Expert Commentary: Binance crypto hack highlights importance of cyber security fundamentals

Following reports of a major cyber attack affecting cryptocurrency exchange Binance, questions are once again being raised about the security challenges facing the crypto sector. 

Tim Rawlins, Senior Adviser at NCC Group explains why organisations handling high-value digital assets must focus on security fundamentals at every stage, from development through to day-to-day operations:

“This attack, reportedly on a development engineer, highlights that security is a critical element of every operational stage and personnel level. When security failures in trusted identities and administrative access can be targeted, attackers can exploit more than just the underlying technical vulnerabilities. 
 
“The increasing use of AI in attacks is supporting attackers to chain issues together in a way that might take them longer alone. Organisations are facing adversaries who are prepared to invest time and money to compromise their systems, if the return is large enough. Given what we know about the activities of countries like North Korea in targeting crypto currency, it’s unsurprising that attackers are prepared to invest considerable efforts in targeting individuals who have access to the building blocks of the exchanges. 
 
"As we have seen with many of the attacks against crypto exchanges and other platforms, good cyber hygiene and effective security fundamentals are key to defending against attacks that many organisations are still missing.
 
“Securing trusted identities so funds can’t be moved unchallenged or other privileges exploited comes down to having phishing-resistant MFAs, just in time privileged access, tightly scoped and monitored human and non-human identities, and detection in place for anomalous activities.”

Tim Rawlins biography:

Tim is a Director and Senior Adviser at NCC Group with a long career in senior security, risk and resilience roles across the public and private sectors. His experience includes serving as an Operations Director in industry and as Chief Security Officer (CSO) for a global bank as well as twice holding the role of NCC Group’s own CSO. 
 
Tim specialises in executive level briefings, crisis management and resilience. He leads NCC Group’s crisis training for senior leaders, regularly delivering Gold Team exercises and supporting organisations through real incidents. Working closely with our Digital Forensics and Incident Response (DFIR) team, he helps clients navigate major cyber events, ensuring they can stabilise, respond effectively and recover with confidence. 
 
Drawing on deep strategic, stakeholder and communication expertise, Tim advises board members, senior executives and leadership teams across NCC Group’s global client base. He is also an experienced public speaker and frequently contributes to NCC Group’s public affairs and media activity, briefing analysts, journalists and senior officials on emerging threats, resilience and cyber strategy.