Crypto Currency Hacking Is Not About The Coin

July 16, 2018 Douglas Barbin

Two weekends ago the South Korean cryptocurrency exchange Coinrail announced a hacking attempt on its website. With no more detail than a statement that said there was activity of a "cyber intrusion" and that it had managed to "freeze" certain coins with others being kept in a cold wallet. The exchange is now offline (hence no link to the website and its announcement).

At the time, this news was believed to be the culprit of the drop in Bitcoin value along with commensurate drops for some of the other major currencies.

I am not an economist nor a financial analyst. I am an amateur follower of cryptocurrency at best. What I am, though, is a 20+ year security professional who has spent a lot of time investigating and helping companies prevent security breaches and fraud.

I am struggling to understand why something that happens daily in other areas of cyberspace has such an effect on the value of these currencies. Why would the alleged hack of a South Korean exchange site (the 98th largest) that no one knows anything about or has not provided any details indicate that there is any sort of fundamental problem with the currency?

Read the full article in ITSP Magazine

 

About the Author

Douglas Barbin

Doug Barbin is a managing principal and firm-wide leader for cyber security and compliance services. He works with many of the world's leading cloud computing, federal, FinTech, healthcare, AI, and security provider clients. Doug has more than 20 years’ experience and maintains multiple CPA licenses, along with CISSP, CIPP, ISO 27001 Lead Auditor, and QSA certifications. He was one of the first Cloud Security Alliance CCSK recipients and regularly trains Schellman personnel on cloud auditing, compliance, and other advanced technologies. Doug is very active in industry organizations and regularly speaks on cloud security, AI, FedRAMP, and other compliance frameworks.

More Content by Douglas Barbin
Previous Article
HIPAA Risk Analysis and Risk Management Program Considerations
HIPAA Risk Analysis and Risk Management Program Considerations

Over 90 percent of the Office for Civil Rights (OCR) HIPAA settlement actions regarding ePHI bre...

Next Article
Schellman Tops the List: 10 Top Companies for Compensation & Benefits
Schellman Tops the List: 10 Top Companies for Compensation & Benefits

See the full article and top 10 list on glassdoor's blog

×

First Name
!
Success
Error - something went wrong!