Finance Monthly May 2019 Edition

11 www.finance-monthly.com NEWS - MONTHLY ROUND-UP News you Can’t Afford to Miss OVER TWO-THIRDS OF EUROPEANS BELIEVE CRYPTOCURRENCY IS HERE TO STAY - BUT THEY HAVE NO IDEA WHAT IT WILL BE USED FOR A brand-new study into consumer confidence in cryptocurrencies has re- vealed that two-thirds of Europeans have faith the digital assets will still ex- ist in 10 years’ time, how- ever, the majority are still uncertain to how they will be used. The research, commissioned by bitFlyer polled 10,000 respondents across 10 countries in Eu- rope. The research reveals Norway to be leading the most optimistic countries confident in the future of cryptocurrency, with al- most three-quarters (73%) believing they will still ex- ist in some form. France, on the other hand, is less confident with just over half (55%) believing in the longevity of crypto’s exist- ence. However, the results demonstrate that every European country polled showed a majority in sup- port of cryptocurrencies. In addition to asking re- spondents whether they believe Bitcoin will still exist, the study also dug deeper to uncover what consumers think the real use cases for Bitcoin will be in future and how crypto- currencies will solidify their place within their respec- tive market. The results show the majority are still very much uncertain. Almost 1 in 10 (8%) Euro- peans believe Bitcoin will be fully ingrained into so- ciety as a form of currency in 10 years’ time, and only 7% believe it will be used as a security or investment. See Table 2 below for more detail. According to the research, generally, men are more optimistic in this with 9% believing Bitcoin could be- come an additional form of currency; this number falls to just 6% for women. The country divide shows a slightly different picture; Poland and Italy top the countries who believe Bit- coin could become a form of currency with 10% of both countries believing this. The UK, on the other hand, differs at the bottom of the ranking, with just 6% believing in Bitcoin becom- ing a form of currency in the future. However, the research reveals Europeans as a whole are slightly more confident in Bitcoin becom- ing a form of currency (8%) than simply used for in- vestment or security (7%). In fact, it’s only Poland that breaks this trend as the one country more confident that Bitcoin will be used for invest- ment and security. Interesting- ly, Norway – who in other ar- eas of the study have proved to be extremely optimistic on crypto’s uses and longevity – overwhelmingly do not believe Bitcoin will exist as an invest- ment and security tool – just 6% voted in favour of this. Andy Bryant, COO at bitFlyer Europe, said: “These results indicate that the reputation of cryptocurrency has moved be- yond hype and become more established. It’s very easy to forget just how new cryptocur- rencies still are; we’ve only just celebrated Bitcoin’s 10th birthday, so for the majority of consumers to believe in cryp- to’s future is without a doubt an achievement. “The next step is for the in- dustry to better promote the benefits and use cases of cryptocurrencies to consum- ers so that people understand how they will come to be used in society.” OVER HALF OF FINANCIAL SMBS SAY THEY DON’T HAVE TIME TO UNDERSTAND CYBERSECURITY As the number of cyber at- tacks around the world in- creases, the public grows more aware of what these incidents mean for their per- sonal data. As a result, the pressure on organisations to protect customer data and defend against attacks is mounting. Employee be- haviour has a significant im- pact on cybersecurity pos- tures, with stress having a particularly negative effect. A recent study by Webroot found that 74% of SMBs in the financial sector believe that stressed workers are putting their business at more risk, while stress in the financial sector is the highest it’s been since the 2008 financial crisis. Financial services organi- sations hold and process a vast quantity of sensitive data and this report raises concerns on how well these businesses can defend against attacks. Stressed and time-poor employees are more likely to make mis- takes and click malicious links, putting the organisa- tion at risk. Luckily, the level of invest- ment that SMBs make in cybersecurity is growing. The report found that over half (54%) of SMBs within the financial sector devote more of their annual turno- ver (6%-20%) to cyberse- curity spend compared to other industries. However, this investment may not be enough to make up for hu- man error, which can be ex- acerbated in high-pressure environments. To protect against attacks, SMBs must first identify the factors that can lead to a data breach, such as over- worked employees and a lack of cybersecurity educa- tion and awareness across departments. Highlights from Webroot’s financial SMB research: • 74% say that stressed workers put their business at more risk • 78% believe their business is at risk due to employees’ lack of security knowledge • 51% say a data breach would put their business at risk of closure • 61% say profits would take a hit as a result of cybersecurity incidents • Yet, 65% believe their small size helps them react quicker to industry or political change, creating an opportunity for SMBs to lead the market