Demand for blockchain technology continues to grow among some of the most established industries worldwide, including the government, finance, retail, health care, and automotive sectors. In fact, nearly every industry has invested in, acquired or implemented blockchain in some capacity. Yet even as the blockchain technology market is expected to reach $9.6 billion by 2024, McAfee sees tremendous potential for cybersecurity risks that could threaten this revolutionary technology's rapid growth and its quickly expanding pool of adopters. According to the report, bad actors have aggressively sought to take advantage of the rapid adoption of cryptocurrencies and the early adopters who use them. McAfee sees this activity in four key attack vectors: phishing or fraud schemes, malware, implementation exploits, and technology vulnerabilities.
Blockchain technology presents many promising opportunities to accelerate digital transformation and reshape how organizations around the world, including governments, address operational challenges. Policymakers are in the early stages of understanding blockchain and its potential use cases in regulated sectors, whether in financial services, healthcare, transportation, or retail and manufacturing. Microsoft has been part of this journey through blockchain deployments built on our Azure services, including Digital Identity ID2020, Project Ubin (with the Monetary Authority of Singapore and the Association of Banks in Singapore), and MiFID II Data Reconciliation (with UBS, Barclays, Credit Suisse and others). I'm pleased to share our new white paper, Advancing Blockchain Cybersecurity: Technical and Policy Considerations for the Financial Services Industry, which we are publishing together with the Chamber of Digital Commerce, the world's leading trade association representing the digital asset and blockchain industry. Our intention is to deepen the cybersecurity policy dialogue among blockchain technology providers like Microsoft, financial services organizations using blockchain and their regulators.
Christina is a freelance business journalist, copywriter, and MBA, specializing in technology and finance. She has worked with many clients in the fintech, blockchain, and cybersecurity space, developing a passion for these dynamic and evolving areas. When she's not at her computer (which is rare), you can find her surfing a wave or catching up on family time.
The end of the year is approaching fast, and now is the perfect time to review your cybersecurity practices, especially if you've bought any new gadgets or if you run your own business. To help you get ahead of the curve, a reputable cybersecurity firm has put together a list of the biggest cybersecurity risks for 2018.