More than one-third of U.S. SMEs accepts cryptocurrency as payment for goods and services. That’s great for crypto adoption but doesn’t come without a cost.
One-Third of US SMEs Accepts Crypto Payments
Last month, Bitcoinist reported that more than one-third (36%) of U.S. small and medium-sized businesses now accept crypto payments. A further 59% of those businesses also buy digital currency for their own use.
That’s pretty huge when you consider crypto adoption. With around 30 million registered SMEs in the U.S., more than 10 million companies are transacting in crypto to some degree in the United States alone.
However, while it’s good news for the cryptocurrency industry, according to HSB, part of the reinsurance giant Munich Re, it represents a major cybersecurity risk.
With Rising Crypto Adoption Comes Greater Risk
Vice president of HSB Timothy Zeilman cited the benefits to SMEs for using accepting cryptocurrency payments. He noted that they could reduce companies’ processing fees and allow for faster payments. However, they’re likely to face a bigger problem in terms of cybersecurity.
The rise of crypto adoption unfortunately also spurns the rise of crypto crime. This leaves SMEs at an increased risk of computer attacks and cyber fraud. Zeilman said:
Cyber criminals follow the money and fraud can be a serious problem… A number of currency exchanges have been hacked or embezzled and millions of dollars were lost. Smaller businesses, especially those starting out, can’t afford to be cheated.
One of the most popular ways of infecting companies’ systems is by spreading malicious code through phishing emails. Smaller businesses are at greater risk since they tend to have fewer resources and are easier targets for hackers looking to divert computing power to verify and record cryptocurrency transactions.
HSB further notes that since the majority of cryptocurrency exchanges operate with little regulation, an SME owner may have no one to turn to in the event that fraud occurs, unlike when using the traditional banking system.
Education Is Key
As with retail users when it comes to crypto adoption, education is key. SMEs looking to accept cryptocurrency payments should take the time to understand the risks and seek robust solutions to ensure their online safety. According to Zeilman:
Small business owners should learn all they can about the technology before accepting cryptocurrency… And make sure they have strong data security and insurance to protect against cyber fraud and financial loss.
Do you agree that increased crypto adoption poses a higher cybersecurity risk to SMEs?
Images via Shutterstock The post appeared first on Bitcoinist.com. origin »
The Hartford Steam Boiler (HSB) commissioned Zogby Analytics to carry out a survey regarding uptake of cryptocurrencies by Small and Medium Enterprises based in the US. They released a statement with conclusive data on their official Twitter account indicating more than a third of Small and Mid-sized businesses in the US have taken up cryptocurrencies […]
A massive chunk of the cryptocurrency niche is apparently functioning against the law. Many cryptocurrency platforms are operating against the guidelines put in place by the Financial Action Task Force (FATF).
Recent reporting and several surveys imply a surge in cryptocurrency adoption. From recognition to ownership, cryptocurrency — and Bitcoin in particular — are sweeping over mainstream America and beyond.
One of the biggest goals for cryptocurrency is to bank the unbanked. By some estimates, one-third of the world’s population has no access to the financial system. For them, legacy banking has been an abject failure.
Coinspeaker Almost One-Third of Bitcoin Exchange Users Come from the US: ReportAccording to the report published by DataLight, the USA leads the world in crypto trading, with Japan and South Korea taking the second and the third places.
The ethereum price has ballooned by nearly one-third so far in April, but without bitcoin’s bullish tailwind, ETH might be stuck in a rut. According to Dapp. com, the second-largest cryptocurrency’s network suffered defections in Q1 2019 as users fled the network for rival platforms.
Nearly half of millennial online traders have more trust in cryptocurrencies and crypto-assets than the US stock market, according to a new survey from eToro, an investment platform. Even among millennials who do not trade crypto, one-third said they would trust crypto over the stock market, indicating the beginning of a generational shift in trust, […]
The post Nearly Half of Millennials Trust Crypto More Than US Stock Market: Survey appeared first on Coinjournal.
Binance, the world’s leading cryptocurrency exchange by volume, is also doing great in terms of profitability, its chief financial officer told CNBC. The statement follows one of the most extended bear phases in the cryptocurrency market, during which the industry lost almost one-third of its valuation.
Binance Coin (BNB) is now comfortably perched in the No. 10 spot among the biggest cryptocurrencies, with its value ballooning more than one-third in the last week alone. Although there are signs of a pullback, it might not be too long before BNB nudges Stellar out of the No.
Cryptocurrency mobile wallet provider BRD wants to accelerate its international expansion, and it has secured $15 million to do it. The Series B funding round was raised from SBI Crypto Investment, a subsidiary of Japanese financial giant SBI Holdings.
The instant digital asset exchange platform ShapeShift has laid off one-third of its team because of the “dramatic and severe” crypto recession as well as being cautious in “a challenging regulatory environment.
According to a new study published by Humans. Net on December 7, 2018, almost one-third of freelancers would like to receive payments in cryptocurrency despite the current bear market, which has seen bitcoin drop to a new one-year low.
Galaxy Capital–backed BlockFiis taking its loan services to the global stage. According to a statement shared with Bitcoin Magazine, the platform is expanding its services to an international audience.
Trezor Password Manager These days, it is necessary to use multiple passwords, as most platforms not only have their own requirements, but it keeps one’s accounts secure as well. The challenge is keeping track of one’s passwords, otherwise one risks being locked out of their account with ease. Research shows that one-third use the same […]
Management guru Peter Drucker has a simple definition for business: “It’s other people’s money. ” And when it comes to their wallets, apparently more people around the world are having less confidence in traditional banks.
A popular school of thought among many people in the crypto space is that a small number of Bitcoin owners with a big enough load of bitcoin to move the market are behind the unstable markets and the price manipulation.
PolySwarm (NCT) has registered an over 90% price increase in the past 24 hours, as major crypto assets experience minor dips across the board. PolySwarn is a blockchain project focused on strengthening cybersecurity in the Web3 space. The current PolySwarm(NCT)…
Twitter users have been sharing security incidents surrounding the crypto exchange, including claims that scammers are using Coinbase’s domain name for attacks.
The Bundesnachrichtendienst (BND)’s dog-themed PFP collection can be acquired through a gamified treasure hunt, where participants must find a string of characters hidden by the agency.