It is a known fact that Risk management looks in the known facts department. As we try to evaluate what issue to focus on.
Nowhere is this Security as last point of order more evident than in the Cryptocurrency markets being created with ICO’s (Initial Coin Offerings).
You would think that when setting up an ICO which is based on a Cryptological currency the security of the venture would not be an afterthought. But it apparently was several times as stated in ZDNet article Cryptocurrency Catastrophes of 2017.
wallet addresses were changed on websites and million$ were stolen in the form of ethereum coins.
I am not interested in the Cryptocurrency market, but am interested in human psychology and efforts. In this new field it apparently does not dawn on many CEO’s of these new entities that security should be a central tenet in their business model. Especially since their venture is completely digital, i.e. constructed in a computer.
We as humans have a hard time with focusing on security. As it is hard enough to create an ICO and a cryptocurrency so when it is time to develop the website to sell or manage cryptocurrencies the security is an afterhought?
Why are we always behind?
- July – Coindash ICO $7.4mil stolen
- Veritaseum’s ICO $8mil stolen
- Parity wallet $30mil stolen
- November: Tether $30.9 mil stolen
- User found vulnerability and exploited it thus freezing $160 mil in funds.
There were a bunch of scams as well, but those I am not interested in. So $76mil were stolen and $160mil frozen due to a lack of preparedness and misunderstanding of Cybersecurity.
Why is it we always focus on cybersecurity after something happens? After an issue occurs, thus making it known.
The problem we have in Cybersecurity is to focus a little bit of our time and effort before known issues come into being.
Contact Me to discuss this in detail as we can forge a path forward in this new digital age.
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