Cyber Security Issues in Withdrawal from Digital Wallets

DesaiAV — Mon, 06 Jun 2022 12:47:13 +0000

As we continue to evolve to a more digitalized way of living, payment methods have also been digitized and most people prefer E-wallets and mobile banking instead of physical banking and card-on-file that may require one to frequently carry Wads of cash. As users continue to adopt digital payment methods, one issue remains to be a concern despite technological adaptation; cyber security.

Stakeholders in digital payment adaptation aim to protect critical data from cybersecurity risks such as online fraud, information theft, malware, virus attacks, and other cybersecurity threats. When an intruder bypasses an online security system, data can be exposed and accessed without authorization; which may cause damage to national security, economic prosperity, and social well-being.

Digital wallets are used for e-commerce transactions that we have become quite dependent on. These transactions include transferring money from one person to another person or business, purchasing goods, paying utility bills, or booking flights using a financial instrument installed on your smartphone or computer. These digital wallets store personally identifiable information (PII) of the user, which include their name, mobile phone number, customer card numbers, secret PIN, net banking credentials, etc. If such information is exposed or accessed by a malicious intruder, it can be very harmful to individuals, organization,s and even national economies.

How to secure data when using an E-wallet

Using an app like the Bybit app for your mobile banking withdrawal and wallet-to-wallet withdrawal is quite simple. You simply need a wallet address for the receiving wallet and once you have entered this address, Bybit directs you to a verification page where you can verify your withdrawal. You can either verify your withdrawal using an email verification code that is sent to your account’s registered email address or verify your withdrawal using a Google authenticator code (a 6-digit Google authenticator 2FA security code).

Once you have entered a verification code, your transaction moves on to the next step. Please note that the verification email is only valid for 5 minutes. Once the transaction is verified, you receive an email from Bybit to your account’s registered email with details of the withdrawal request. You will need to click the verification link to verify your withdrawal request.

The entire withdrawal process takes up to 30 minutes. While the Bybit withdrawal time may seem like a long while to wait for funds to be transferred, it is a necessary sacrifice to ensure that your funds are secure in your Bybit account. The numerous steps depend on a specific blockchain and its current network traffic. Bybit process some withdrawal requests three times a day, i.e. at 0800, 1600, and 2400 UTC. All these measures ensure that the Bybit systems are secure, but you can always take some precautions to ensure that you are secure as an individual.

To secure personal data while using an E-wallet, one must:

1Enable strong passwords on your devices.
2Install apps only from trusted sources.
3Use secure network connections.
4Create a unique password for your digital wallet
5Identify points of contact in case of fraudulent issues
6Keep your login credentials secure

As fintech evolves and expands into the basic aspects of our lives, it is important to maintain the well-being of every user. This can be done by constantly updating cyber security measures and staying up-to-date with current cyber security attack strategies.

Importance of Log Management System

DesaiAV — Fri, 27 May 2022 11:33:21 +0000

Within your log management system lies a log level, an indicator that captures the importance and urgency of all entries within the log. Log levels alert you if certain events require your immediate attention or if you can continue with your day. They can also serve as a filter for the IT team which allows them to easily sort out all log events and focus on events that are of the highest priority.

It can be challenging for organizations to run log management effectively and efficiently.it is important to set-up meaningful log levels in the log management process because members who access and read logs use logging levels to understand the significance of the message that they see in the log or any observation tools being used.

History of log levels
The first introduction of logging levels was in the 1980s with syslog, a logging solution for Sendmail (an email logging tool that enables various mail-transfer and delivery systems). Logging levels were then adapted by other applications, quickly becoming an industry standard.
Since logging levels were first introduced, programming levels have grown and evolved. In this new age of technology, each programming language has its own logging framework which allows user flexibility in the format in which data is saved, and how it can be exported.

Why are logging levels important?
Acts as an alert level for the It team. This is because it can flag critical issues such as system outage, cyberattack, or events that put an organization, its customers, and its data at risk. Issues that need immediate response.
Helps reduce information overload and alert fatigue within the IT organization because there are many categories within the logging system.
Helps the IT team to focus on high-value, business critical issues.

The Importance of The Log
There is a lot of data that can be found in logs. The log contains too much information for humans to effectively sort and analyze. For this reason, IT teams cannot rely on the log only, they need the following to capture and act on information within the logger:
Filtering: IT teams can filter log events by level and display events within a specified category such as fatal or error.
Alerting: when a particular event is added to a category within the logger, the IT team receives an alert.

Common types of logging levels
A logging framework is organized by the following logging levels:
Fatal: indicates that at least one system component is inoperable, therefore causing a fatal error within the larger system.
Error: indicates that at least one system component is inoperable, therefore interfering with the operability of other functionalities.
Warn: indicates that an unexpected event has occurred in an application that may disrupt or delay other processes.
Info: capture an event that has occurred.
Debug: captures relevant details of events that may be useful during software debugging or troubleshooting within the test environment.
Trace: capture the execution of the code. It does ot require action but it may be useful when the team needs full visibility within the application or a third-party library.

For some systems, the following catch-all categories may serve as a default log level:
All: all activities and events added to the logger.
Off: no activity or event added to the logger.

You may need to consider the following challenges:
Inconsistency, excessive logging, and alert fatigue because they directly affect a log management system.

DEV Community: DesaiAV

Cyber Security Issues in Withdrawal from Digital Wallets

Importance of Log Management System