Can the Blockchain Deliver Security to Banks Against Cyber Attacks?
Questions have been raised as to whether or not blockchain technology is secure enough to prevent cyber criminals from targeting the financial services. As bitcoin continues to gain wide acceptance in a number of countries, establishments, and services, companies are turning to its underlying technology, the blockchain, as a way of verifying transactions electronically with no central ledger. Unfortunately, over the last year, cyber criminals have targeted exchanges and companies by utilizing the blockchain and digital currencies. Cybercriminals were able to attack the DAO, draining over....
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The following are the 6 countries, written in descending order, which rank among the most targeted by cybercriminals. Cyber security has become the latest ‘in-word’ around the globe. Putting the verbal fashion aside, organizations and individuals are struggling to protect themselves against online attacks and threats from left, right and center. With the rate of information growing exponentially in value and in volume, cyber risks are increasingly posing serious threat to governments, businesses and economies around the world. Fortunately, experts have found that the growing awareness....
Coinbase and and Coinfabrik join forces, Jaxx integrates with ShapeShift, and more bank heists may be on the way. Want to see what you’ve been missing? Take a look at some of this week’s Bitcoin news below. BANK SECURITY. Banks are once again being warned of potential cyber-attacks. This time, the warning comes in light of the hacks that occurred within banking institutions tied to the Swift network, whom US regulators claim cannot do enough to protect its partners. The US Federal Financial Examination Council is warning all banks that the time has come to take matters into their own....
Several of London’s largest banks are stocking up on Bitcoin in order to pay off cyber criminals who threaten to bring down their critical IT systems, say IT experts. The banks are now coming to terms with the view that it is cheaper to pay off criminals than risk ferocious cyber attacks on a high scale. According to a Guardian report, paying ransoms with Bitcoin seems the better way to go because even though senior police officers have been made aware of the practice, the police do not have the resources to deal with the significant growth in the number of cyber attacks. Dr Simon Moores,....
Ransomware and Bitcoin make a great combination, but for all the wrong reasons. There was a sudden increase in the number of ransomware attacks earlier in this year which continued into the last few months. While these attacks continue even today, most of them usually go unreported in the media. Cryptowall is one of the widely used malware to launch ransomware attacks. The malware has been so good at doing its job that even the FBI has given up on it. What the guys behind it are using it for is a completely different story though. Who is behind all these ransomware attacks involving....
Banks do not have the best of reputations as it is, and this decision will only make things worse. It is not the first time major banks plan to stockpile Bitcoin to thwart ransomware attacks. Even though that money should be spent on improving the IT department, financial institutions tend to take the easier option. Rolling over and paying the Bitcoin ransom will only invite more trouble down the line, though. But for now, London banks want to buy up Bitcoin in the case of a cyber attack. Dealing with a ransomware attack can be quite devastating. Computer systems and important files are....