INTELLIGENT BRANDS // Enterprise Security
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Prioritise keeping your bitcoin safe,
secure and available
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South African cryptocurrency
exchanges are on the increase
promising favourable rates and
other value-added services to
those looking to venture into
these digital assets. Claude
Schuck, Regional Manager for
Africa at Veeam, says we need
to carefully consider the impact
that cryptocurrencies will have
on availability strategies.
W
hen I was a child, the prospect
of going to a theme park was a
wild and exhilarating experience,
however now it doesn’t quite stir up the
same feelings. Similarly, the ownership of
cryptocurrency isn’t the rollercoaster ride it
used to be even though it is still perilous.
While the trading of a cryptocurrency is still
full of massive ups and downs as the market
volatility continues, the instability and risk of
your digital wallet is a consistent threat. These
aren’t just abstract or theoretical; new scams
crop up and old ones resurge all the time.
www.intelligentcio.com
Whether it’s a fake wallet set up to
trick users, a phishing attempt to steal
private cryptographic keys, or even fake
cryptocurrency schemes, there’s
something to watch out for at every
turn. So, what would happen should
someone lose access to their virtual
wallet or it becomes unavailable?
Availability of data has become a priority
for businesses across industry sectors,
indeed it’s an area we built our business
around. It is now common for digitally savvy
consumers to have some method of backup
or a duplicate copy of their key documents,
photographs and other important
information. Yet, there is seemingly not
much thought given to what the damage
will be if a digital wallet gets ‘misplaced’.
Just consider the financial consequences if
one is unable to access thousands of rands
of bitcoins (if not more) because you cannot
remember where the password is stored,
or the wallet is being hosted, or even lose a
local drive containing your currency. Just as it
pays to put your watch or other jewellery in
a safe deposit box, so too does a little effort
into how you manage your cryptocurrency.
INTELLIGENTCIO
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