The joints of financial establishment creaking as cryptocurrency face the risk

There has been a waging storm between the increasing arrival of cryptocurrency and the regulations in the cybersecurity market.

Over the years cybersecurity concerns have raised a storm in the minds of the financial investors, but now things are beginning to change. It is seen that the private market money is no longer free-flowing. Several companies such as McAfee, PhishMe, Ping Identity, and Barracuda Networks have entirety or partially sold their shares to private equity buyers.

With this alarming cybersecurity concerns, cryptocurrencies have been ruling the financial market for over a year now. It has given a jolt to the financial institutions that deal with traditional fiat currencies. For the first time, it is seen that big shot company like J.P Morgan after the Bank of America have in their report stated about the potential risk that digital monies are posing. Even, Goldman Sachs, bewildered the world after it purchases a cryptocurrency exchange. Co-founder and Chain of Uber, Garrett Camp, have even proposed a new cryptocurrency with the name Eco, which he believes will bring about a transformation in the world payment system.

Threats

But the threats of the cyber world remain the same. On Wednesday Github overcame from a DDoS attack. A 15% strong DDoS attack in 2016 was targeted towards Dyn which is now known as Oracle. The attackers took the help of Memcached services to amplify the severity of the attack. Now DDoS attackers are using ransom notes and demanding for Monero which is a private cryptocurrency.

On Thursday Equifax planned to create a notification aiming towards 2.4 million US consumers. This will state that their personal information was compromised in the grabbing hack which took place last year.

Splunk reportedly invested $350 million in purchasing Phantom Cyber which helps in automating the work of the security analysis. The startup assures that it has tools which are designed to detect network offenders.