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Cryptocurrencies Industry and Cyber Threats. What Might Go Wrong?

3 min reading

According to a great number of analysts, cryptocurrencies will be getting more and more recognition in the coming years because of the fact that this branch of industry will become increasingly common in all sectors of the industry. What about the security?

Where is the threat?

In general, people are of the opinion that it is better to be safe than sorry. It is understandable since, in fact, every industry has its own threats. It is no different when it comes to blockchain and cryptocurrency. As Bitcoinist reports, the cryptographic industry must be properly prepared for such circumstances as well, especially as a result of the fact that the environment is constantly changing.

"Bitcoin’s resiliency resides in the randomness of the data exchanges within the blockchain, and the use of strong encryption. As a result, the blockchain and its data cannot be duplicated or infiltrated using malware or other malicious technology. Nevertheless, transactions executed in the periphery of the blockchain are less resilient to cyberattacks."

- states Julio Gil-Pulgar.

According to the report issued by, the tactics of hackers are constantly evolving. The report identified as well the major cyber threats that companies and individuals might face. The threats mentioned were:

Corrupting Government - the research carried out by Microsoft shows that in 2019, as many as 800 political cyber attacks took place.

Exposing Healthcare - medical centers are a treat for hackers because of the importance of patient data they gather. As a result of the fact that these institutions cannot afford to lose information of such value (patients' liver are at stake), they often fall victim to scams in the form of cryptocurrencies. In 2019, as many as 32 million violations were recorded in this sphere.

Breaching Social - together with an increase in the popularity of social media, the room for maneuver for cybercriminals increases as well. According to the Bromium report, as many as 20% of organizations have been infected with malicious software originating from social media which, in turn, results in the robbery of data from users using their services.

Hacking Your Home - for which smartphones, smartTVs and various similar devices are responsible. Even though they were created to make your life simpler, they are also a new opportunity for hackers. The devices like that, can be then reffered to as intelligent spies. . .

2020 as a period of innovation development

Digital Money Forum reports that in 2020 companies from the fintech industry will rely on artificial intelligence (AI) and 5G devices. It is a new decade and payments will be more and more connected with mobility.

"This will be the year where you’ll see new currencies working alongside traditional ones, and new asset classes born as the digital tokens go mainstream."

Therefore, the cryptographic industry itself must increase awareness of cyber security.

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