Is Bitcoin resilient enough and ready for cyber threats in 2020?

Experts predict that Bitcoin and other cryptocurrencies will gain momentum in 2020 and will therefore become more and more widespread in all industries.

In addition, experts say there will be an explosion of cyber security threats next year that will affect all industries worldwide.
Bitcoin transactions and data on the blockchain are secure

Like other industries, the crypto industry has to adapt to constantly changing security threats. Bitcoin’s resilience is based on the randomness of data exchange 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 technologies. However, transactions carried out on the periphery of the blockchain are less resistant to cyber attacks.

In fact, every industry is under threat. A FitSmallBusiness.com report highlights that “Preparation is the only way to deal with the types of problems that still need to be defined that will affect millions of companies in 2020 and beyond.”
The five biggest cyber security threats

The report concludes that the most frustrating factor is that “hackers’ tactics are constantly evolving and adapting,” which makes it difficult to implement adequate security controls.

FitSmallBusiness.com identifies the top five corporate cyber security threats as follows:

  1. Corrupt government. Research sponsored by Microsoft shows that there were 800 political cyber attacks in 2019. And for 2020 “the politically targeted cyberattacks will continue at full strength”.
  2. Suspending health care. According to the Center for Strategic Studies and International Studies (CSIS), cyberattacks also focus on the healthcare industry, which has a wealth of personal information and health data. Protenus points out that 32 million patient data were leaked in the first half of 2019 – twice as much as in 2018.
  3. Violations of social law. Social media platforms have become so widespread that they are becoming a massive target for hackers. A bromium report highlights that 20% of organizations are already infected with malware from social media connections.
  4. New technology in sight. The introduction of 5G will also open up new opportunities for hackers in 2020. As the FitSmallBusiness.com report with CheckPoint conclusions states, “The reason 5G will make everyone more vulnerable to cyberattacks is that it enables such a variety of devices, making it difficult to create and deploy security measures, that can serve everyone. “
  5. Household hacks. The smarter your home becomes, the more vulnerable it is to cyberattacks. FitSmallBusiness.com’s report warns: “While technology was created to make our lives easier, devices like Google Home and Amazon Echo are turning into intelligent spies.”

In 2020, new currencies will work alongside Fiat

The end of paper money is coming. Crypto investments will gain momentum in 2020. As a result, Bitcoin will be more common in every company. Therefore, the crypto industry must also raise awareness of cyber security. In this regard, the “Digital Money Forum” predicts:

    “This will be the year when new currencies work alongside traditional ones and new asset classes emerge as digital tokens enter the mainstream.”