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2022 Cyber Predictions: A Major Cryptocurrency Will Be Hacked Within the Next Few Years

This is part of our 2022 cybersecurity predictions series.

Thanassis Avgerinos, co-founder and VP Engineering, ForAllSecure shared his predictions on cryptocurrency, supply-chain security and mass exploits.

A Major Cryptocurrency Will Be Hacked Within the Next Few Years

The value of cryptocurrency has dramatically increased over the past few years. And as the value continues to rise, so too does its value to adversaries. But this currency lives on a network with no “armed guards'' protecting its vault. It’s not a matter of if, but when, vulnerabilities will be found. And the result could cause a mass evaporation of funds. Bug bounty programs are a start -- but there is still much more to do in the way of shoring up the security posture.

Supply Chain Attacks Will Continue to Rise

This year, the SolarWinds attack reinforced the importance of accessing where the keys to the data are, not just protecting the data itself. At the same time, development teams continue to introduce more technologies into their stack to get the "best tool for the job" and enhance their agility. This trend, coupled with a continuously increasing reliance on open source software creates a growing challenge for organizations. As a result, the number of supply chain attacks will continue to increase and it is likely we'll see more large scale attacks come up in the coming year.

Out-of-Date Devices Will Continue To Be Massively Exploited

Updating software on devices - not just general purpose computers - is a time consuming process and in some cases not even possible because "regular updates" were not part of product design. We entrust such devices with holding our data and sometimes provide them with access to trusted networks without too much thought. Combined with an ever-increasing number of networked devices, deploying attacks against such devices becomes even more appealing because of the low-effort / high-reward tradeoff. Better upgrade processes and continuous security testing throughout the development lifecycle will help, but that is still a few steps away for several products.



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