Is Bitcoin Resilient Enough to Take on Cyber Threats in 2020?
Experts predict that Bitcoin and other cryptocurrencies will gain momentum in 2020 and therefore will become increasingly pervasive in all industry sectors.
There will also be an explosion of cybersecurity threats targeting all verticals worldwide next year, they say.
Bitcoin Transactions and Data on the Blockchain Are Safe
Just like other industries, the crypto industry must also prepare to respond to the ever-changing crypto-security threats. Bitcoin’s resiliency resides in the randomness of the data exchanges within the blockchain, and the use of strong encryption.
As a result, the blockchain and its data cannot be duplicated or infiltrated using malware or other malicious technology. Nevertheless, transactions executed in the periphery of the blockchain are less resilient to cyberattacks.
Indeed, every industry is under threat. A FitSmallBusiness.com report underscores that “preparation is the only way to handle the types of yet-to-be-defined problems that will hit millions of businesses in 2020 and beyond.”
The Five Greatest Cybersecurity Threats
The report concludes that the most frustrating factor is that “hackers’ tactics are constantly evolving and adapting,” complicating the implementation of adequate security controls.
FitSmallBusiness.com identifies the five greatest cybersecurity threats to businesses, summarized as follows:
1. Corrupting Government. Microsoft-sponsored research indicates that there were 800 political cyberattacks in 2019. And, for 2020, “the politically-targeted cyberattacks will continue in full force.”
2. Exposing Healthcare. According to the Center for Strategic Studies and International Studies (CSIS), cyberattacks are also concentrating on the healthcare industry, which is rich in personal information and health data. Protenus points out that there were 32 million breached patient records in the first half of 2019, which is double the total for all of 2018.
3. Breaching Social. Social media platforms have become so widespread that they are also massive targets for hackers. In effect, a Bromium report highlights that already, “20% of organizations are infected by malware from social media connections.”
4. Targeting New Tech. The advent of 5G in 2020, among other things, will provide new opportunities to hackers. The FitSmallBusiness.com report, citing CheckPoint conclusions, indicates,
“The reason 5G will make everyone more vulnerable to cyberattacks is that it enables such a diverse range of devices, making it difficult to create and provide security measures that can serve all.”
5. Hacking Your Home. As your home gets smarter, it becomes more vulnerable to cyberattacks. The FitSmallBusiness.com report warns, “While the technology was created to simplify our lives, devices like the Google Home and Amazon Echo are turning into smart spies.”
Digital Money Forum: 2020 Will See New Currencies Work Alongside Traditional Counterparts
The end of paper cash is coming. Crypto assets will gain momentum in 2020. As a result, Bitcoin will become even more pervasive in every business. Hence, the crypto industry must also enhance cyber-security awareness. In this regard, The Digital Money Forum predicts,
“This will be the year where you’ll see new currencies working alongside traditional ones, and new asset classes born as the digital tokens go mainstream.”
How do you think cybersecurity threats will affect Bitcoin in 2020? Let us know in the comments below.