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Cryptocurrency Security At Risk: KPMG Market Assessment - Binaryx

Cryptocurrency Security At Risk: KPMG Market Assessment

Analyzing the situation in the cryptocurrency market, the audit company KPMG reported on the need to strengthen the protection of digital assets from fraudulent activities. This statement was addressed to Bloomberg. KPMG experts believe that the cryptocurrency market has the opportunity to achieve a turnover of $ 245 billion, provided that measures are taken to improve data security.

Every year, cryptocurrency shows high rates of involvement of investors, entrepreneurs, traders. But it is worth considering that the question of fraudulent actions in this market remains an acute issue. The measures taken to date do not guarantee the complete security of digital assets. Of course, now there is a large selection of methods for storing cryptocurrencies, but they do not provide complete confidence that your data will not be intercepted by scammers.

Statistics for 2019 reflect this situation. Last year, cryptocurrencies worth more than $ 280 million were stolen by scammers. To sum up the results from 2017, the situation is even more terrifying: the total amount of stolen digital assets is about 10 billion US dollars. Large-scale theft has become possible due to a weak security system for data transfer, non-viable program codes. 

KPMG stands for enhanced cryptocurrency protection

KPMG believes that cryptocurrency has a chance of wider adoption in the global economy, the use of blockchain as the main payment system. This is only possible if the security system of digital assets is transformed towards a qualitative improvement. Thus, it is possible to strengthen the trust of users to cryptocurrency and digital wallets in particular.

KPMG is one of the first companies that supported the blockchain at the dawn of its formation. Company experts see the future in digital assets. But in today’s conditions, cryptocurrency cannot yet be on a par with fiat funds. There is good news: for several years now, cryptocurrency has been considered as one of the promising areas for investment.

Investors are not yet ready to give preference to digital assets. This is due to the lack of strong cryptocurrencies on the market that specialize in storing cryptocurrencies. Investors are wary of those companies that already provide these services due to the lack of a guarantee in the complete protection of digital assets. Thus, the question of investing in cryptocurrency remains in limbo. 

Crypto companies should develop a new improved methodology for the provision of services

Despite skepticism in the cryptocurrency market, KPMG sees great promise in the development of investing in digital assets. Shortly, crypto holdings are required to develop a new cryptocurrency storage system that will guarantee maximum security for digital assets. Representative Sal Turnullo believes that crypto holdings can make huge profits in the future thanks to the commissions that will come from large investments.

Thus, KPMG actively encourages leading cryptocurrencies to review their privacy and data protection policies and implement measures to protect cryptocurrencies. The company’s experts also insist on the need to develop a new methodology for the provision of services, including transactions. Companies should take responsibility for the implementation of their obligations to customers.