Crypto market loses $44 Billion to cyber attacks

Acronis, a global leader in cyber protection, announced that around $44 billion was lost to cyberattacks targeting cryptocurrencies, especially decentralized finance, between June 2021 and June 2022. .

This was revealed in a press release on the website that publishes the Mid-Year Cyber ​​Threat Report conducted by the Acronis Cyber ​​Defense Activity Center to provide an in-depth assessment of threat trends that the company’s experts tracked down.

The statement read in part, “Cyberattacks have contributed to a loss of more than $60bn in DeFi currency since 2012. $44bn of that vanished during the last 12 months.”

According to Acronis, more cybercriminals are turning to cryptocurrencies and DeFi platforms.

It added that hackers are breaking into cryptocurrency wallets and exchanges by exploiting flaws in smart contracts, stealing recovery phrases and passwords with malware and phishing attacks.

The report further notes that ransomware continues to be the number one threat to medium and large businesses, including government organizations.

“Nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns.” It stated.

It also notes that the use of phishing, malicious emails and websites, and malware continues to grow, with nearly 600 malicious email campaigns across the Internet in the first half of 2022.

“Today’s cyberthreats are constantly evolving and evade traditional security measures,” said Candid Wüest, Acronis Vice President of Cyber Defense Research.”

“Organisations of all sizes need a holistic approach to cybersecurity that integrates everything from anti-malware to email-security and vulnerability-assessment capabilities. Cybercriminals are becoming too sophisticated and the results of attacks too dire to leave it to single-layered approaches and point solutions.”

He also emphasized the need for a more comprehensive approach to cybersecurity.

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