Blockchain and Cryptocurrency Security Investments Will Continue to Grow
The investment in blockchain security will genuinely grow
The hacker attacks that took place in 2018 have amounted to about $1.8 billion in global losses, which is an amount that has exceeded the losses accounted for between 2011 to 2017.
Most of the victims in this hack have been investors in the market and different users in the field, and it is expected for this to increase to a commercial value of about $180 billion by the year 2025.
These results were shared during the cybersecurity forum HackIT 4.0, which was recently held at Kiev in Ukraine from 8th to 11th of October.
More On The Recent Event
This was the fourth annual event which eventually turned out to be a multi-format, together with the two-day conference called the Defense day and Attack day, the guests were overwhelmed with the wealth of knowledge. It was a series of roundtables and a day spent traveling to Chornobyl zone to see the consequences that arose from a human made disaster.
But this is not all as there have been various experts from around the globe, this is from France, the United States and Britain, the event was also attended by the Minister of Infrastructure and some representatives of the Ministry of Information policy. The event was able to attract a pool of visitors around the globe.
This year the decentralized technologies, ICO projects, and the different crypto coins have become the main focus for many. According to a focus done by one of the participants of the forum, the American businessman Julian Zegelman, the value of the blockchain technology will be able to reach about $176 billion by the year 2025, and it is expected to exceed approximately $3 trillion by 2030.
While this is all being the focus, the crypto market and the blockchain technology are still losing billions of dollars; this is according to a statement made by a Chinese businessman, Remington Ong.
The total losses that have been witnessed in the first year of 2018 have amounted to about $1.8 billion this is including the ICO sector which has been able to earn about $27 million. The expert goes ahead to state that this loss is one billion more than what was hacked between the period of 2011 to 2017.
The three main objectives for hackers in the market is wallets, the crypto exchanges and even the ICOs, all this is done through the fishing attacks, the businessman went ahead to explain.
Additionally, some of the standard tools that are used by the hackers are as follows.
- Some social engineering this is either phishing or phone jacking.
- Client access or malware from the private key backups or keyloggers.
- Having fake wallets or some supply chain attacks.
- The man in the middle strategy that is having fake websites or DNS attacks.
- Scams in ICO projects, having faulty smart contracts.
In addition to all this, humanity will soon be facing new challenges as the market grows, such as viruses in the decentralized environment, this is according to the French IT security expert, Renaud Lifchitz.
The general conclusion of the direction the market is taking is that the blockchain technology will grow and nothing has the power to stop it as the investment will grow as this is also including investments from the government.