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Global Cybersecurity Firm Kaspersky Predicts Crypto Attacks Increase in 2022

Kaspersky is a globally renowned cybersecurity company that has released its latest report, Cyberthreats to Financial Organizations in 2022. Kaspersky’s deep threat intelligence and security expertise uniquely positions it as a global leader within the cyber and information security sector. It correctly predicted 7-of-8 cyberthreats for 2021 and believes it has the inside track to foresee the cyber risks for next year as well – of particular interest are these four forecasts specific to cryptocurrencies.

Cryptocurrency targeted attack

According to Kaspersky, the cryptocurrency business continues to grow, and people continue to invest their money in this market because all transactions occur online and it offers pseudonymity to users. These are attractive aspects that cybercrime groups will be unable to resist. And not only cybercrime groups but also state-sponsored groups who have already started targeting this industry. This implies more attacks from governments – the primary initiators of such attacks would be Russia, China, North Korea, and others.

More crypto-related threats: fake hardware wallets

While some people consider it risky to invest in cryptocurrencies, those who do realize that their wallet is a primary point of failure. While most infostealers can easily swipe a locally stored wallet, a cloud-based one is also susceptible to attacks with the risk of losing funds. Then there are hardware-based cryptocurrency wallets. In the scramble for corrupt cryptocurrency opportunities, Kaspersky believes that cybercriminals will take advantage of fabricating and selling knock-off devices with backdoors, followed by social engineering campaigns, and other methods to steal victims’ financial assets.

With more fintech mobile apps out there, the increasing amount of financial data is attracting cybercriminals

Thanks to online payment systems and fintech applications, lots of valuable personal information is stored on mobile devices – including the majority of cryptocurrency exchange apps and wallets such as Coinbase, Kraken, Kucoin, Robinhood and more. Many cybercrime groups will continue to attack personal mobile phones with evolved strategies such as deep fake technology and advanced malware to steal victims’ data from these apps –  including cryptos.

ATM and PoS malware to return with a vengeance

During the pandemic, some locations saw point of sale (PoS) and automated teller machines (ATM) transaction levels drop significantly. Lockdowns forced people to stay at home and make purchases online, and this was mirrored in PoS/ATM malware too. As restrictions are lifted, Kaspersky expects the return of known PoS/ATM malware projects and a significant rise in the incidence of new coding attacks within ATMs and PoS devices. This could directly affect cryptocurrencies because the number of Bitcoin ATMs worldwide grew every month since 2015, according to Statista. As of 2021, there were 14,000 Bitcoin ATMs globally, with approximately 83 percent of them concentrated in North America.

On The Flipside

  • Kaspersky is well positioned for cyberthreat predictions. Its comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to identify and fight complex and evolving digital threats. 
  • More than 400 million users are protected by Kaspersky technologies, with more than 250,000 corporate clients. 
  • Bottom line, Kaspersky knows what they’re talking about when it comes to cybercrime and crypto – we should take heed.

Why You Should Care?

You might want to secure an authentic cold storage wallet as soon as possible directly from the Ledger or Trezor manufacturers. Do not buy one from a third-party website such as Amazon, eBay, or Best Buy – independent sellers frequently use those platforms to sell counterfeit tech products.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Tor Constantino is a former journalist, consultant and current corporate comms executive with an MBA degree and 25+ years of experience - writing about cryptocurrencies and blockchain since 2017. His writing has appeared across the web on Entrepreneur, Forbes, Fortune, CEOWorld and Yahoo!. Tor's views are his own and do not reflect those of his current employer.