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Transcript of Cyber Security
all of them have been mined, the value of them will begin deflating rapidly.
-Massively Volatile. Due to (at this point) the currency being massively driven by
speculation, and having a small transaction market, any shocks felt can cause huge price
-A scam? Potentially might be a pyramid scheme. Price is mostly driven by speculation
as a trading commodity. Most people are buying in to sell later at a higher price while
there is not a large amount of utility for
bitcoins. Some central banks, such as Baltics
(Estonia and Latvia) have stated they think
Bitcoin may potentially be a Ponzi Scheme
although a ECB (European Central Bank)
report stated they were not sure.
Why not Bitcoins?
Keele Global Affairs:
Seeking Security in an
History of Cyber-Attacks cont.
Early research into computer networks proved that absolute security was impossible.
Introduction to Cyber Security: Privacy, Threats and Security - Will Mangham
A History of Cyber Attacks - Josh Colebourne
The Use of Cyber Warfare in the 21st Century -
Stuxnet - Sohrab Vaziri
Is 'Cyber' the prefered method of warfare? - Mateusz
Why Bit Coins? A history of the modern currency - Craig Entwistle
Use of Bit Coins on the Black Market: Silk Road - Keith Jones
The effect of Bit Coins on the modern exchange rates - Keele Economics and Finance Society
History of Cyber- Attacks
The growth and spread of digitised networks (from 1970s onwards) has led to a much wider focus on cyber-security.
The effect of bitcoins on modern exchange rate
Instability VS Innovation
features of a
: asset holding in expectation of appreciation empowered through media coverage of "new era" stories
commerce and consumer risk
through vulnerability through enormous inflation and deflation
=> NOT intended to replace banking system
high potential for effective reforms (open-source code, transparency)
-> Mt. Gox exchange to reopen in April 2014
Instant transfers to anywhere in the world (vs. 3-5 business days for a domestic ACH transaction)
Virtually free to send (vs. 3-4% for credit cards and $25+ for wire transfers)
Almost infinitely divisible (divisible into 100 million parts vs. 100 pennies per dollar)
innovation: new approach to money as a unit of measurement -> inflation-indexed prices
"In other words, bitcoin are as cheap as cash, as fast as a credit card, and will open up the possibility for micropayments." (Liberty Teller)
Credits to KEFS research by Femi, Christian and Hugo.
New York Times@http://tinyurl.com/nf367t9,
Preev @ http://preev.com/,
Bitpay @ http://preev.com/,
Liberty Teller @ http://libertyteller.com/,
EconomyWatch @ http://tinyurl.com/ovlqouw,
Project Syndicate @ http://tinyurl.com/p6bfdbr,
Economist @ http://tinyurl.com/coalvve,
Business Insider @ http://tinyurl.com/nk699be.
legal status differs from country to country
regulation through taxation: UK tax authority decision to scrap VAT on bitcoin
=> bitcoin start-up community is booming!
Adapted from Kaspersky Lab Website
Cyber Aggression: raw data (2009-2012)
Is “Cyber” the preferred method of warfare ?
Operation Red October
CARETO (The Mask)
The use of Cyber Warfare in XXI Century
Picture adapted from http://i.huffpost.com/gen/1227804/thumbs/o-CYBER-WAR-facebook.jpg
Is "cyber" the preferred method of warfare?
“Cyber warfare involves the actions by a nation-state or international organization to attack and attempt to damage another nation's computers or information networks through…” (Rand, n.d)
Source: Rand , n.d., http://www.rand.org/topics/cyber-warfare.html
What is a cyber warfare ?
Cyberweapon (malware) desgined to attack Natanz nuclear facility in Iran
Joint US-Israeli project
Destroyed one-fifth of Iranian nuclear centrifuges by causing them to spin out of control
Planted by an Iranian double agent
Not to destroy centrifuges, but to reduce their lifetime.
Increasing pressure on spinning centrifuges.
First virus carries greater impact than others.
Does little harm to networks and computers which do not meet specific configurations.
Change in 21st Century military strategy
Civilian critical infrastructure may be the next potential targets.
By 1990s modern society had become dependent on information infrastructures for business, resource management and national security. Thus, movements to protect these infrastructures were vital.
However, the knowledge that the internet is inherently insecure lead to the creation of CERT (Computer Emergency Response Team) in 1980s. Also, many nations began to take cyber-threats seriously.
