The world of cybersecurity is like our modern day “Wonderland.” With massive amounts of data, almost anything can happen. But, with large volumes of information, comes the high risk of extreme vulnerability. Wide-spread industry resistance in adapting to a modern digital age has paved the way for those who use their extensive knowledge of computer networks to exploit and extort others for financial or personal gain. Unlike the Mad Hatter in Lewis Carroll’s classic, “Alice In Wonderland,” these illicit actors are most commonly referred to as “black hatters.” But, I can assure you, they are almost certainly…mad.
On a global scale, we have witnessed the shocking revelations massive data breaches like Equifax and Facebook have wreaked upon us. In my opinion, the effects of which, unfortunately, weren’t truly recognized until (1) Mark Zuckerberg testified before Congress on Capitol Hill and (2) GDPR going into effect back in May.
But, when it comes to security, there is still much to be learned, as there can never be “enough” protection. Why? With every patch or fix, comes a new attacker looking to find a vulnerability. The same can be said when we are talking about digital assets, like cryptocurrency, and of course, blockchain technology.
The rapid advancement of technology brings many benefits, but also brings with it, many plagues. For example, the digital assets market, which is expanding at an explosive rate, is lending favorable ‘black hat’ support for new forms of cyber attacks, such as exploiting individual’s digital assets and investments.
While Bitcoin has been around since 2009, the concept of “cryptocurrency,” is still in its infancy stage. The volatility associated with these currencies is still unpredictably high, as well as the uncertainty surrounding its regulation. It wasn’t until recent Congressional hearings that the U.S. finally heard arguments from both the House Agriculture Committee and House Committee On Financial Services on the future digital assets presented to the economic and financial sectors.
But, understanding the underlying problems of the cybersecurity space may help to unravel how to apply these new technologies like the Blockchain and cryptocurrency to our relevant industries. Or, it may continue to make us all go mad. But, as the Cheshire cat famously told Alice, “We’re all mad here.”