Hub Weekly Digest: Coronavirus, Verizon, DTCC & Nonghyup Bank
Hub Security’s weekly digest covers top stories happening around the world related to blockchain, fintech, cloud and enterprise cybersecurity.
Heightened Coronavirus Travel Ban Raises Cybersecurity Risks & Threats
Why It’s Important
Due to the coronavirus outbreak and an increase in travel restrictions, the way we work may be undergoing a radical shift. Now more remote workers are working from home than ever as the global workforce shifts to mitigate the spread of COVID-19. Now because of the heightened pace of coronavirus’s spread, the return to work is likely to usher in the world’s largest work-from-home experiment. In 2020, working from home is no longer a privilege — it’s a necessity.
While we won’t know the coronavirus’s effects on the overall nature of work for some time, we do know that working from home lends serious questions to the heightened cybersecurity risk for many InfoSec and IT security employees. Unlike working from the office, working from home often means working in an unsecured environment. (Source)
Verizon Boosts Its Security With Blockchain
Why It’s Important
Verizon Business has announced the inclusion of new security services, including two new administration and identity access systems using blockchain-based technology. These are Verizon Identity (VID) and Verizon Machine State Integrity, which are modeled within a Blockchain environment, according to the US technology firm on March 5th.
In the case of VID, identity information is encrypted and subsequently distributed through multiple servers in the blockchain, so there would not be a centralized base that can be attacked by cybercriminals. According to the company, Verizon ID will allow users to store their access credentials in a “secure digital environment” on their mobile phones, which can be accessed and validated more easily. (Source)
French Financial Regulator Suggests Europe-Wide Security Token Sandbox
Why It’s Important
A Digital Lab sandbox would give regulators both, Ophèle said. Authorities would closely monitor how these projects evolve when unshackled from Europe’s traditional markets regulation, collecting three years of feedback and data to shape the formation of new, more flexible regulations.
The proposal is from Europe’s most reliably pro-blockchain financial regulators. AMF has consistently advocated a forward-thinking approach to blockchain and distributed ledger technology for years, approving initial coin offerings, drafting blockchain bills, and releasing experimental frameworks for crypto firms to regulate themselves.
It remains to be seen how other continental financial regulators will react to AMF’s latest recommendation. The press offices for Germany’s, Italy’s, Austria’s, Ireland’s and Finland’s respective securities regulators did not immediately respond to requests for comment, and neither did the European Securities and Markets Authority, the top securities watchdog for the EU. (Source)
Distributed Ledger Technology Implementations Require Refreshed Approach to Security, According to New DTCC Paper
Why It’s Important
A paper published February by the Depository Trust & Clearing Corporation (DTCC) calls for a more coordinated strategy around the development of a principles-based framework to identify and address DLT-specific security risks. With the adoption of distributed ledger technology (DLT) expected to grow in financial services, the DTCC’s white paper, Security of DLT Networks, outlines recommendations for establishing a comprehensive industry-wide DLT Security Framework.
Many enterprises are beginning to pilot and deploy DLT technology. While many of these blockchain-based solutions are generally considered secure, as DTCC notes, they are not immune to security risks or regulatory constraints. Companies must begin to consider the security implications associated with the use of DLT as early on in the project as possible. If there’s one take away from the paper’s release, it’s a crude warning to organizations: take careful consideration of your DLT solution’s security before writing a single line of code. (Source)
South Korea’s Nonghyup Bank Introduces Digital Identities
Why It’s Important
Since 2010, North Korea has conducted more than 6,000 cyberattacks, costing nearly $650 billion in repairs and economic losses. South Korea has been prone to malicious hacks, ranging from denial-of-service (DDoS) attacks to ransomware, malware and zombie PCs.
Nonghyup Bank has rolled out a new “mobile employee ID” service that uses blockchain-based identification technology. Delivered in conjunction with SK Telecom the digital identities provide employees at Nonghyup Bank with direct control over their personal information in an effort to tighten security around the data.
These mobile employee IDs are backed by several South Korean chaebols, such as Samsung, Hana Financial Group and LG. The outcome is expected to have significant impacts on other industries if the IDs are proven to be successful. (Source)
Subscribe to Hub Security’s Medium for more breaking news and to stay up to date on top weekly stories related to #blockchain and #security.
