New Study shows that 80 percent of Businesses are interested in Bitcoin

A wide majority of companies have interests in transactions involving Bitcoin according to a recent survey. The study carried out by Neustar International Security Council revealed there is a huge opportunity for Bitcoin in the business sector. Neustar, Inc. established Neustar International Security Council (NISC) as an international forum of cybersecurity experts.

An Opportunity for Bitcoin

Results from the survey show 80% of the companies surveyed said they were interested in using Bitcoin and other cryptocurrencies. Also, 48% of respondents said cryptocurrency is an avenue for their companies to deliver more value and generate more revenue.

A fear of Cyberattacks

The other leg of the survey exposed fears associated with Bitcoin transactions. 80% of businesses interviewed feared that Bitcoin would lead to an increased risk of cyber attacks on their businesses. They noted that if they hold Bitcoins, they would become targets of Distributed Denial of Service (DDoS) attacks.

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This fear is not new; it ranks high among reasons why businesses stay away from cryptocurrency transactions. Rodney Joffe, Neustar Senior Vice President and Head of NISC, believes that cyberattacks and financial threats are factors hindering Bitcoin.

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.

Rodney Joffe – Senior Vice President, Neustar

The Neustar executive expressed concern that hackers could take advantage of rapid advances in technology to cause “major distractions” using ransomware and DDoS attacks to steal data, fiat currencies and cryptocurrencies. Cryptocurrency already got a bad name when the notorious WannaCry hacker demanded Bitcoins as ransom.

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Joffe suggested a united front to protect businesses. He said that “by developing a more cohesive security strategy, organizations can hone in on their most vulnerable data, processes, and models, protecting their critical information in the short and long-term.”

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