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And if a bank has been robbed

What if a bank has been robbed?

The truth is that the title is misleading, but I thought it was appropriate for the message I wanted to convey.

Can you imagine if a bank in Europe or the USA suffered a several hundred million euros stolen in a cyber attackWhat would happen? Well, the next day it would be on the front pages of all the world's news on TV, Internet and any other media you can think of.

The next effect is that bank 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 on Ethereum and becomes the biggest 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? security measuresWho controls these companies? do we just trust them? why don't I trust a bank?

I've been asking myself all these questions these days and it's funny: Financial institutions are subject to very strict regulation.They pass 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 cryptocurrency exchange companies that we know nothing about, except their advertising and based on the fact 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 investment fund or a stock market share, will think along the same lines: are risky assets and therefore cannot guarantee my money.

PS: I am in favour of all economic activity that involves third party money being regulated and forced to comply with certain rules. security levels.

 

Source: Jose Mª Pulgar - Linkedin

José María Pulgar

José María Pulgar

CISO & Cybersecurity Tech leader at Bosonit

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