I am skeptical there’s going to be any technological silver bullet that’s going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks, said Tyler Moore, assistant professor of cyber security at the University of Tulsa’s Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges.His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin’s creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world.
In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That’s roughly 1 percent of U.S. banks.
Gertrude Chavez-Dreyfuss
For a technology that’s supposed to reinvent financial transactions and replace old-fashioned banks, Bitcoin has a lot of growing up to do.
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