Now 50 cryptocurrencies used to pay for application security services
Now 50 cryptocurrencies used to pay for application security services

While many in the cyber-security industry see cryptocurrencies as primarily a facilitator of cyber-crime and money laundering, and a target for theft, and some in the cyber-crime sector itself are reported to be getting out of Bitcoin - they can now be used to buy info-security services.

Following Microsoft's announcement to accept Bitcoin as a payment for its online Windows and Xbox stores, High-Tech Bridge reports that it has simplified payment for security services.

The majority of digital coin theft involves insecure web or mobile devices/applications, and anything vulnerable is eye-catching to cyber-criminals. Applications are usually easy to hack, and usually contain or provide access to critical data and even allow access to digital wallets.

As High-Tech Bridge's online platform ImmuniWeb now accepts payments for security services in more than 50 cryptocurrencies so that startups in particular have access to simple and convenient access to web and mobile application security services.

Virtually every day, a new breach of a cryptocurrency startup or exchange is reported and industry experts believe that in less than a decade cyber-criminals will have stolen US$ 1.2 billion (£800 million) worth of Bitcoin and Ether.

A report published by Ernst & Young says that cyber-criminals stole US$ 400 million (£283 million) of digital currencies during ICOs last year, and Japan's biggest cryptocurrency exchange just had a nearly US$ 400 million (£283 million) loss due to hackers stealing the amount from them.

High-Tech Bridge's CEO and founder, Ilia Kolochenko, commented in an email to SC Media UK: "Today, a huge market segment wants to pay in cryptocurrencies to protect data and customers. We are happy to make this possible for the benefit of the emerging blockchain industry.

"It is important to highlight, however, that we do not endorse any particular digital currency. High-Tech Bridge does not store or invest in any digital coins, but enables our customers to perform secure instant payments in them.”