26 Feb '15, 11pm

The Lessons the Banking System Has to Learn From Bitcoin

The Lessons the Banking System Has to Learn From Bitcoin

Social media Share this article       It seems like “bank grade security” doesn’t really live up to its name. It was recently reported that the FBI offered a $3M reward for the suspected masterminds behind the GameOver Zeus botnet; a botnet that stole over $100M by acquiring the banking credentials of it’s victims. Another report recently revealed that up to $1 billion were stolen from 100 banks in 2013 . Is an all-out cyber war on banks incoming? We saw Ben Lawsky pointing out how dangerous cyber criminals can be for banks in a speech he gave at Columbia Law School. “We are concerned that within the next decade, or perhaps sooner, we will experience an Armageddon type cyber event that causes a significant disruption in the financial system for a period of time,” The conservative banking system has a lot to catch up with, same for bitcoin. Bitcoin can undoubtedly be ...

Full article: http://newsbtc.com/2015/02/26/lessons-banking-system-lear...

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