We think it would be safe to say that the traditional financial system has begun to take their security almost as serious as the Digital Currency space. From the perspective of the Digital Currency industry we are all too familiar with sub-par security systems. 2-factor authentication comes to mind as a practice that everyone regards as standard around here. It is not an inconvenience, it does not slow anyone down. It provides for a very high level of security. Multi-signature transactions are also a standard key control when moving any value, anywhere. Why these two methodologies would be glossed over when managing your most valuable asset is beyond us to try to explain.
When developing a risk model there of course can be no 100% certainty. However if you have reached a 99% level and the 1% can be quantified and insured against, then you have effectively mitigated 100% of the risk. We read that JP Morgan spends $5 million per week or $250 million per year to guard against cyber security issues. Although they have 83,000,000 clients to maintain across multiple businesses, their data was breached due to a server not employing the 2FA standard. 2FA is virtually a free implementation.
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We are inspired to know that our members take their security seriously. Education is the key to understanding that a simple password does not cut it now-a-days, externally for users, or internally for systems operations. We are very proud of the Incryptex's security initiatives and partners that have climbed on board the platform.
We hope the cyber security teams at Home Depot, Target, JP Morgan among countless others, might take a serious look as to what is going on in the Digital Currency space, where protecting sensitive data is paramount to operating any business.
The Incryptex Team