Cybersecurity Company Kaspersky Poised to Save the Crypto Industry From Cybercriminals

The multinational cybersecurity and antivirus company Kaspersky has released info about its cybersecurity services that are aimed at protecting crypto and blockchain-oriented companies from cybercriminals.

According to CipherTrace’s Cryptocurrency and Anti-Money Laundering research, the global crypto ecosystem lost up to a whopping $4.26 billion to criminals and fraudsters in the first half of 2019 alone, $1.2 billion in the first quarter and over $3 billion in the second. The research also shows that this estimate is way up from the $1.7 billion netted to fraudsters in the entirety of 2018.

With these alarming rates growing higher on the curve, it goes without saying that cybersecurity companies are on their toes, working tirelessly towards combating the growing menace.

One of such cybersecurity companies committed to fighting against crypto crimes is Kaspersky.

Kaspersky’s General Manager for Southeast Asia, Yeo Siang Tiong, asserted in a speech at Blockshow Asia 2019 event

“At the core of this digital revolution, it is worth remembering that blockchain is all about trust and this is especially relevant given that the industry is still nascent. Cybersecurity can play a key part in helping the industry build up credibility and trust, but we need to address these issues sooner rather than later as the frequency and sophistication of attacks on blockchain applications will intensify and become more advanced.”

In April this year, Kaspersky launched a new offering aimed at protecting crypto-related businesses from cyber attacks and frauds.

In its newsletter, the company revealed that they are actively offering security services tailored towards protecting blockchain and crypto firms. Some of the services include penetration testing, security awareness training, smart contract code review, incident response, application & website security assessment, user account takeover prevention and, of course, protection against phishing.

Further adding at Blockshow Asia 2019, Yeo highlighted some of the reasons crypto and blockchain companies should pay more attention to cybersecurity and urged them to leverage these services as a stitch in time saves nine.

Undoubtedly, the global crypto market has grown exponentially since it kicked off after the 2007-2008 financial crisis. The market, which started barely a decade ago, is now worth well over $200 billion, showing just how much potential there is in there.

Unfortunately, such a big sector tends to attract both good and bad players. It is even worse for a sector like the crypto industry that holds privacy at a high value. This makes it a great hideout for many con artists.

Consequently, the amount amassed by these criminals seems to be increasing by the year. As a matter of fact, as illustrated above, the amount lost to crypto crimes in the first half of 2019 is way higher than the total amount lost to crypto crimes in the entire 2018.