financial institutions to earn a profit through increasingly sophisticated attacks that range from ransomware attacks to identity theft. But while the threat continues to grow, there is much that can be done to mitigate the risks.

 

The Downsides of Digital Banking

The number of attacks on financial institutions increased sharply in the last two years due to the upheavals wrought by COVID-19, which prompted a dramatic rise in the number of online transactions.

With so much of today’s financial transactions done on both web and mobile devices, threat actors have more opportunities than ever before. Take, for example, the growing importance of Man in the Middle (MITM) Attacks, which impersonate another party online and give criminals access to personal data, passwords, and banking details.

With the widespread adoption of digital banking, consumers have become increasingly worried about cyber-attack. As a result, there’s growing demand to create better consumer protection laws that respond to the rapidly evolving technology. The U.S. Federal Trade Commission (FTC), for example, recently strengthened security safeguards for consumer financial information.

 

It’s Not “Just” About the Money

Financial organizations are at risk not just from threat actors looking for profit, but also from nation-states and hacktivists acting out of idealistic motives or as a means of achieving specific political ends.

The most famous examples of this type of attack include Russia’s 2016 attack on Ukraine’s electric grid and North Korea’s 2017 attack on Britain’s National Health Service.

Because of the extent of the damage that this type of attack could cause, NATO established cyberspace as the “fifth domain of warfare” in 2016. It developed a definition of when foreign factions are banned from attacking financial institutions, due to the fear that this type of attack could directly lead to a country’s destabilization.

 

Recognizing Risk Factors

The digital transformation of financial services helps banks and other financial institutions provide more a more convenient customer experience.

And while significant customer demand has led many banks to implement changes such as the transition from legacy to cloud-based solutions, these shifts also have the potential to create additional security risks.

For example, if we’re talking specifically about cloud migration, there’s need for additional security layers to protect organizations working with public cloud providers from the range of attacks targeting the financial sector: ransomware, account takeover, data theft and manipulation, phishing attacks, identity theft, and more.

Another example is the extensive use of third-party vendors, which has increased the risk of attack for organizations in the financial sector. Because third-party vendors enlarge the attack surface, they create more entry points to the system and make it harder to protect customer data.

 

Accelerating Detection & Response

By adopting an agile approach that supports continuous improvement, financial organizations can facilitate proactive identification of evolving threats and vulnerabilities in the wild. More specifically, by placing an emphasis on use case optimization – which starts by mapping out an organization’s threat detection gaps to a framework such as MITRE ATT&CK – enterprises can prioritize threats and invest their time and resources in mitigating risk more effectively.

For organizations transitioning to the cloud, what’s key is managing the migration process in a way that provides optimal visibility in the cloud and supports ongoing optimization at the enterprise level. Digital playbooks are a crucial tool in providing improved detection and response, creating automated or guided responses that allow faster, more effective, collaborative action.

The development and regular review of incident response plans similarly allows for efficient response in emergency situations and helps reduce the business impact of cyber-attacks.

 

Targeted Threat Intelligence

Threat intelligence that’s tailored to the financial services sector is another key component of timely detection and response. By working with expert Cyber Threat Intelligence (CTI) services, organizations can obtain up-to-date information about industry-specific threats in real time – information that is a highly valuable tool in strengthening the defense of an enterprise.

 

Cyber Hygiene

Employees make mistakes; after all, it’s only human. But these errors can lead to massive data breaches. For example, when someone clicks on a phishing email or leaves passwords for a company computer on a slip of paper that’s easily seen by the wrong person, the damage can be astronomical.

Providing regular cybersecurity training programs for employees can help minimize the risk of an accidental or careless action leading to cyber-attack. To be effective, training programs should not only explain how to spot cybersecurity risks like phishing emails but should also discuss how and where it’s safe to access company information.

