Cryptocurrency users are subject to many different types of external threats. The perceived anonymity associated with Bitcoin and altcoins tends to attract criminal activities. A new report by Kaspersky Lab confirms the new threats that will arise in 2019. It is now up to the users of cryptocurrency to take sufficient security precautions.
The Kaspersky Lab threats of 2018 were true
The Bitcoin industry has seen its fair share of problems so far. Fake ICOs, exchange hackers and data theft are just some of the examples. The real threats come in the form of cryptography, ransomware, and so on. All these threats must be properly addressed. While users try to find countermeasures, criminals are already inventing new avenues of attack. The latest report from Kaspersky Lab confirms that there have been more threats to face as the industry continues to mature.
Their main concern still concerns the future of ransomware. This threat is still present in 2018 and will continue throughout 2019. The move will focus on encrypting data to malicious cryptocurrent miners. Cryptojacking and ransomware can create a very powerful combination. The criminals already collect the fruits of the stealthy encryption pending a Bitcoin payment. The Kaspersky researchers expect this threat to become more apparent.
Furthermore, the report warns about web mining efforts. The initial threats of cryptojacking have emerged in the form of malicious mining scripts on websites. While that trend is now less obvious, it appears that campaigns will resume. If this coincides with another price hike for Bitcoin, it is difficult to predict. At these low prices, some criminals may try to explore other profitable options available to them.
The Blockchain Industry Shift
A particularly interesting note in the report on initial coin offerings. The Kaspersky researchers are confident that the "bubble" of blockchain will start to burst soon enough. More specifically, there are expectations about this technology that are not necessarily feasible. Any use of this technology beyond the cryptocurrency industry does not have the necessary results to make a significant impact. Researchers consider 2019 a good time to stop trying to make this technology work.
Not surprisingly, the report does not see a bright future for cryptocurrency payments. More specifically, there are fewer companies willing to accept Bitcoins or alternative cryptocurrencies. Asserting that "it makes no sense for legitimate businesses to handle cryptographic payments" may be too long. It can not be denied that the adoption by traders has been a major struggle for years and years. There has been no real improvement since these assets are mainly used for speculation.
It is clear that the Kaspersky Lab report does not foresee a great future for cryptocurrency. This is a pity, although the 2018 year was a loud alarm bell. Falling prices and lack of adoption only confirm that there is still a lot to be done. The future is always difficult to predict, so this relationship must be taken with a pinch of salt.
Do you agree with Kaspersky Lab's forecasts? Why or why not? Let us know in the comments below.
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