Kaspersky Report Anticipated Enhancement Of Cyber-Attacks On Cryptocurrency Next Year

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In a recent report, the cybersecurity and digital privacy firm Kaspersky has forecast cyber-attacks on the cryptocurrency industry by groups largely supported by government agencies. 

The report also foresees cybercriminals creating rogue wallets with backdoors in them which will be used for duping cryptocurrency investors. 

2021 as a year was full of challenges and innovative solutions for those challenges, according to the Kaspersky report, for cybercriminals and noted the presence of experts who can easily adapt and deal with the challenges and changes and transform them into an advantage for themselves. 

“Since most of them are motivated by money, financial threats have always been one of the most significant parts of the threat landscape,” Kaspersky said in a report titled, ‘Cyberthreats to Financial Organizations in 2022’ report.

Several significant trends are anticipated to happen in 2022, according to experts of the Kaspersky report.

Concerning cyber-attacks on cryptocurrency, the report predicted that there will b an increase in targeted attacks on digital currencies. Since cryptocurrency itself is an electronic asset, and its transactions are conducted online, it provides anonymity to its users. This characteristic is appealing for cybercriminal groups. However, Kaspersky predicts that in addition to criminal organizations, state-sponsored perpetrators and hackers will also focus more on this particular industry.

The report also predicts that faulty security and counterfeit hardware wallets will present crypto hardware-based threats. Despite cyber-attacks on cryptocurrency becoming more targeted, cybercriminals are expected to develop new methods to take investors’ financial assets. When it comes to opportunities to invest in cryptocurrency, Kaspersky researchers conclude that cybercriminals will make use of the manufacturing and selling of counterfeit devices that come with backdoors and then social engineering campaigns and other methods to steal the victims’ assets.

A critical role in the adoption of info stealers against financial assets, at the very least as a primary data collection stage, will be played by simplicity, affordability, and effectiveness in attacks, according to Kaspersky. Different threat actors will make use of this technology to track the victims to further attack. However, it is not restricted specifically to Ransomware attacks, targeted attacks, and many more.

2022 will also witness further development of mobile implants. During the Covid-19 pandemic, there was a greater incentive for people to use mobile banking, which has made the process more advanced and mature. Experts and researchers at Kaspersky anticipate cybercriminals releasing more mobile banking Trojans for Android-based phones. There will be a greater threat to the android platform by bypassing the security measures used by banks such as OTP and MFA. The report predicts an expansion throughout the world of local and regional Android implant projects and then targetting Western Europe and other countries across the globe.

“This year has been challenging for many organizations: handling remote access for ad-hoc employees, patching hard systems connected to the Internet to endure ransomware attacks, dealing with a substantial increase of mobile banking and its malware implants. And cybercriminals have not been shy of taking advantage of attacking markets. We have watched very regional cybercriminals shifting to other world regions making cybersecurity people work harder,’ said Dmitry Bestuzhev, head of Kaspersky’s Global Research and Analysis Team (GReAT) in Latin America.

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