Another survey has revealed that the business world is eager to start using bitcoin to save on transactions costs and reduce dependence on entrenched systems. However, many companies are still concerned that holding bitcoin will make them a target for hackers.
Survey Says Yes to Bitcoin
The Neustar International Security Council, a global forum of cyber security experts launched by Neustar, Inc. (NYSE:NSR), has revealed great willingness to open up to bitcoin in the business sector. A survey found that 80% of companies have an interest in using cryptocurrency for transactions. Additionally, 48% of survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income through delivering increased value.
On the negative side, 80% of respondents feared an increased risk of DDoS attacks should they be known to hold bitcoin, and 26% of said there was a greater risk to business by cryptocurrencies used for ransom attacks. Similar research news.Bitcoin.com reported on last month found that despite security concerns, 50% of large UK businesses already hold stockpiles of cryptocurrency for various reasons.
Cyber Criminals Deploy Ransomware to Extort Bitcoin
It appears that one of the main concerns of businesses with using bitcoin is that it will attract attention from hackers using ever sophisticated attacks such as ransomware. Rodney Joffe, Head of NISC and Neustar Senior Vice President and Fellow, said: “Ransomware and DDoS attacks continue to be seen as the leading threat to companies due to the sheer volume, complexity and potential severity of an attack. That said, not too far behind as the second greatest concern to businesses moving forward is financial threat.”
“Armed with plenty of tools, such as compromised IoT devices, it’s likely that we’ll see hackers make use of ransomware and DDoS attacks to cause major distractions. At the same time, we’ll likely see them put a focus on stealing large amounts of financial data, which may include traditional currencies, or the increasingly popular cryptocurrencies – such as Bitcoin. By developing a more cohesive security strategy, organisations can hone in on their most vulnerable data, processes and models, protecting their critical information in the short and long term,” Joffe added.