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Author Topic: Cyber attacks are good for Bitcoin  (Read 650 times)
The_Tick
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October 26, 2018, 03:57:48 PM
 #1

The personal data of 9.4m Cathay Pacific passengers has been stolen in a cyber attack on the Hong Kong airline.

https://www.telegraph.co.uk/technology/2018/10/24/cathay-pacific-says-data-94-million-passengers-stolen-hack/

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Ryan Wilk, vice president at NuData Security said “Data in the wrong hands – especially payment card information – can have a huge impact on customers, far beyond the unauthorised use of their cards.”

“Payment card information, combined with other user data from other breaches and social media, builds a complete profile. In the hands of fraudsters and criminal organisations, these valuable identity sets are usually sold to other cybercriminals and used for myriad criminal activities.”

Maybe instances such as this will wake people up to the tangible benefits of using Bitcoin, blockchain and cryptocurrency-not being as vulnerable in an age of unbeknownst vulnerability.
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LeGaulois
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October 26, 2018, 06:30:45 PM
Last edit: October 26, 2018, 06:54:37 PM by LeGaulois
 #2

It won't wake up the people but the companies will realize the benefits their company can have (security, efficiency, costs,...) Not to say some companies will have no choice to use the technology to adapt its activity around the tendencies. In the future, people will use the blockchain tech/crypto tokens without knowing it

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October 26, 2018, 06:40:57 PM
 #3

Every system has vulnerabilities and can be exploited at some point or another.
There has been repeated issues of exchange hacks with people losing millions of dollars worth of cryptocurrency.
While these hacks are most times not directly linked to the blockchain technology it would still be related to vulnerabilities of bitcoin

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aoluain
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October 26, 2018, 06:47:54 PM
 #4

Yes bitcoin and blockchain are safer but you have to factor in the human element.
Bitcoin and blockchain are safe to a point but some people are careless about their
own security matters. We all need to protect our data and also not trust third parties
so willingly with it.
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October 26, 2018, 06:56:39 PM
 #5

It won't wake up the people but the companies will realize the benefits their company can have (security, efficiency, costs,...) Not to say some companies will have no choice to use the technology to adapt its activity around the tendencies.
In the future, people will use the blockchain tech/crypto tokens without knowing it

lol @the bolded, how is that possible? Undecided

When you make use of a system you know nothing about then you are totally on your own.
timmydakolo2
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October 26, 2018, 07:00:58 PM
 #6

The personal data of 9.4m Cathay Pacific passengers has been stolen in a cyber attack on the Hong Kong airline.

https://www.telegraph.co.uk/technology/2018/10/24/cathay-pacific-says-data-94-million-passengers-stolen-hack/

Quote
Ryan Wilk, vice president at NuData Security said “Data in the wrong hands – especially payment card information – can have a huge impact on customers, far beyond the unauthorised use of their cards.”

“Payment card information, combined with other user data from other breaches and social media, builds a complete profile. In the hands of fraudsters and criminal organisations, these valuable identity sets are usually sold to other cybercriminals and used for myriad criminal activities.”

Maybe instances such as this will wake people up to the tangible benefits of using Bitcoin, blockchain and cryptocurrency-not being as vulnerable in an age of unbeknownst vulnerability.

It won't wake up the people to take part in blockchain technology in which we still have attacks in the Cryptocurrency atmosphere, but in my own say it will be on a safe speculations to bring it down to blockchain technology crypto is the future and it has definitely come to stay.
131tc01n
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October 26, 2018, 08:54:45 PM
 #7

It doesn't seem that easy to make them realize that the benefits of blockchain technology are very high, but with the time in the future, the big companies will not realize that they have used blockchain technology even though they refused. Technological developments forced them to use this technology to maintain competition
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October 26, 2018, 09:28:12 PM
 #8

Why would a cyber attack be good for anything? It might be opening the eyes of cybersecurity experts for possible threats and vulnerabilities in such systems but all it does to the public is cast doubts on how data is being handled. Also, this doesn't do any good to bitcoin at all; the general public wouldn't even know the benefits of bitcoin and the blockchain in such scenarios IMO knowing that only a few people know about the tech. Hacks aren't good at all, and it does not benefit anyone except for the hackers themselves.

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October 26, 2018, 09:31:34 PM
 #9

Well how can you say the attack on other network will be to the promotion of the use of cryptocurrency/bitcoin. Because we have also witness a great number of cyber attacks and hack of the some bitcoin exchange site and facilities so when it comes to scam and hacked attack no aspect of the financial system of the world.
pat4cryptoreal
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October 26, 2018, 09:33:08 PM
 #10

As far as internet remains cyber attack is part and parcel of the ecosystem, just as we protect our houses, offices and properties ahead of time, let us also protect all form of digital asset. Owners of exchangers are like Government that vow to protect life and properties, The protection of users of any exchangers asset should be the priority of all the team members.
BitHodler
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October 26, 2018, 11:01:18 PM
 #11

It won't wake up the people but the companies will realize the benefits their company can have (security, efficiency, costs,...) Not to say some companies will have no choice to use the technology to adapt its activity around the tendencies.
In the future, people will use the blockchain tech/crypto tokens without knowing it

lol @the bolded, how is that possible? Undecided

When you make use of a system you know nothing about then you are totally on your own.
I think he's referring to the user end of things. What difference will you as user notice when PayPal for example uses blockchain technology internally? It's a benefit for PayPal itself, but the user will not benefit from it.

