The Security Buzz: December 15, 2017

security buzz

Concerns about blockchain cybersecurity increase as the cryptocurrency market gains traction

With no intermediary regulatory entity, the cryptocurrency market has gained traction in the financial industry, raising concerns about blockchain cybersecurity.  The increasing interest and popularity of Bitcoins was prevalent as Bitcoin futures surged 13 percent at the start of the week.

However, the increased popularity of cryptocurrency comes with an increased interest in blockchain cybersecurity. Many cybersecurity specialists question whether the cryptocurrency industry meets basic security standards.

In an interview conducted by Finance Magnates, the overwhelming response was, “No, the industry does not meet security standards”. This is mainly due to a lack of formal application security verification standards and regular penetration tests on their systems. Additionally, large crypto exchanges are not taking security measures to prevent hacks and cyberattacks.

In a report by TechCrunch, an app masquerading as MyEtherWallet.com, one of the internet’s most popular services for storing ETH and other crypto coins, has made its way to the top of the iOS App Store charts. The app is not official, and users should avoid downloading it. TechCrunch also stated, “Threats aside, the app is also highly unethical/illegal. The developer is monetizing free and open-source software (FOSS).”

More Industry News

SIA member Dahua Technology released its first battery-powered Wi-Fi video doorbell DB10. The release of its first battery-powered Wi-Fi doorbell demonstrated Dahua’s commitment to continuous innovation and services, the company said.

Suprema Inc., another SIA member company, won a security award for its biometric access control solutions.

SIA member companies Hikvision, Dahua Technology, Bosch, ASSA ABLOY, Axis Communications, FLIR Systems, Johnson Controls/Tyco Security Products, Hanwha Techwin, Allegion and Aiphone made the top 10 in A&S Magazine’s Security 50 Ranking and Reports for 2017.

A report by LNS Research, sponsored by Honeywell, explained how, as companies weigh the business applications of connected tech, they aren’t accounting for a new landscape of cybersecurity challenges.

The Federal Communications Commission (FCC) voted to repeal its landmark net neutrality protections, which will allow Internet providers to speed up service for websites they favor and block or slow down others.

According to EY’s Global Information Security Survey, zero percent of U.S. companies in 2017 said their security needs were fully met by their current information security function, down from 11 percent in 2016. Another key highlight from the report indicated that 53 percent of respondents said that a lack of skills resources was holding them back from achieving proper information security.

CSOonline listed the top five mobile security threats for 2018, including data leakage, social engineering, Wi-Fi interference, out-of-date devices and physical device breaches.

Broker-dealer firms questioned the security of the SEC’s consolidated audit trail (CAT), a single, comprehensive database expected to store an unprecedented amount of sensitive trade data and personal identifiable information (PII).

Worldwide IT security spending is expected to climb 8 percent next year to $96.3 billion, according to Gartner Inc., up 31 percent from 2016. Security spending is expected to reach 20.4 billion by 2020.

Risks of cyberattacks compound as technological advancements expand the reach from individuals to smart cities, raising the question, “Can my city be hacked?”

Global drone company predicted four major trends emerging in the industry in 2018, including an increase in regulations, security and first responders as early adopters, new developments in drone technologies and a drone business model.

Frauscher Sensor Technology has adapted fiber optic acoustic detection (FOAD) for the rail industry with its Frauscher Tracking Solutions FTS platform. FOAD is a technology utilized for the protection of rail staff, assets and infrastructure.

Artificial intelligence brings a host of a conveniences and capabilities as well as implications for privacy and personal security to the travel industry.

Iron Mountain, known for digital and physical records management, acquired U.S. data center assets of IO Data Centers for $1.3 billion. Assets include four state-of-the-art data centers in Phoenix and Scottsdale, Arizona; Edison, New Jersey; and Columbus, Ohio.

Let’s Talk About It. SIA members: Join our online discussion forum SIA360 to discuss any of the topics listed above or start a new discussion about current events related to the security industry. Our new community is open to all SIA members.

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