In a virtual meeting on May 28 before the subcommittee of the Congress on National Security, International Development and Monetary Policy Both Witnesses and Congressmen feared they would not be up to date with criminals hacking the financial system.
Criminals have better resumes than government agents
A witness, Guillermo Christensen, partner of the law firm Ice Miller, praised the illegal cyber talent::
“We always play to catch up with criminals. […] It is very difficult to find people as skilled as some of these criminal hackers to take your plans apart and openly track them down. “
Another problem is the overclassification of government information, which is an obstacle to private sector security efforts.. “The exchange of information between the private and public sectors is very valuable, but could be better,” said Naftali Harris, co-founder and CEO of SentiLink, an anti-fraud software company.
The fintech vulnerability during the pandemic
When asked by sub-committee chairman Emanuel Cleaver (D-MO) about fintech’s vulnerability to piracy, cyber security strategist Tom Kellermann warned that the current system was vulnerable to new developments and increasing workflows. remote control::
“Financial institutions have the best security in the world, but mainly in the Russian Darkweb due to teleworking and the malware or custom weapons developed in the Darkweb. […] They learned how to avoid defending the level of network security that has been adopted by regulatory standards around the world. “
Kellerman said that hackers can easily access well-defended financial networks by teleworking through poorly defended home executive systems.. He also referred to the APIs as another risk element:
“Fintech’s biggest security vulnerability is that they create these APIs to connect with other financial institutions and other fintech providers. These APIs themselves are used from left to right. “
During the hearing President Cleaver commented, “It appears that we are losing this fight.” His last comments were no more optimistic. “His comments were very informative, but also very scary”said the president.
Cointelegraph has already reported the increase in fraud and piracy amid the coronavirus pandemic. In fact, a number of new threats target hospitals and health centers.
Do not stop reading:
- At the U.S. Congress, a new bill calls for an in-depth investigation into the country’s blockchain
- A new bill would assume that digital assets in California are not securities
- Senator Loeffler reports an income of $ 3.5 million in 2019 for her role as CEO of Bakkt
- 5/29 Price analysis: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA
- OKEx and Bitfinex crypto exchanges are exposed to DDoS attacks at the same time
- What were the top five exchange hacks in 2019?
- Ledger Wallet user has reportedly lost $ 16,000 due to a browser extension