Regardless of how I think that databases are just as efficient, the hype around the blockchain makes businesses aware of how they can cut on operational costs, and they want to keep that private.

Only when businesses start to compete with each other by lowering the costs of the services that they offer, users in some industries might finally notice the effect of blockchain adoption. International bank transfers are definitely one of them.

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Indrawan77
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October 26, 2018, 11:14:52 PM
 #12

As far as internet remains cyber attack is part and parcel of the ecosystem, just as we protect our houses, offices and properties ahead of time, let us also protect all form of digital asset. Owners of exchangers are like Government that vow to protect life and properties, The protection of users of any exchangers asset should be the priority of all the team members.

Yeah it can't be avoided, as the technology rise the cyber attack wil also rise, this event maybe could rise people awareness but some of the crypto also used kyc, and its impossible to buy something like airline ticket without revealing your identity, maybe the answer for this case is not crypto because when crypto being regulated, we will need to provide our identity
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October 26, 2018, 11:30:20 PM
 #13

The personal data of 9.4m Cathay Pacific passengers has been stolen in a cyber attack on the Hong Kong airline.

https://www.telegraph.co.uk/technology/2018/10/24/cathay-pacific-says-data-94-million-passengers-stolen-hack/

Quote
“Payment card information, combined with other user data from other breaches and social media, builds a complete profile. In the hands of fraudsters and criminal organisations, these valuable identity sets are usually sold to other cybercriminals and used for myriad criminal activities.”

Maybe instances such as this will wake people up to the tangible benefits of using Bitcoin, blockchain and cryptocurrency-not being as vulnerable in an age of unbeknownst vulnerability.

using bitcoin might help in some situations, but in many cases won't make a difference. as pointed out here, credit card information doesn't actually endanger much beyond the ability to make fraudulent purchases---it only gives hackers a name and billing zip code.

you'll give away much more personal information and/or ID documents than that when doing business with eg an airline, even if you use bitcoin. same goes for having goods shipped to your physical address.

bitcoin won't fix the fact that businesses often require your personal information, and they don't protect it.

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October 27, 2018, 02:15:33 AM
 #14

For this, we must protect that cyber attacks have strong security, and do not harm users. Blockchain technology has entered large companies even though it is not felt by its leaders, and this they have to admit and must have full security so as not to be exposed to fraud or hacking.
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October 27, 2018, 04:18:33 AM
 #15

bitcoin won't fix the fact that businesses often require your personal information, and they don't protect it.

but also companies are requiring your personal information Because they are using credit cards,... in other words it is what the fiat world demands. but using bitcoin they won't need that kind of information anymore so in a way using bitcoin can fix that.

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October 27, 2018, 04:37:20 AM
 #16

Yes bitcoin and blockchain are safer but you have to factor in the human element.
Bitcoin and blockchain are safe to a point but some people are careless about their
own security matters. We all need to protect our data and also not trust third parties
so willingly with it.
yes i am agree with you, mainly our security depends on us,we have to keep our data secure from others,and need to protect our wallet password.
mkhadazz
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October 27, 2018, 05:01:26 AM
 #17

Cyber attacks may be possible and may also make bitcoin more useful but it is a bad way, it is better that bitcoin can have price movements if there is a platform that starts accepting payments using bitcoin so bitcoin has an extraordinary development.
darthmaul
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October 27, 2018, 05:51:35 AM
 #18

When I read the title then my reaction was like; what the ? But when I read the OP then it made some sense to it. Sure many things in this world get popular after they hit with the bad storms. I mean in this scenario if the crime rate increases and people suffer from the security concerns then it may happen that different financial institutes will start to use the blockchain technology for their safety. This way the world will start moving towards the blockchain and crypto graphs slowly slowly but gradually it may all get filled up soon. This will happen sooner or later sure. Good things come at the cost of worst incidence, so no one can tell.

 
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October 27, 2018, 05:59:20 AM
 #19

Right what must be done is protect crypto wallets by doubling security to avoid cyber attacks that are increasingly rampant lately, because the good impact of cyber promotion will not stop its steps to work on an open wallet
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October 27, 2018, 06:01:21 AM
 #20

I hate this type of mentality about something bad happening to someone is actually good for a third side.
Cyber attacks are bad for everyone and everything(inlcluding bitcoin/blockchain).Do you really think that the blockchain is unbreakable or immuned to cyber attacks?I don't think so...


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