McAfee, a leading US computer security software company, headquartered in California, issued a statement describing the various cybersecurity dangers correlated with cryptocurrencies based on block chains and highlights the need of giving cybersecurity the highest preference as the industry sets up the bases for the broad implementation of blockchain technologies.
The need for blockchain technology is increasing continuously amongst a few of the most recognized businesses across the world, such as government, banking, retail, health, and automobile sectors. To tell the truth, almost all the areas have spent in, obtained or implemented blockchain technology in one or the other capability. However, even though the blockchain technology market is anticipated to reach a whopping $9.6B by 2024, McAfee recognizes enormous potential for security dangers that could endanger this innovative technology’s speedy progress and its swiftly growing bunch of embraces. McAfee highlights the cybersecurity attacks connected with digital assets, the field where blockchain technology has been most broadly executed and used at massive scale by millions of individuals.
As reported by McAfee, malicious hackers have ceaselessly and increasingly attempted to exploit the speedy embracement of cryptocurrencies and the initial people who have adopted it. The company observes such pursuit in four principal cyber attack vectors: fraud schemes, malicious software, implementation ventures, and technology vulnerabilities. Several attacks across these classes use both traditional and modern cybercrime methods and have proven hugely profitable for attackers.
The McAfee report describes a cryptocurrency scam that happened last year wherein a hacker created a fake cryptocurrency “wallet” service. After collecting authentication data from the unsuspecting users of the attacked company over the span of several months, the criminal took $4 million from credulous users’ wallets.
McAfee’s researchers provide illustrations of how the growth of cryptocurrencies has given more freedom to hackers who use the malicious software. The proliferation of ransomware over the last couple of years has become possible mostly because of the use of cryptocurrencies, which hide the thieves’’ identifications linked with ransom financial transactions.
McAfee research demonstrates the increasing trends of dangerous cryptomining and crypto jacking, which generate a vector for contamination through a malicious software and monetization through unauthorized mining. A McAfee Labs research conducted recently discovered that malicious coin miner grew an astonishing 629 percent in the first quarter of this year, from approximately 400K samples in the final quarter of the last year to over 2.9M samples in Q1 2018.
Lastly, malicious actors have also launched attacks on cryptocurrency exchanges, implying that cybersecurity standards ought to be an essential concern in the progress of blockchain technologies and the crucial implementation and operational methods that they depend on. At the beginning of 2018, Coincheck, a leading bitcoin wallet and exchange service, suffered a loss of $532 million, in an attack which hit 260K investors. Security researchers at McAfee reveal that huge losses are incurred because of the growing execution of blockchain technologies at the loss of robust cybersecurity standards.
Just like the other growing technologies, blockchain could also make a radical impression in resolving genuine industrial concerns, but only as long as cyber safety does not perish due to the haste in a race to adopt the technology.