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Recent Cyber Attacks Raise Questions About Blockchain Security

A series of recent cyber attacks against digital currencies has left the financial services industry wondering whether new blockchain technology can be made secure enough from cyber criminals. Some of the world’s biggest financial firms and fintech companies are testing out this new technology in a bid to reduce costs and improve efficiencies.

However, cyber criminals have targeted companies using blockchain and digital currencies, attacking DAO and Bitfinex in recent months. Even before these attacks, the Financial Stability Oversight Council, a group of US regulators, warned that because these systems, known generically as distributed ledgers, were new, flaws might not become clear until they were deployed on a large scale.

News Characteristics

Date : Sep 13, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation