With an increasing number of organisations and their clients using cryptocurrency, one of the biggest, and fastest-growing, cybersecurity threats is cryptocurrency theft. Cryptocurrency heists can take just a few seconds to execute and the impacts and consequences can be significant. One recent attack resulted in a loss estimated at around $200 million from the theft of digital assets and removal of traceability.
As we continue to progress further into a digital currency economy, organisations and their treasurers need to be aware of the emerging risks this highly profitable cyber-crime threat poses to an organisation’s cashflow, liquidity and counterparty risks. It is becoming increasingly important for treasurers to ensure risk management systems assess such threats to their organisation, as well as any potential exposure associated with clients and counterparties.