The past year was tough for crypto markets with the Terra Luna meltdown, the FTX bankruptcy, a string of high-profile insolvencies, and a surfeit of hacking-related incidents. A recent report from Immunefi, the bug bounty and security platform, revealed the crypto industry incurred losses of $3.9 billion in 2022 due to various hacking, fraud, and scam-related incidents. The decentralized finance (DeFi) market was the most targeted by cyber criminals and suffered over $3 billion in losses from 155 incidents, a 56 percent increase on 2021. A CyberEdge report found a record 63 percent of ransomware victims paid ransoms (2021), encouraging cybercriminals to increase their attacks, and that ransomware attacks have increased by 80 percent year-on-year. With the Web3 market forecast to scale to $6 trillion, cyber security experts are expecting cyber crime to scale in pace with Web3 growth. Cyber experts predict that artificial intelligence (AI) and in particular, the machine learning (ML) branch of AI, will vastly improve the fabric of digital security to make Web3 more secure.
About OODA Analyst
OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.