• 30% of Brits reported to be extremely and very concerned about the security of cryptocurrencies • 28% fear losing money due to its volatility and no longer use digital currencies • 1-in-10 have already lost money and have stopped investing as a result
The crypto downturn of 2022, coupled with ongoing malicious activity and major market shifts such as the collapse of FTX, has led to a liquidity crisis, leaving many crypto owners feeling uncertain about their investments, according to the findings of Kaspersky’s latest market survey* about the use of digital currencies.
For nearly 1-in-5 Brits (19%), crypto volatility is one of the major barriers to the wider adoption of digital currencies. In fact, 28% of UK respondents said they were afraid to use it because they do not want to risk losing their money. Unfortunately, 10% of UK respondents had already experienced losses due to a drop in investment values. Similar concerns also extend to those who do not own crypto, with a whopping 71% of UK non-crypto owners admitting that they are worried about the potential risk of losing their money.
Other barriers to adoption include the lack of tangible assets backing crypto (21%), in addition to the risk of revealing personal data as a result of a cyberattack (4%), with every eighth respondent no longer trusting crypto at all.
When it comes to user expectations in Europe, regrets about investing in crypto are the most common, with 44% of Brits saying their expectations were only met to some extent or not at all. This compares to just 26% who said their hopes were fulfilled by cryptocurrencies.
“Despite the challenges currently facing the cryptocurrency industry, it is important to remember that it is still a relatively new and innovative space with tremendous potential. As with any emerging technology, there will be growing pains and setbacks, but the long-term prospects might still be bright for crypto. By prioritizing security, cryptocurrency enthusiasts can minimize the risk of losing money or personal information and protect against threats that depend on them,” comments Marc Rivero, Senior Security Researcher at Kaspersky’s Global Research and Analysis Team.
Read the full report on Kaspersky Blog.
To maximize the benefits of using cryptocurrency safely, Kaspersky experts also recommend:
- Use strong and unique passwords: creating strong and unique passwords for each of your crypto accounts can help prevent password cracking and brute force attacks.
- Avoid phishing attacks: phishing attacks are attempts to trick you into revealing your login credentials or personal information. Be wary of suspicious emails or links, and always double-check the URL before entering your login information.
- Don't share your private keys: your private keys unlock your cryptocurrency wallet. Keep them private and never share them with anyone.
- Educate yourself: stay informed about the latest cyber threats and best practices for keeping your cryptocurrency safe. The more you know about protecting yourself, the better equipped you'll be to prevent cyber-attacks. For business, make sure that curriculum includes information on cryptocurrency security when choosing awareness training for your employees.
- Use security solutions: a reliable security solution will protect your devices from various types of threats. Kaspersky's portfolio prevents all known and unknown cryptocurrency fraud, as well as unauthorized use of your computer's processing power to mine cryptocurrency
* Kaspersky commissioned Arlington Research to undertake quantitative global online research with 12,000 people from 16 countries including Austria, Brazil, Colombia, France, Germany, India, Malaysia, Mexico, Saudi Arabia, South Africa, Spain, Switzerland, Turkey, UAE, the UK, and the
