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The explosion in data breaches is a direct result of their profitability fed by the underground world of crypto currency. Digital or crypto currency was specifically developed for underworld finance. The drugs trade at first. Now, it has exploded into an international climate and criminal threat. In some American and Canadian communities, crypto mining consumes nearly as much power as residential housing .
Holding digital currency should be made unlawful. For individuals it is nothing more harmful than a “greater fool” bet and for climate change, an accelerant. But, for the criminal electronic underworld, it is the staff of life.
Domestically unlawful or internationally unlawful? And what do you propose to do with countries which either don’t care about crypto’s legality (e.g. Russia); who advocate it (e.g. Nigeria, Kenya; Switzerland, Denmark, France,…I could easily name another dozen OTTOMH), have embraced it as national currency (e.g. El Salvador); or are preparing to endorse it in the near future (e.g. China in 2023)? And you’re going to have to educate Congress Critters who don’t know a bit from a nybble from a byte.
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Wouldn’t it be easier to find out why the number of stories about US businesses being hit could have avoided it with MFA or widespread password changes when someone leaves? How about finding ways to detect it in progress because it takes 3-4 days for an attack to become complete? What about educating employees who are sent compromising email and however well-intentioned they are, they more or less hand over the information (good social engineering) which is then used? And last, but not least, why we hear/read so many stories about companies which have been hit but the number of businesses which say, “yes, we got clobbered but we got our backups out of the safe, restored, and we only lost 3-4 days of data, not a complete disaster.” ??? Could it be businesses aren’t backing things up religiously like when mainframes were the primary hardware? WRT this last issue (backups/restores), I’m betting the percentage of companies (of any size) which actually do good backups can be counted (at best) on 10 fingers but would be willing to put some money on the number of fingers on one hand. It’s kind of like the old saying, “Never bet what you aren’t willing to lose”.
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