One newly emerging but very important aspect within the financial and banking industry is the element of cryptocurrencies like BitCoin which are constantly fluctuating in market value. While some praise cryptocurrencies for being more secure and manageable compared to regular currencies, skeptics criticize it for being less traceable, less stable, and more susceptible to being stolen through hacks and cyber attacks. In 2019 alone, more than $4 billion worth of cryptocurrencies had been stolen, so if banks and other financial institutions were to start using cryptocurrencies at a higher level, they would need to invest in their own defense and cybersecurity activities first.
This means mobile and web portal security would both have to be upgraded tremendously to remain as safe as possible. Online banking already poses a big threat to security due to the risk of potential cyber attacks, but with cryptocurrencies coming into play, web and mobile portals will have to be monitored more closely than ever.
So the ultimatum is, should banks and financial institutions begin carrying cryptocurrencies if their consumer groups have a demand for it? Would that ruin the point of or demonetize cryptocurrencies? Only time will tell, but as these financial technologies become more advanced so will those who will attempt to hack them.