A study by Neustar International Security Council has revealed that businesses around the world are eager to commence with Bitcoin transactions to save on transactions costs and reduce dependency on entrenched systems. However, most firms are still concerned that holding bitcoin will make them a target for hackers.
The research carried out by NISC, revealed that 80% of organizations had shown interest in using digital currencies, such as bitcoin, for transactions. Nonetheless, 80% of the respondents admitted they were aware of the increased risk of distributed denial of service attack (DDoS) it could lead to while 26% feared cryptocurrencies could lead to ransom attacks.
In spite the significant concerns being brought to light by the government and industry experts, about 48% of the participants think using cryptocurrencies in transactions could be a means to generate more income through increased value.
These results are similar to another survey carried out in the UK last month which found out that 50% of large companies in the country had stockpiles of cryptocurrencies. Also, with a significant number of them seeing crypto hacks as their greatest threat.
However, the fear of digital coins has somewhat had a positive impact as more companies make efforts to install better security in their operations. Firms now report that they are putting more focus on increasing their ability to respond to DDoS attacks with 40% acknowledging that, while 40% for ransomware and 39% for targeted hacking.
Rodney Joffe, the head of NISC said that ransomware and DDoS attacks have continue to increase and are a leading threat to many companies due to their sheer complexity, volume, and potential severity. Also, he added that another great threat to businesses is a financial threat.
Nevertheless, once more corporations start accepting Bitcoin and cryptocurrencies for payments, it will lead to adoption by the masses and this is the dream of my cryptocurrency investors and believers.
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