Survey shows that 80% of companies are willing to try Bitcoin transactions, but security issues are a headache

Surveys show that the business world is eager to use Bitcoin to save transaction costs and reduce reliance on traditional systems. However, many companies are still worried that holding Bitcoin will make them a target for hackers.

Welcome Bitcoin

Neustar International Security Council (a global cybersecurity expert forum) revealed that the business sector is very willing to open the door to Bitcoin. According to a survey, 80% of companies are interested in using cryptocurrencies for transactions. In addition, 48% of the companies surveyed said that using cryptocurrencies can increase business value and thus increase profits.

On the negative side, 80% of respondents are concerned that once the news of their holdings of Bitcoin is made public, there will be a risk of DDoS attacks, and 26% of companies believe that holding cryptocurrencies is at greater risk of being blackmailed. According to Babbitt, despite security issues, 50% of large British companies still hold cryptocurrencies for various reasons.

Cybersecurity issues with cryptocurrencies

It seems that companies are more concerned that using Bitcoin will attract the attention of attackers, leading them to demand cryptocurrency through various complex attack modes, such as ransomware. Rodney Joffe, senior vice president of Neustar, pointed out:

Ransomware and DDoS attacks remain the top threats facing companies due to the volume, sophistication and potential severity of attacks. That said, the second biggest concern for businesses moving forward is financial threats.

By deploying a wide range of tools, such as hacking into Internet of Things (IoT) devices, we are likely to see hackers causing major disruptions with ransomware and DDoS attacks. At the same time, they will steal large amounts of financial data, including traditional currencies or increasingly popular cryptocurrencies such as Bitcoin. By developing stronger security strategies, organizations can improve vulnerable data, processes, and models in their systems to achieve the goal of protecting important information in the short and long term.