Cyber attacks have become a hot issue with companies such as, Home Depot, JP Morgan and Fidelity falling victim recently. These attacks have raised concerns regarding security. The general public and companies alike are wondering how to better guard consumers from losing credit card numbers, passwords and social security numbers. Trevor Murphy, chief technology officer of BitStash, which is a client of Los Angeles tech public relations firm PMBC Group, answered a few questions for the International Business Times (IB Times) as to how Bitcoin can help solve these security issues. Murphy shared his opinion with the financial publication as to the severity, prevention and role that Bitcoin can have on combatting these data breaches.
Murphy explained that assessing the severity of breaches depends on how much data has been stolen. Small and large amounts of personal information such as credit card numbers or passwords that have been stolen can be considered very severe. Over one billion consumer records have been reported stolen by hackers since 2013. Murphy stated that the reality is that current banking infrastructure is outdated and hackers know it.
Murphy went on to tell the IB Times that there are ways to take action and prevent data breaches. Currently, the approach being practiced is ring fencing, surveillance, detection and tracking. All these actions may not be in the consumers’ best interest. These solutions can be considered a direction into an Orwellian society, which takes away the freedom of the everyday person. It is important for government agencies to reevaluate ways in which they can help consumers protect their information so that they can protect their credit record, finances and ability to find employment.
Since technology changes so quickly, it’s hard to create a system that can achieve total security. Murphy stated that Bitcoin can help solve this dilemma. With Bitcoin, every transaction is considered anonymous because a merchant never receives any personal information that can be stolen. It’s very similar to cash but designed for the digital era.
In order to move forward and regulate Bitcoin as an everyday currency, certain steps need to be taken. The stigma of Bitcoin needs to diminish and consumers need to be the priority when focusing on security.
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