Cryptocurrency And Cybersecurity For Your Business

Cryptocurrency And Cybersecurity For Your Business


n/a at n/a

Views 404

Cryptocurrency And Cybersecurity For Your Business

12.02.2020 10:45 am

While there is hardly any denying that cryptocurrencies such as Bitcoin are quite important for businesses as it enhances customer convenience in terms of payments among other benefits, although, many businesses find themselves confronted with unwavering uncertainty when considering cybersecurity and it could possibly affect business functions as well as business success. However, understanding cybersecurity and implementing certain standards will effectively keep your business safe online, which means your bitcoin processing systems as well as your customers information will be safe from hacker attacks.

Blockchain Computing Basics

Before your business can start using Bitcoin and making use of wallets and processing systems that allow PayPal to Bitcoin functions, you should at least understand the basics of blockchain computing as basic knowledge is often enough to protect you from hackers. Blockchain computing is the system securely contains the entire records, which is referred to as blocks. The entire system is then simultaneously saved across millions of computers. Blockchain computing ensures users that any new information is saved instantly. This ultimately explains that the computing system is extremely reliable. However, the issue comes in when your business is not entirely secure from an online viewpoint as this will allow hackers the opportunity to take advantage of your lack of security. Even though blockchain technology cannot be hacked, your business’s website can be, which is concerning for your businesses financial information, as well as your customers.

Keeping Hackers At Bay

Regardless of the industry, your business is in, you should be taking measures to prevent cyber risks, such as constantly updating your website. However, it is recommended to rely on a reputable developer to ensure your site is secure. As hackers are able to hack by locating fragile lines of code in site buildups, your site requires ongoing maintenance; which is, unfortunately, an aspect of cybersecurity that non-techie boffins are completely unaware of. You will need assistance from a reliable developer as the risks involved can be devastating.

Risks Of Neglecting Your Site

While it may not seem like a tragic situation to have your site hacked, the implications can be truly devastating. Not only will your businesses information be compromised, but your customers’ information will be too. As if that’s not enough, search engines will also blacklist your site as a risk, which means your target audience will be steered away from your business on the internet, which is ultimately concerning for business growth and success. From an online perspective, your potential customers will need certainty that your business is absolutely authentic, and if your site has been blacklisted as a risk, you will essentially be losing business. Even though there are effective methods of having your site’s viruses removed and cleaning up the reputation of your site, the damage will be lasting. Rather than risk the devastating results, you should be taking necessary measures to keep your business safe online as cybersecurity should be an ongoing priority for any business that has an online reputation.

Latest blogs

Nish Kotecha and Noslen Suárez PhD Finboot

How blockchain can help us have trust in the food we eat

Today’s food supply chains are global, connected and generally efficient, but the COVID-19 pandemic has shone a spotlight on areas of weakness. The urgent need for robust and resilient systems and processes has been brought sharply into focus, and Read more »

Chris Miller RSA Security

Back to Normality: Five Steps to Stay Resilient After Disruption

The financial services sector has lived through many global disruptions, but the nature of recent events has put an unprecedented strain on operational resilience; from needing to ensure critical functions could continue with skeleton staff and Read more »


How Technology Has Disrupted the Used Car Buying Experience

We’ve seen many fields change rapidly as a result of the integration of modern technological advancements over the last couple of decades. And it looks like more is coming on the horizon as well, judging by current trends. One of the markets that Read more »

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel