The concepts of virtual currency and digital currency can be difficult to comprehend. Since the financial industry is generally founded on physical assets, the thought of conducting business in a medium that cannot be carried in your pocket or put in a safe is unnerving. The underlying concerns are the standards by which the currency is measured.
Consider the characteristics of virtual currency and digital currency, and how they compare to one another. Additionally, think about these in regards to the context of virtualization and cloud computing. Remember that you must include technical content within your final report, but it is also important to be prepared to provide less technical explanations to decision makers, especially in the executive summary, conclusion, and the recommendations you provide. Once you are comfortable with these terms, consider these and their relationship to one another throughout the project and proceed to the next step, in which you will research virtual currency.
Even though Bitcoin is the best-known brand in the category, your interest in any virtual currency is being driven by the encryption method and if it is applicable to the institution’s cybersecurity policy requirements. Develop a spreadsheet that will be used to gather your research. In the first column, list Bitcoin and other virtual currency options available, if any. In column 2, list the corresponding encryption method for that specific virtual currency. In column 3, assess what characteristics or cybersecurity technologies used by that virtual currency that makes it unique.
After assessing cybersecurity technologies during your competitive research of virtual currency in the previous step. Now, take these technological elements and consider the policies that include aspects of virtualization and cloud computing. Consider the cybersecurity policies and constraints that affect these specific elements. Make a fourth column in the spreadsheet for policy constraints and document the findings.
It’s time to fully assess the inherent policy issues and challenges of these cybersecurity technologies. Discuss core concepts and developments in cryptography and cryptanalysis for the benefit of your financial audience from a cyber-perspective and the financial implications of virtual currency. Also, consider information assurance needs for the business. Provide a three-page summary of the findings thus far and an overall assessment of virtual currencies, the encryption technology, and the subsequent policy issues that might arise.
External Bitcoin and Block-Chain Technology Audit (4 Pages PLUS 1 Page for the table or spreadsheet)
Bitcoin has become a successful globally appropriated form of virtual currency and digital currency (cryptocurrency) through its accomplished technology and practices. By many, it is still considered an emerging technology in the realm of cybersecurity. Within the first few steps, you reviewed virtual currency and gained an overview of cybersecurity methods such as encryption methods and other technology traits associated with various virtual currencies. In the next few steps, you will investigate the cross-cutting effects in Bitcoin’s use of block-chain technology and perform an external Bitcoin and Block-Chain Technology Audit for your company. You will scrutinize policy, budget, and technological capabilities to address cyber threats, as well as how these effects are managed at the enterprise, national, and international levels. Feel free to pull items from your findings thus far to frame this assignment.
In this step, develop a record keeping system specifically for block chain. This can be in the form of a table, spreadsheet, or other format. Determine variances from a cybersecurity perspective, consider Bitcoin’s encryption method, and other technological capabilities at the enterprise, national, and international level. Include other virtual currency technologies and reasons why they might have a better impact in these areas.
As CISO, direct the focus of the research into block chain as the underlying encryption technology to the dominant virtual currency — Bitcoin. As you have learned, emerging alternatives tend to have a disruptive effect on current technology. Block chain and other options would be expected to have similar results. In this step, continue the comprehensive review of block chain and related technologies regarding policy impacts. Review limitations which might be imposed or might involve other business affairs in the company’s cybersecurity arsenal. This should also include the perspective at the enterprise, national, and international levels.
In the last two steps, you have considered policy and technology capability impacts of block chain and related technologies viewed from enterprise, national, and international levels. As you probably have found or predicted, budget and resource trade-offs now need to be acknowledged and will be the final piece of your External Bitcoin and Block-Chain Technology Audit. This should also recognize and accommodate potential enterprise, national, and international constraints. Provide a four-page External Bitcoin and Block-Chain Technology Audit. Incorporate what you have identified during your cross-functional analysis of block-chain and digital-currency technology alternatives in regards to technological capabilities, policy, and budget trade-offs relative to enterprise, national, and international restrictions. This should be directed to senior leaders about the pros and cons, the options, and the alternatives that would facilitate their strategic decision making in defense of cyber threats.
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