- 36% of Small and Medium-sized Business in the US offering Crypto alternatives for payment systems
- Newer business are more likely to take up cryptocurrencies
The Hartford Steam Boiler (HSB) commissioned Zogby Analytics to carry out a survey regarding uptake of cryptocurrencies by Small and Medium Enterprises based in the US. They released a statement with conclusive data on their official Twitter account indicating more than a third of Small and Mid-sized businesses in the US have taken up cryptocurrencies as a payment option.
The survey showed that 36% of small and medium businesses have adopted crypto payment systems while a reported 59% has bought crypto for their own operations. The survey also showed that more than twice of new businesses in the US are likely to incorporate cryptocurrencies in their payment systems. 47% of the businesses sampled that accept crypto has been operational for less than half a decade while in comparison to 21% of businesses that were around for more than two decades.
This could be directly attributed to the fact that cryptocurrencies offer an option of faster transaction speeds and low transactional fees.
Drawbacks opened up by cryptocurrency adoption
However, HSB VP Timothy Zeilman was keen to note that despite the advantages offered by cryptocurrencies is more likely to open up the businesses to a new array of problems. This was expressed in his statement
“Cyber criminals follow the money and fraud can be a serious problem. A number of currency exchanges have been hacked or embezzled and millions of dollars were lost.”
Cybercriminals may target such businesses with complex attacks that may be marked by malware targeting information that they could use or sell. Hackers may also infiltrate the company’s systems in an effort to try and divert computing power for recording and verifying cryptocurrency transactions. The regulations put in place for the cryptocurrency may be a bit vague especially when transacting internationally and in case of fraud, the businesses may have nowhere to turn to for help.
All is not lost as the business could take up a few steps as advised by the HSB survey to help prevent exposure to cybercrimes. They could start by learning more about the technologies and how they work before fully embracing them. They could also improve existing security policies if any have been put in place yet.
About the Survey
The survey was carried out by Zogby analytics that provides custom research and insight to leaders of businesses and communities, as well as to individuals. The latter used a sample space of around 509 small and medium businesses based in the US.
It was commissioned by Hartford Steam Boiler (HSB) an insurance company that provides inspection, risk management and amongst providing IOT Tech services. It’s a subsidiary of Munich Re, a leader in Reinsurance worldwide.