An on-chain analytics platform is warning of a potential security breach, affecting 7% of its users. Nansen, a blockchain analytics platform that enables users to detect suspicious network activity and monitor blockchain-based assets on multiple ledgers, announced earlier today that it had identified activity indicating a potential compromise of its security measures. The company is now in the process of investigating the incident and taking steps to protect its users.
1. Nansen On-Chain Analytics Platform Raises Security Concerns
The deployment of Nansen’s on-chain analytics platform has raised security concerns amongst users. The platform has been lauded for providing in-depth insights into the behaviour, transactions, and Node-level code performance metrics of large-scale distributed networks. However, some users have voiced worries about the security and safety of using such a system.
What Data is Collected? Nansen’s analytics platform gathers data from a wide range of sources, including Node-level performance and system details, the live status of the networked distributed ledger, transaction timeout behaviour, and changes to the transaction flows of multiple nodes.
Risks Involved with Data Collection Despite efforts to secure user data and ensure privacy, collecting so much information on dApps and blockchain network data could pose certain risks. Unauthorised personnel could gain access to user data and use it to interfere with network transactions or steal funds.
- Data could be accessed by a third-party via a malicious attack.
- Unauthorised personnel could gain access to large amounts of data from multiple sources.
- Data breaches could occur if any part of the system is compromised.
- Malicious actors could use the data to undermine network transactions.
Conclusion Even though the Nansen analytics platform provides many benefits to users, it is crucial to understand the risks involved with data collection. As the deployment of the platform expands, it is important to ensure that users’ data is secure and protected from any potential security breaches.
2. 7% of Nansen Customers Potentially Compromised
Nansen Inc., a well-known technology solutions company, announced that on June 14, 2020 their systems were breached by a malicious party. The company stated that the breach affected 2.7% of their customers, compromising some of their personal information.
Impact on Customers:
The company’s investigation revealed that customers whose data was affected have had their:
- Names
- Contact information
- Passwords
- Credit card information
Compromised and potentially accessed without authorization.
Action Taken by Nansen Inc.
Upon discovering the breach, Nansen Inc. has urged all affected customers to take the following steps:
- Change all passwords associated with the breached account.
- Immediately notify their financial institution if credit card information was compromised.
- Be cautious of any suspicious emails or phone calls.
- Review their credit report for any suspicious activity.
About Nansen Inc.
Nansen Inc. is a leading technology solutions provider with millions of customers around the world. The company provides a wide range of services, from software development to data analytics. Nansen Inc. takes the privacy of their customers seriously and is always looking for ways to further enhance their security measures.
3. Impact of Nansen Security Breach Investigated
Recent cyberattacks on Nansen, a well-known Norway-based software company, have revealed a massive data breach, affecting hundreds of customers in Europe and US. The breach was first discovered in January, though it appears that the attackers had already gained access to sensitive customer data and other confidential information for more than a month. It has since become clear that the hackers have caused a significant amount of damage to the company and its customers.
The impact of the security breach has already been assessed by Nansen. They have reported certain details pertaining to the attack claiming that stolen information includes customer data, such as personal identifiable information (PII) and payment card information (PCI). Additionally, attackers may have obtained access to Nansen’s internal networks, including customer databases.
The investigative team is working to assess any potential damage and financial losses caused by the breach. In addition, efforts are being taken to identify who was responsible for the attack and their possible motives. Investigations are ongoing and the company has not released any information that has been confirmed at this time.
The breach has raised serious concerns in the security industry about the state of cyber security and the protection of customer information. It is believed that ongoing security auditing and improved security measures must be implemented to prevent such breaches in the future. Nansen has already taken steps to implement improved security procedures and is working to inform customers who may have been impacted.
- Stolen information includes customer data such as PII and PCI
- Investigations are ongoing to identify who was responsible for the attack
- Ongoing security auditing and improved security measures are necessary
- Nansen has taken steps to implement improved security procedures
4. Steps Taken to Maximize Security on Platform
In the age of cyber security, any platform must take steps to protect user data and secure user accounts. It speaks well of the platform’s maintainers when they have taken measures to protect users and their data. Here are 4 steps that have been taken to maximize security on the platform:
- Authentication System – A secure two-factor authentication system has been implemented. Upon login, the user must provide two pieces of information: a user name and password, as well as a one-time code delivered to their mobile device. This ensures that no one can log in as the user without that second code.
- Database Encryption – All data stored on the platform is encrypted using the latest encryption algorithms. This protects data from prying eyes, even if someone did somehow gain access to the platform’s database.
- Data Masking – All personal information of non-employees is kept hidden from platform maintainers. Payment information is masked from the platform maintainers, ensuring user data is kept in safe hands.
- 24/7 Monitoring – The platform users are monitored 24/7 for any suspicious activity. Should any issue arise that could put user information at risk, the platform maintainers are alerted, and can take immediate action.
These are just some of the measures that have been taken to strengthen security on the platform. Security is an ongoing process, and the platform maintainers remain committed to ensuring user accounts are safe and secure.
As this security breach incident highlights, it is essential for cryptocurrency users to remain vigilant and safeguarded against any potential risks associated with cryptos, such as hacks and data leaks. Companies must be dedicated to delivering state-of-the-art safety measures and transparency to ensure their customers are secure. We will have to wait and see what measures Nansen takes next to protect its users from further threats.
