CHICAGO, Feb. 28, 2017 /PRNewswire/ -- As the market becomes more familiar with Bitcoin, what should business owners know about this digital currency – and what risks should they prepare for?
"Many users may have heard of Bitcoin in relation to ransomware, as most attackers will demand ransom payments in Bitcoins due to its anonymity. Bitcoin may get a bad rep due to the amount of Bitcoin transactions for drugs, guns and other illicit items," said Nick Graf, Risk Control Consulting Director, Information Security, CNA. "However, Bitcoin is being used – at an increasing amount – for lawful and legitimate transactions. Both Microsoft and Dell Computers accept Bitcoin, as well as Overstock.com, among other vendors. A number of gift card businesses also accept bitcoins that can be used at major retailers like Walmart, Amazon, Target and Nike."
It's important for enterprises to grasp what Bitcoin is and how it works to better prepare for a cyberattack and to stay on top of currency trends in the marketplace.