Security risks associated with blockchain development and seven recommendations for securing user wallets, by Check Point Software

  • In 2021, crypto scammers stole a record $14 billion, an increase of 79% over the previous year.
  • Over the past 12 months, Check Point Research (CPR) has discovered critical vulnerabilities in major Web3 platforms such as OpenSea, Rarible, and Everscale.
    Check Point Research (CPR) estimates that there will be thousands of cryptocurrency-related cyber attacks in 2021, with at least 40 of them taking place.
  • Serious consequences, causing losses ranging from 1 to 3 billion dollars.

On the occasion of Bitcoin Day 2022, Check Point Software Technologies Ltd. , one of the world’s leading providers of cybersecurity solutions, alerts users to outstanding risks in relation to cryptocurrencies and makes recommendations for securing wallets. The concept of Bitcoin and Blockchain first came out in 2008. Things have evolved quite a bit since then, particularly with the introduction of Non-fungible Tokens (NFT), the Metaverse, and the Internet of Values.

Despite these developments, the stakes remain high for users. In fact, in the last year alone, crypto scammers stole a record $14 billion. What are these risks? Why are these scammers so successful? And what can users do to protect themselves?

Rapid innovation leads to weaknesses

Cryptocurrency is growing rapidly. In just 15 years, the crypto-asset market has grown to over $2 trillion. While developments in innovation are notable, the pace of development often leaves the doors open for abuse. Over the past 12 months, Check Point Research (CPR) has discovered critical vulnerabilities in major Web3 platforms such as OpenSea, Rarible, and Everscale.

Prioritizes more technology, less security

Rapid innovation means new projects emerge daily. But the problem is that there is not enough focus to secure ongoing projects. The biggest danger here is that new frontiers, like the Metaverse, are built on insecure foundations. In fact, security and privacy issues are the primary concerns holding back the development of the Metaverse.

Shortage of security experts

According to the 2021 Cybersecurity Workforce Study (ISC), there is a shortage of 2.72 million cybersecurity professionals worldwide, not to mention Web 3 professionals. The same study suggests that the global cybersecurity workforce needs to grow by 65% to effectively defend critical assets of enterprises. This percentage is likely to increase significantly if we consider cryptocurrencies and the Metaverse.

According to Oded Vanunu, Head of Product Vulnerability Research at Check Point Software: Bitcoin Day is a good way to remind us to take a step back and review the technological milestones achieved by the blockchain. Today, with major technology companies investing in the Metaverse, the development of blockchain technologies and active innovations have led to the creation of the new Internet, the Internet of Values. We stand at the dawn of a new era, the age of the Metaverse, and what lies ahead looks great. Let’s wait to see how we will secure his future.

Communication : In the meantime, users should remain aware of the risks associated with cryptocurrency wallets and remain vigilant for suspicious activity that may lead to theft. Threat actors will continue to expand their efforts to hijack crypto wallets while exploiting system vulnerabilities, as we have already seen in 2022..

How to stay protected

Blockchain transactions are irreversible. On the blockchain, unlike a bank, you cannot block a certificate theft or object to a transaction. In the event that your wallet keys are stolen, your cryptocurrency can become easy prey for cybercriminals. That is why the user has to constantly worry about his safety. To prevent key theft, and as general security guidelines, CPR recommends the following:

  • Do not open suspicious links especially if they are from an unknown source.
  • Constantly update your operating system, antivirus, and cybersecurity software.
  • Do not download software and browser extensions from unverified sources.
  • Be careful when receiving requests to sign a link in a marketplace.
  • Before accepting a request, users should carefully review what is being requested and determine if the request appears abnormal or suspicious to them.
  • When in doubt, users are advised to decline the request and consider it further before providing any kind of permission.
  • Users are also advised to review and revoke the token’s permissions

Source: Check Point

And you?

What do you think?
What do you think of the current development of the blockchain?

See also:

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