A survey released by Hartford Steam Boiler (HSB), part of German insurance firm Munich Re, has found that nearly one-third of US small and medium-sized businesses accept cryptocurrency as a payment option.

International research firm Zogby Analytics carried out the survey in October 2019 on behalf of HSB.

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Of the 505 small to medium-sized businesses surveyed across the US, 36% of the respondents said they accepted cryptocurrency for goods and services, while 59% of those firms purchased digital currency for own use.

According to the survey, 47% of companies accepting cryptocurrency had been in business five years or less, compared to just 21% in business for over 20 years.

In the survey, 75% of the sample had annual revenue under $5m and less than 100 employees. The final sample included 41% of the businesses with less than 25 employees.

HSB vice president Timothy Zeilman said although the benefits of cryptocurrency can include lower processing fees and faster payments, the risks may increase for cyber fraud and computer attacks.

Zeilman said: “Small business owners should learn all they can about the technology before accepting cryptocurrency. And make sure they have strong data security and insurance to protect against cyber fraud and financial loss.”

Multi-line specialty insurer HSB provides inspection, risk management and IoT technology services. The company integrates its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks that arise due to technological changes.