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Computer Security No 22: Block Chain Technology - Cryptocurrency
Corporate Computer Security
- The banks get on the Bitcoin-like technology bandwagon
- Ransomware on the rise
A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.
A bitcoin is a digital asset and payment system (created by Satoshi Nakamoto). Many large merchants now accept Bitcoin payments: Paypal, Microsoft, Dell, Newegg, Expedia, TigerDirect, Zynga, Virgin Galactic, etc. Today's value for 1 Bitcoin is $805.54. It is too volatile to invest in if you are a conservative investor.
The banks get on the Bitcoin-like technology bandwagon
DH Corporation (D+H) is a global provider of technology solutions for financial institutions globally. Its partnership with Rabobank on this PoC has shown that D+H's payments services hub, together with Coin Sciences' multichain blockchain solution, is able to execute cross-border payments in near real-time for the bank, using distributed ledger/blockchain technology.
Read More:- www.thepaypers.com
Ransomware on the rise
'The most prominent and worrisome cyber threat of the moment' according to the cyber community.
How it works:-
Encrypts files (cannot be reversed unless you have the encryption key)
Demands payment in Bitcoins (cannot be tracked)
Time-limit for ransom after which it increases
Recruits infected PC into a botnet (which can spawn the virus to other PCs or networks)
Often has data exfiltration capabilities (takes files from your computer and sends them to the criminal's computer)
It is advisable to have backups stored offsite on media that can not be accessed directly over the network. Also, the regular backups should be done under another user name (admin, root, etc) than your own username. Often, viruses like Locky (that locks your files) will gain the privilege that you have as a user and lock your backups too, if they were done under your username.
Moderated by Monica Schlesinger: www.advisoryboardsgroup.com.au
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