Aside from employee training, there are fundamental cybersecurity-related decisions that should be implemented at the enterprise level such as Zero Trust, DevSecOps, and multi-factor authentication (MFA). From a policy perspective, for example, it’s crucial to enforce MFA for all applications. Moreover, technology-related vulnerabilities can be minimized through frequent patching and updates for systems. Audits, as well as vulnerability and penetration tests, must be conducted regularly.

 

For the Financial Sector, “Best Practices” are Key

With the growth in number and complexity of cybersecurity attacks on financial organizations and the increased risk of nation-state attacks, proactively approaching the question of cybersecurity and implementing “best practices” makes the difference in reducing the degree of risk to an enterprise.

By modernizing the SOC with a carefully navigated migration to the cloud, adopting continuous improvement of use cases and the development of digital playbooks that improve detection and response – as well as by leveraging targeted threat intelligence and maintaining strong cyber hygiene – enterprises can put themselves in a stronger position to minimize the potential business impact of a cyber-attack on their organizations.

 

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IF IT’S A LOSS, YOU’RE TOO LATE – WHY THE INSURANCE INDUSTRY NEEDS TO FOCUS ON FIRST NOTIFICATION OF RISK

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Simon Dicks, Insurance Channel Manager EMEA, Lytx

 

Insuring commercial fleets can be an expensive business. Average repair costs have increased by up to 40% in the past 8 years and disputes about who was responsible can drive up expenditure for both fleets and insurers.

Part of the problem is that the insurance industry hasn’t had the tools to forecast costs and premiums accurately enough in this sector. Underwriting decisions are still made in the same way they always have been, by looking back at historical data from previous years. This approach simply isn’t giving insurance companies an accurate indication of potential risk – or a proper indication of the impact of driver behaviour.

Technology is helping insurers to an extent by providing information about First Notification of Loss (FNOL) – automatically sending notifications when unusual G-force readings are captured within a black box tracking device as a result of sudden braking or impact. This is good, but far better is the ability to use proactive technology to detect when an incident is at risk of occurring and when a driver is distracted.

The only way to address this is to put a highly accurate level of camera technology both inside and outside cabs, supported by sophisticated technologies such as Machine Vision (ML) and Artificial Intelligence (AI). This way, we can see not just that an incident has happened, but why it happened. What’s more, we can assess risk before an accident happens at all and prevent it happening in the first place. We call this First Notification of Risk (FNOR) – and it’s a whole step up from FNOL.

Machine Vision scans the internal and external environment of the vehicle to identify distracted driving behaviours such as mobile phone use, eating, drinking, smoking, inattentive behaviour or failure to wear a seatbelt. AI, comparing the behaviour against a vast bank of accumulated data, is then able to determine the riskiness of that situation and whether it needs to be flagged to the fleet manager, driver, or insurer via a short video clip. The big difference in this approach is that it’s proactive, not reactive. For the first time, fleets and insurers can identify adverse driving and distracted driving in real-time for the first time.

This includes the ability to alert drivers of any momentary slip-ups or distracted behaviours. Using the same technology, drivers will receive an audio or visual alert to help keep them on track and to lessen the likelihood of a moment’s distraction becoming anything more.

When insurers have access to these insights, they can also start to see patterns from the data over time. For example, a fleet manager might start to see that there’s a peak in risky driving behaviours on a Friday afternoon when lots of drivers are rushing to finish for the weekend. As a result, they may decide to spread the shifts differently so as to avoid that pattern of behaviour.

When insurers are only looking at FNOL, it’s already too late. A driver could be unthinkingly driving whilst smoking, on their phone, and nobody would never know. Whereas with FNOR, both managers and insurers are provided with insights that remove the guesswork, and underwriters have the information they need to assess risk with far greater precision.

There’s still a long way to go in making the move towards FNOR. With so many different companies selling cameras and telematics systems and producing information in hundreds of different formats, claims data will have to be standardised before the sector can really transform. However, by starting to embrace ideas like FNOR, the industry can move towards a solution that saves them time, money and lives.

To find out more, visit  www.lytx.com/FNOR

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