With the total market capitalization of cryptocurrencies estimated to be more than US$200 billion at the time of writing, it is evident to industry observers that the crypto industry has been rapidly on the rise in recent times.
Adversely, every light has its shadow, with the rise, comes the downturn where some people see it as an opportunity profit from it in unscrupulous ways. According to CipherTrace’s Q2 2019 Cryptocurrency Anti-Money Laundering (AML) report, criminals and fraudsters netted approximately US$4.26 billion in the first half of 2019, up from US$1.7 billion in all of 2018.
With cybercrimes and fraud rising alongside the industry, cybersecurity companies are eyeing to provide services to this fledgeling industry, one such player is Kaspersky. They are looking to address the rising demand for tools and solutions to help businesses curb criminals and fraudsters.
One of Kaspersky’s solutions, Blockchain Security is the ultimate solution package for securing blockchain-based technologies which provides ICO and STO projects and cryptocurrency exchanges with tailored services, such as smart contract code review, application and website security assessment, security awareness trainings, protection against phishing, penetration testing, incident response, and user account takeover prevention.
Even in South East Asia, Kaspersky is beginning to focus their efforts on marketing their cybersecurity offerings to the crypto industry. Speaking at Blockshow Asia 2019 earlier this month, Yeo Siang Tiong, GM, South East Asia, noted the importance of cybersecurity and its role in the advent of the crypto-economy, stating that a deeper focus on cybersecurity must be made in order for the industry to gain legitimacy.
Citing their own study, Yeo said that 19 per cent of people that used cryptocurrencies have experienced hacking attacks on exchanges, says that this outlines an urgent need for crypto-business to be more proactive concerning to cybersecurity.