Intelligent Issue 5 - Page 18


Ralph Chammah , CEO at OwlGaze
Lack of regulatory intervention
With the rise of innovative business models leveraging blockchain technology , several billion-dollar organisations find themselves operating in a grey area resulting from an absent regulatory intervention . This is particularly true for organisations disrupting traditional industries by amalgamating legacy systems with blockchain infrastructure .
Social engineering attacks
Cybercriminals are choosing to attack organisations through their weakest point – the user . Users include employees , customers , shareholders and other stakeholders who have access to the enterprise environment . Cybercriminals will often steal credentials to gain access to user accounts and then try to escalate privileges to steal data or tokens . If a user doesn ’ t have the correct educational training , then they will be more likely to be a victim of a phishing attack and other forms of impersonation attacks .
Supply chain compromise
Cybercriminals can exploit age-old legacy systems and gain access to mission-critical blockchain facilities storing or processing digital asset transaction traffic in an interconnect ecosystem .
Ransomware attacks
It is no secret that within the blockchain and crypto industry there remains a lack of guidelines . Yet companies in this sector are still required to abide by data privacy and protection regulations . Ransomware attacks can hamper data availability and result in long-drawn downtimes until data is available for business operations . The onset of remote working and lack of cyberawareness have paved the way for favourable conditions to launch ransomware attacks . Since cryptocurrencies are also used as an agent for ransom extortion , organisations in the blockchain space with reactive cybermaturity levels are soft targets for bad actors .
DeFi Protocol Hacks
In 2021 , approximately US $ 12 billion invested in DeFi protocols was lost to scams and theft , out of which about US $ 2 billion was lost to malicious attack campaigns . That year also witnessed the
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