In 2015, U.S. businesses suffered an estimated 150 successful hacks per week, with an average cleanup cost of $6.5m, writes Sasakawa USA’s William “Bud” Roth, who proposes the government can compensate for the lack of capacity by deputizing members of the private sector.
There has been a lot of legal debate about whether Bitcoin is a currency, a security, or a commodity. That judgement will ultimately determine whether Bitcoins used to pay ransom are treated as stolen money (fungible) or stolen goods (reclaimable). Law enforcement should treat Bitcoin as a commodity and, in doing so, the victims of ransomware who pay would have recourse against all future owners of the ransomed Bitcoins to reclaim them.
Sasakawa USA’s William “Bud” Roth recently participated as an expert panelist in the 2016 Asia Forum’s Cyber Security and Privacy series hosted by the Cyber Law Centre at Korea University in Seoul. Roth, Sasakawa USA’s non-resident fellow for cybersecurity, joined government officials, academic experts, and business leaders from Japan and Korea at the conference, in addition to international speakers from Hong Kong and Singapore. The theme of the conference was “security and privacy for cloud computing in the Digital Age.”
When public figures talk about combatting cyberterrorism and protecting networked infrastructure, they may envision technical solutions with stronger firewalls, better encryption, and more stringent password requirements. But changes in culture and practices on networked devices are also very important, if perhaps more difficult, in reducing risk from security incidents.