The Morris Worm (1988) brought down large portions of the ARPANET. This greatly increased awareness of the inherent risks in cyberspace.
Capitalising on the insecurity of information systems, perpetrators of malware attacks moved from skilled juveniles to cyber-criminals and even to nation-state organs.
China, for example, considers cyberspace a strategic doman in which to balance the asymmetry it faces against conventional military might.
Where to attribute blame after attack?
-First mentioned in an online paper in 2008, by Satoshi Nakamoto, an anonymous developer
-Designed to introduce a currency that is not based upon ‘trust’. Due to it’s automated nature
-Launched January 2009, with the release of the open source ‘Bitcoin Wallet’ software
-August 2010 a massive security flaw was detected, and 184 Billion Bitcoins were created. This
was fixed with 2 days, and the extra bitcoins were expunged from the database. This was the
only major flaw in discovered in Bitcoins history.
-2011: Wikileaks begin to accept Bitcoins for donations, as a result of their Paypal being frozen.
-Early 2013, price of Bitcoin increases rapidly within the space of a few months. Average price
in January was $1.84/bitcoin running up to $230 in the middle of April. This ended crashing
to a low of ~$70 then returning to stabilityat around ~$130 for the next few months.
-Summer 2013, larger companies such as OkCupid and Foodler (USA JustEat), begin to accept
Bitcoins as payment, although even at this point, illicit markets such as SilkRoad (online drug
Bazaar) still account for about ~60% of purchasing transactions (discounting purchase of bitcoin
-October 2013, SilkRoad raided by the FBI, seizing large amounts of drugs and 26,000BTC,
which was worth around $4,160,000USD at the time.
-Late October 2013 to late January 2014 Bitcoin price rises from ~$170USD to $1250USD on
MtGox, the largest exchange.
-Late January, MtGox, which accounted for 70% of bitcoins held and traded begins to halt
withdrawls, as a result, price falls from $1250USD to <$100, thousands of people caught with
money stuck in MtGox.
-February 28th. MtGox files for Bankcruptcy in Japan, stating that they lost 750,000 of their customers
Bitcoins worth around $475 million. Protests ensue outside their offices, and lawsuits are filed.
A short history of bitcoins
Low-transaction costs – There are either no, or very low transaction costs within payment
no hidden ‘credit’ fees from companies, no hidden charges. Users know how they are and
what they are paying for something.
Privacy – Consumers details are not included within transactions, so there is much
reduced risk for identity theft, unlike paypal or credit transfers.
Not dependent upon human variability – There will be no issues with payment due to
bank holidays, Christmas, or any other religious holidays. Due to the automated nature of
the Block Chain payments will processed regardless.
Little risk for central currency manipulation – The nature of bitcoin is that it can’t be
manipulated by a central authority for their own benefit. While individual organizations
can do this, the inherent nature of bitcoin is that it is immune.
-Purchase and sale of Bitcoins done through online ‘exchanges’ where people trade real world
currency for bitcoins, usually USD, EUR, GBP or JPY. Also act as banks, storing people’s bitcoins
Largest of these was MtGox. Shut down last week after refusal to allow people to withdraw
-Term used for creation of bitcoins.
-Given to people who maintain the database
as reward for their effort
-Vast amounts of computers set up to ‘mine’
bitcoins for financial profit. As seen left
Public database monitors all bitcoin transactions, and the total number of
coins in circulation
Used for numerous transactions, mostly limited to deepweb transactions at the moment, such as SilkRoad and other illegal transactions.
-Required for/allows transactions
Uses codes and encryption to secure it’s payments
Hidden communication in the presence of a third
Uses Public Key encryption
Digital Attack Map
The need for Cyber Security
The Internet before the 1980s
Viruses / Bugs
Increasing reliance on new platforms
Social Movements - Hacktivism
Privacy - Surveillance by Governments
In 1945 a moth was found in a computer, stuck between the gaps of relays. Named a 'bug'.
1963 - Computers could communicate with each other
1969 - ARPANET - the precursor for the internet. Developed to share data between the US government and also established University network.
1979 - 'Worms' these were first created through a short line of code to increase computer effectiveness my managing idle processes. Shift from a supporting method to a destructive one.
1983 - 'Virus' - developed code for more specific tasks of attacking computers. Sophistication increases.
