Intelligent CISO Issue 1 - Page 84

PRIORITISE KEEPING YOUR BITCOIN SAFE, SECURE AND AVAILABLE 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. Whether it’s a fake wallet set up to trick users, a phishing attempt to steal private cryptographic keys, or even 84 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 Claude Schuck, Regional Manager for Africa at Veeam 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. Issue 01 | www.intelligentciso.com