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Extenua CEO, Steve Visconti, Comments On Ransomware Attack In Atlanta and Data Security Issues With Blockchain In Boardroom On SecuritySolutionsWatch.com

Extenua CEO, Steve Visconti, Comments On Ransomware Attack In Atlanta and Data Security Issues With Blockchain

 

In Boardroom On SecuritySolutionsWatch.com

Extenua CEO, Steve Visconti, told us, “The recent ransomware attack on the city of Atlanta is an ominous development. 2018 looks like it is, unfortunately, going to be THE year of ransomware.”

“The blockchain world is also coming to grips with a shocking revelation that could potentially threaten the very existence of the world's foremost cryptocurrency Bitcoin. Researchers from Germany's RWTH Aachen University analyzed the blockchain to examine how much "arbitrary data" it contained and discovered a vast trove of data which is irrevocably tainted with unremovable links to illegal child pornography. This discovery hypothetically makes Bitcoin ownership illegal in almost every country that has laws against the possession and distribution of images of child abuse, 112 countries, as this tainted content inevitably is distributed among and by all users of the currency. 

What is the solution?

“First, let’s recognize that blockchain, and all online transactions, are only as strong as its weakest link - the endpoint. Yes, where humans meet machine. There are several known vulnerabilities including obtaining personal PKI key, integration of blockchain into applications, fraud by groups of participants, scale has not been tested or peer reviewed.  When used for crypto-currency such as Bitcoin, the problem extends to the digital wallets. The digital wallets are vulnerable to ransomware just like any other file on your device.  We have seen countless ransomware attacks that locked up the end-users wallet.“   More