Whether or not a company accepts a cryptocurrency, it is still subject to the risk of new threats. Bitcoin, the most popular cryptocurrency at the moment, has experienced rapid growth in terms of perceived value. A year ago, the exchange rate was $ 104 per Bitcoin, peaking at around $ 1,100 in December 2013. This explosion in value has sparked new advanced threats centered on the creation (“mining”) and theft of Bitcoin. No device has remained immune to the phenomenon, including mobile environments, virtualization platforms such as VMware, and endpoint devices.
The Risks of Investing in Cryptocurrency
Companies that accept payments in cryptocurrencies are exposing themselves to new types of risk. Some points must be considered very carefully: immediately store or convert the digital money received, pay suppliers in traditional or cryptographic currency, what methods to use to convert cryptocurrencies into normal currency if necessary. Storing crypto money as a form of asset or payment exposes the company to risks similar to those of any other digital asset, not to mention extreme fluctuations in market values. Using a payment processor to convert cryptocurrencies into traditional money can mitigate this risk. But if a company decides to leave these options out and keep digital money, this is where the implications of such a choice would come in as most regulators do not currently insure assets of this type. To ensure maximum security, it is highly advisable to keep Bitcoins in an isolated storage resource disconnected from everything else.
The new advances made by cryptocurrencies offer companies interesting opportunities to compete in the global market; however, new spaces have also been created for advanced threats, also provoked from within companies themselves. It is, therefore, necessary to be aware of the implications that this phenomenon presents in terms of digital security regardless of the attitude that a company may have towards cryptographic currencies. Careful examination of users and internal assets is essential for maximum protection against fraud and vulnerabilities and new waves of attacks. Finally, businesses need to understand the security risks associated with accepting cryptocurrencies.
