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Crypto-Related Crime Might Be Top Cyberattack of 2018

Sead Fadilpašić
Last updated: | 1 min read

According to a cybersecurity expert, crypto is where the real danger lies this year, as cyberattacks related to the nascent industry will surpass all other types.

Source: iStock/solarseven

Lotem Finkelsteen is a threat intelligence analyst with the Israeli cybersecurity company Check Point Software Technologies who warns that cryptocurrency is a hotbed for cybercrime right now. “Not a day goes by without our hearing about a new ICO (initial coin offering) scam or mining attack,” he said, according to Times of Israel.

Cryptocurrency-related cyberattacks refer to any and all forms of cybercrime that relate to cryptocurrency, including, but not limited to, financial scams and hacking. Blockchain, meanwhile, is suffering from “reputational damage,” that is “one of its main obstacles in moving forward” according to him. He was speaking on a panel at an event entitled “Blockchain, The New Digital Age” at Tel Aviv University’s annual Cyber Week cybersecurity conference.

As wrote at the beginning of this year, 2018 unfortunately does seem to be the year of the crypto cyberattack. Many security experts have warned that crypto-related attacks will only increase, as there will be “targeted attacks on companies for the purpose of installing miners” as well as threats from cryptocurrency-related ransomware.

However, this could be the push the industry needs towards better security. The blockchain could solve a range of security issues, from strengthening online ID authentication to guarding against malware, according to experts. Blockchain is not a firewall and should not be misunderstood as such, but distribution and decentralization – its two core features – can make it act as one.