Showing posts with label blockchain security. Show all posts
Showing posts with label blockchain security. Show all posts

Sunday, April 16, 2017

15/4/17: Swift & Digital Money: Cybersecurity Questions


Swift, the interbank clearance system, has been the Constantinople of the financial world's fortresses for some time now. Last year, writing in the International Banker (see link here), I referenced one cybersecurity incident that involved Swift-linked banks, and came close to Swift itself, although it did not breach Swift own systems. The response from Swift was prompt, pointing out that there has never been a cybersecurity breach at Swift.

Well, it appears that the fortress is no more. Latest reports suggest that NSA (a state actor in cybersecurity world) has successfully breached Swift firewalls. Details are here:
http://www.reuters.com/article/us-usa-cyber-swift-idUSKBN17H0NX.

From financial services and economy perspective, this is huge. Take a macro view: for years we have been told that cash and physical gold and silver are not safe. And for years this argument has been juxtaposed by the alleged 'safety' of digital money (not the Bitcoin and other cryptos, which the Governments loath and are keen on declaring 'unsafe', but state-run Central-Banks-operated digital money). The very notion of e-finance or digital finance rests on the basic tenet of infallibility of Swift. That infallibility is now gone. Welcome to the brave new world where the Governments promise you safe digital money in exchange for privacy and liquidity, while delivering a holes-ridden dingy of a system that can and will be fully compromised by the various states' actors and private hackers.

Come here, doggie, doggie! Have a treat...

Monday, October 24, 2016

24/10/16: Hacktivism on the rise? Welcome to the well-predicted future


Given a rising prevalence and impact of the cyber attacks in recent weeks, here are some slides from my February 2016 course notes on ERM with warnings about the same back at the end 2015 - start of 2016: