Cybersecurity Companies Are Making Millions From Hacks

The tragedy of some has been the blessing of others in the crypto space this year. The increase in cybercrime related to the cryptocurrency industry has fueled the work of firms dedicated to evaluating and ensuring the security of companies that trade in crypto. Attacks sponsored by North Korea’s hacker army and other criminals against Western cryptocurrency platforms have led to a substantial increase in demand for cybersecurity. Companies that are dedicated to evaluating the weaknesses of crypto platforms and providing cybersecurity have had a lot of work these days. The volume of their business has grown exponentially. While other companies are laying off staff, security firms are hiring hundreds of technicians. This has caused wages to rise, service fees to rise, and revenues for cybersecurity companies to rise like never before. A cybersecurity auditor can earn up to $400,000 a year. Company balance sheets show how fear of sophisticated hackers is driving this sector. From January to July, cybercriminals have stolen from decentralized finance (DeFi) companies, dedicated to trading and lending cryptocurrencies, about 2 billion dollars in digital currencies, according to data from Chainalysis.

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