New Delhi: There has been 629% growth in cybercrime related to blockchain technology as compared with last year, said a report released on Wednesday by McAfee, a cybersecurity company.
The findings of the report are based on growth in the number of malicious miners and cryptojacking. The samples pertaining to this cybercrime category increased from 400,000 in Q4 2017 to more than 2.9 million in the first quarter of this year.
The rise in cyberattacks comes at a time when blockchain is being widely adopted by all sectors, including finance, retail, healthcare, and automotive sectors. The report asserts the necessity of making cybersecurity a top priority as industry builds out the foundations for the widespread implementation of blockchain technologies.
Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Cryptocurrencies, which extensively uses blockchain technology, is also the most frequently targeted by cybercriminals, said the report.
The report titled Blockchain Threat Report identifies four key categories of cyberattacks associated with cryptocurrencies—phishing or fraud schemes, malware, implementation exploits, and technology vulnerabilities.