If you manage a business that runs on cryptocurrency then cyber security and protection from ransomware should be of highest priority. Your cryptocurrency coins will be stored in a cyber “wallet”. Each wallet has its vulnerabilities, and only a professional cyber security company will be able to ensure your wallet is safe from hackers. This is why it is wise to outsource your security to a trusted, reliable company. However, you may not be aware of the potential risks to your cyber currency. In order to recognise this it is important to analyse which cryptocurrency wallet you use and how open to attack it is.
Online wallets are the most popular form of storing coins. This is because they are convenient and easy to use. However, they pose the greatest risk of being hacked. Once a hacker has access to your account they can steal your cryptocurrency funds. Getting advice from an IT outsource company will help prevent this.
Mobile wallets are also an option for coin storage. They run on iOS and Android. Again they are vulnerable to hacking. These wallets are popular because using your mobile for storage will give your coins portability. If your phone is stolen however, you will be more or less powerless to retrieve your coins.
Desktop wallets are computer based. They are downloaded and stored on your desktop. The coins exist within your system which gives you more protection than with an online wallet. However, without proper ransomware and malware safeguards in place you are still in danger of them being stolen.
Another option is paper wallets. These bypass the cyber system entirely by simply being paper print outs of your cryptocurrency codes. This may seem like a smart option but without having a digital back up your codes could be lost, stolen or destroyed with no way of retrieving them.
Finally we have hardware wallets. This is perhaps the safest option of them all. Because they are stored on an internal hard drive the coins are safe from any hackers using the web to attack. However, you still need to access them with an online device.
So how can you guarantee your wallets are safe?
The best option is to not rely on your own internal security systems. Instead, it is wise to outsource to a proactive IT company who can give you advice and services on the matter. Hiring professional IT specialists like CARA Technology will give you the peace of mind to expand your business. A company that throws all its internal resources into ransomware prevention will not be able to operate to its full potential. Business is competitive and poor resource management can doom a company. Ultimately, outsourcing was invented to prevent this from occurring.