Cryptocurrencies, especially Bitcoin, are a frequent target for cybercriminals. Virtual currency is prone to attacks and illegal mining from hackers or hacktivists worldwide. That happens because federal laws do not yet protect digital currencies.

Businesses that operate with any cryptocurrencies can save themselves a lot of money, reputation tarnished beyond repair, and potential legal actions with a simple risk assessment.

Here is what you should know about it.

How Can Risk Assessment Help Your Company? 

Risk assessment can tell you a lot about your current cybersecurity situation and where you stand. Some companies, especially those of a higher profile, in larger cities that are reliant on cryptocurrencies, are likely to be a target of various cybercrimes.

Companies that perform risk assessments will be able to identify if you have a higher likelihood of being the next victim of cyberattacks depending on your location, business size, and clientele. Regular assessments can pinpoint any potential weaknesses in your systems. Uncovered vulnerabilities or threats that make you an easy target of hacker attacks are typically where every risk assessment begins.

That information is then used to set up a better security strategy against common types of attacks that could be detrimental to your business.

Cyber risk assessments can help you predict what you should do in case of cyberattacks. Your company will be organized even in the case of malicious cyber attacks. That might help you avoid the multi-million financial damage hackers might inflict during the attack.

However, having systems such as organized plans for the worst-case scenario, not only prevents the business from collapsing but also increases the morale of your employees. Potentially stressful events will be met with a calmer work environment if everyone knows their role when and if an attack occurs.

What’s more, if you have the cybersecurity systems ready, your employees might be motivated to work in your company. If they perceive your companies’ data as important, they might associate that with the importance of what they do as well.

When Should You Do Risk Assessment? 

For most companies, the answer is – as soon as possible, especially if they haven’t completed one yet. Cyber-attacks have been on the surge since the beginning of the pandemic, and your cryptocurrency could get compromised at any minute.

After your first cyber risk assessment, you will have gathered data you can work with. You will have a comprehensive report of vulnerabilities to deal with to prepare for the most common types of cyberattacks.

The technology used for illegal mining of popular cryptocurrencies such as Bitcoin is evolving, and even IT experts are yet learning what is possible. You might have new vulnerabilities every year because cybercriminals find a new way to attack systems.

The yearly risk assessment checkups might save your company from major financial losses, jail time, or a permanently tarnished reputation. Moreover, a good time for a checkup is also in case of any significant changes in your company.

Doing Risk Assessments by Yourself  

There are some questionnaires online that might inform you about everything you should know about risk assessments and how to get started yourself, a DIY risk assessment if you will. However, you shouldn’t perform cyber risk assessments on your own.

Different companies have different requirements, so it is important to do individual risk assessments and not base your assessment on that of a similar company. That is why questionnaires will only get you so far.

Cybersecurity companies who know what to look for and follow any new trends and technologies that could affect your businesses are your best choice. They will save you a lot of money in the long term and help you prepare your company for typical attacks and frauds.

Cyberattacks are executed by organized hackers who already have personal passwords and can sell your client’s information in no time. It is better to build trust with your clients rather than trying to recover it after the leakage of their sensitive data.

Conclusion

Cyber risk assessment is a basic requirement that can be a jumping point for better security and the organization of your company. Many aspects of our lives are becoming digital and moving to the online world that has its dangers, many of which we are not yet aware of.

The same applies to digital wallets and virtual currencies such as Bitcoin. Clients want to know that not only their personal information is safe, but their coins in their crypto wallets are as well.

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