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Indian Users To Face More Crypto Hacking Chances: Microsoft

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Crypto Currency (compareremit.com)

India is still taking babysteps in the world of cryptocurrency. Since cryptocurrency was legalised in March 2020, their has now been talks about using it as a commodity.

India users are also taking keen interest in the cryptocurrency during the novel coronavirus pandemic situation as a lot business have been disrupted. However, a report has suggested that Indian users can face more crypto hacking chances, Microsoft reported.

The report has also mentioned that India’s encounter rate for such attacks is 4.6 times higher than the global and regional average. It has also been noted that crypto-hack encounter rate for India in 2019 was 0.23%, a decline of over 50% since 2018.

Apart from India, users in Sri Lanka and Vietnam also have high chances of facing the risk.

The security report compiled by Microsoft, using data from January to December 2019, also states that about 6% of Indian users encountered malware attacks over the last year.

The Asia-Pacific region also has a higher than average malware and ransomware encounter rate – 1.6 and 1.7 times higher than global averages respectively, according to the report.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.