What if a bank has been robbed?

Cryptocurrencies have changed everything. Can you imagine a bank in Europe or the USA suffering a theft of several hundred million euros due to a cyber-attack, what would happen? Well, it is clear, the next day it would appear on the front pages of all the world's news on TV, the Internet and any other media you can think of.

The next effect is that the bank's shares would plummet and we would see queues of people trying to withdraw their money, those of us who don't work with that bank would laugh and inside we would think "thank goodness I'm smart and work with XXXXXX Bank". It is quite possible that many politicians would start asking for responsibility and criticising the security of everything without knowing what they are talking about (as is almost always the case).

However, news of this kind is breaking: Wormhole loses 340 billion dollars in Ethereum and becomes the second largest cryptocurrency theft (20minutos.es).

Have you seen queues or that the news has been front page news? I haven't, except in some media like this one and not as the main news. Users have kept quiet, well, in some forums they have presented doubts and complaints, as well as whether it affected them or not. It is clear, everyone assumes that cryptocurrencies are risky and unregulated assets, but then what about my money? shouldn't they be regulated and comply with certain rules? cybersecurity measuresWho controls these companies? do we just trust them? why don't I trust a bank?

I have been asking myself all these questions these days and it is curious: financial institutions are subject to very strict regulation, they undergo security audits (here I don't want to discuss whether they are more or less real), there is an authority that obliges them to maintain minimum standards, but we simply trust crypto exchange companies that we know nothing about, except their advertising and on the basis that blockchaing is secure (which it is), but the internal processes have been shown not to be.

I hope that the next time a crypto user, who in turn owns a high volatility mutual fund or a stock market share, will think in the same way: they are risky assets and therefore cannot guarantee my money.

José María Pulgar

José María Pulgar

CISO & Cybersecurity Tech leader at Bosonit

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