1991 - Symantec releasess Norton. First counter measure but signalled that attacks are on the rise.
Focal Threats to Cyber security in the 21st Century.
1) Exploit Kits
2) Widespread Use of New Platforms
3) Specific Targets from historical Trends
Widespread Use of New Platforms
Hacking prospects increase on the basis that we use different devices.
Phones, Tablets, Laptops Converging.
Android Phones more likely to become attacked in a month than a regular PC would.
Phones are a new target - Microphones, Camera allow for Surveillance
App Stores install malware
Cloud Storage is another route for hackers to either: Destroy or Steal Data
The use of Social Media allows for complete strangers to communicate with you.
20% of Facebook users don't check their privacy settings.
Speed of the internet can allow for Fraudulent acts
Linkdin - cases of personal addresses, work place publicly available - identification stolen.
'Check In' - Mobile data location enables closer surveillance.
Social Movements -
Defined as -
"non violent use of legal/illegal digital tools to pursue political ends"
2011/2012 - Increasingly sophisticated attacks on government websites / Organizations.
Risk for Security - Specific Targets and repetitively being attacked. - STUXNET / CYBER WARFARE
The breaching of Cyber Security in governments or organizations is not always used for immoral reasons as some would be led to believe.
Government Surveillance vs. Whistle Blowers
Some countries don’t even use Bitcoin, thus soon or later Bitcoin will travel to those countries as individuals there will start using ot due to the globalized world we live in.
Countries fearing that Bitcoin threats national sovereignty and also economic/currency/monetary control will attempt to ban and stamp it out
Some countries see Bitcoin as an opportunity for businesses and to improve their economics, also Bitcoin provides a healthy competition and an alternative currency to business. However it needs to be regulated, to prevent criminal activity.
Future Policies in Bitcoin – A Wild Ride?
The Silk Road is online black market where illegal goods are sold which includes drugs, arms, pornography, stolen credit cards, assassinations. There were also legal goods and services for sale, such as art, books, cigarettes, erotica and jewellery
Bitcoins were used in transactions
However this website was shut down in October 2013, with the seizure of 144,000 bitcoins worth US$28.5 million at the time, with the owner arrested
What is the Silk Road?
The Use of itcoins on the Black Market (Silk Road) – the legal implications?
Apart from being used in (online) Black markets and being the targets for cyber-hackers to steal
It can also be used for money-laundering
Also last week at the end of February, Tokyo's Mt Gox filled for bankruptcy. The revelation revealed that customers lost their Bitcoins, raising concerns of their use and security, thus prompting banks to crackdown and tighten policies
News related that involves Bitcoin used in Criminal activity and lack regulation over its use in financial activity have contributed to its wild ‘mood swings’ in its value.
However another site - Silk Road 2.0 was opened, and in February 2014, the site was hacked and hackers stole over 4474.26 bitcoins worth $2,747,000 dollars
This raises issues if these sties like these above are used to lure people who has bitcoins and then steal them.
Legality in Countries
Go against these structures on moral grounds.
"a person who informs on a person or organization engaged in an illicit activity."
June 2013 - Edward Snowden
Security Analyst for the NSA
Leaked to the media details about Spying technology that the US government had used against citizens.
NSA published a secret court order to seize telephone communication records from Verizon
Tapped into servers of Microsoft, Google, Facebook and Yahoo to collect data for its Surveillance software 'PRISM'.
UK spy agencies tapped fibre optic cables
US used surveillance techniques on 38 embassies
Bugged EU offices in the US and Europe, as well as the Council of Europe and Operations Building in Brussls
Intercepted Angela Merkel's phonecalls
200 Million Text messages stored.
Justifications for Surveillance?
A former US army intelligence
analyst leaked documents of military operations in Iraq. These were distributed by the website WIKILEAKS:
Showed Civilian casualties
Breaches of human Rights
So are there any legitimate reasons that the NSA may have gone to these 'extreme' measures?
The Lawful Policing of Regions
Effective Policing rests on effective intelligence - A relevant point is Networks (in the context of people).
Cyber Space is a good example of our networks and their structures. We have contacts, our communications with them from Social Media, Phones, Emails.
Networks are crucial for security because of their formations to do something. If this network is disrupted before it can act, a crisis will be averted.
3 out of 4 arrests made are now done on Facebook.
Question of legal status