Cybersecurity is a bigger threat to Blockchain Ecosystem – McAfee

Cybersecurity is a bigger threat to Blockchain Ecosystem – McAfee

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June 13, 2018 Blockchain Magazine
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McAfee’s Advanced Threat Research team today released an in-depth report highlighting the emerging cybersecurity risks associated with Blockchain. The report states the importance of necessary security layers to be introduced in blockchain due to widespread acceptance of technology in multiple industries. In 2017, there was a rapid growth in blockchain-based applications and the same trend is
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McAfee’s Advanced Threat Research team today released an in-depth report highlighting the emerging cybersecurity risks associated with Blockchain. The report states the importance of necessary security layers to be introduced in blockchain due to widespread acceptance of technology in multiple industries. In 2017, there was a rapid growth in blockchain-based applications and the same trend is expected to continue in 2018. Blockchain industry has tremendous potential in disrupting multiple industries including finance, manufacturing, supply chain, AI, healthcare, automotive sector, etc.

According to the report, bad actors have aggressively taken advantage of the rapid adoption of blockchain-based cryptocurrencies and the early adopters who use them. This is a trend that McAfee predicts will steadily increase alongside the market’s rapid growth, which is expected to reach $9.6 billion by 2024.

By closely examining the history of specific attacks targeting blockchain technology, and analyzing the latest threat trends, McAfee’s researchers identified four key attack vectors that are being used by cybercriminals today with notable success. This includes phishing or fraud schemes, malware, implementation exploits, and technology vulnerabilities. These attacks, which creatively apply both old and new attack techniques, have been targeting both consumers and enterprises.

  • New stats on malware mining were included in the report: Total coin miner malware grew 629% in Q1 2018 (from Q4 2017) to more than 2.9 million samples.
  • The report also explores the recent explosion of ransomware, which is possible in large part due to the use of cryptocurrencies, which provide cybercriminals with anonymity for ransom payment transfers.

Despite the promise of Blockchain technologies to bring better security to online transactions and business processes, its rapid growth and adoption are bringing new cyber risks with equal force that will likely evolve with continued success.

To view the entire report, visit www.mcafee.com/enterprise/en-us/assets/reports/rp-blockchain-security-risks.pdf

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