Hello guys,
Even if I'm not a specialist in this domain, recently I've read some interesting reports on crypto-currencies and what consequences may happen in 2021 due to the current pandemic and the subsequent economic crisis. We've all read throughout the last 12 months that the global economy will be seriously damaged due to the coronavirus pandemic effects. Governments all over the world are trying to minimize the losses as much as they can. Some already managed to do this and others will do this in the short-term. Others will greatly suffers, especially from underdeveloped and poor countries. But what are the consequences of this crisis in the crypto-world? I cannot cover everything, as long as this is not my specialty, but I will focus on crypto-crimes.
Therefore, it is said that the year of 2021 will represent a great challenge to the world and to crypto-currencies. The effects of the pandemic over the economies will be seen in a major increase of crypto-crimes, especially with Bitcoin and Monero. Many local currencies will depreciate, as it already happened, and people will focus their attention to other ways of making money. So, they will turn their attention on crypto-currencies. I've read many posts and articles on Publish0x where people from different countries, such as Nigeria, use crypto-currencies in order to send money back home, in order to avoid taxation or exchange rate losses.
Moreover, targeted ransomware attacks will increase next year. I see two inter-related causes why this will happen:
1. poor people are trying to make more money and, due to the lack of other opportunities, generated by the pandemic. In order to do so, they will heavily use the Internet. Thus, they will be vulnerable to attacks, as long as they will not fully protect their data. According to Kaspersky,
Another key point regarding ransomware is that this year the human factor has been exploited as an initial infection vector. The story about an attempt to infect Tesla is a good example of this (they offered payment to an employee if they participated in the crime). When it comes to very high-profile targets, threat actors don’t hesitate to dedicate time and resources to work within the MICE (Money, Ideology, Commitment and Ego) framework to reach victim networks.
2. other people will try to exploit those from the above and they will hack their computers and accounts, asking in return for access money, usually in crypto-currencies.
One of the most used crypto-currency will be Bitcoin, as long as it is the most known one and has the highest value on the market. So, many ransomware attacks will ask BTC as a form of payment. Strict related to this, I believe that BTC thefts will increase too, as long as many people have this coin and keep it in unprotected wallets.
According to a Kaspersky report,
The pandemic is likely to trigger a massive wave of poverty and that invariably translates into more people turning to crime, including cybercrime. We could see certain economies collapse and local currencies plummet.
Below, it's an interesting video from YouTube related to cyber-security treats. I highly recommend you to watch it, it's quite worth to watch.
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