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It's not "maybe so", it's a matter of fact. And we're not talking about outdated user-facing login authentication procedures, we're talking about securing the

It's not "maybe so", it's a matter of fact. And we're not talking about outdated user-facing login authentication procedures, we're talking about securing the back-end. When is the last time your bank had $150 million stolen?

logicalmonster 5y ago
I don’t know how my bank implements their backend. Based on the parts I can see that I mentioned, I’m not very impressed with their interpretation of best practices. That’s a good question. I don’t know how often banks get robbed of cash due to digital intrusions. I have gotten credit card info stolen before and that happens with many people, so maybe errors in the banking system more commonly take the form of lots of small fraud rather than a few big events.
- Daishiman 5y ago
  So if you don't know, how can you be unimpressed?
  - logicalmonster 5y ago
    As I said, I don't have proof about parts I can't see and never claimed so. But the parts I can see are IMO bad, so it's reasonable to be skeptical about the parts I can't see. Also, I haven't worked with my actual bank, but I've done multiple bits of consulting in the past on some other national bank's technology, and my time there was such a disorganized mess that I have to doubt the quality of all of their systems and practices.
logicalmonster 5y ago
Also as an additional followup comment, the legal structure surrounding banks probably impacts how digital robberies are targeted as well. A cyber-criminal organization who wants to rob some big player like Goldman Sachs, BlackRock, or Citibank of 9+ figures probably knows that they're going to have a devil of a time getting away with any big-time theft. The US government is actually going to go after anybody who tries to pull money out of big banks accounts to the point that they might even be willing to go to war in the right circumstance. If you're a cyber criminal, even if you could hack into some big bank systems and force a transfer, how would you get away with the cash in most cases? If they really target you with their full weight, you're probably completely screwed. In comparison, random Crypto Financial Agents are on many power-players "Naughty List". Depending on the exact circumstances of some crypto-robbery, the full weight of the US Government probably isn't going to be deployed against some cyber criminal organization who manages to take out a crypto firm's assets in the same way that they would if you targeted the existing banks. So maybe relatively more cyber attacks happen against crypto than other types of assets because it's known as a safer target. (I have no clue, this is just a reasonable hypothesis to me)

logicalmonster 5y ago

I don’t know how my bank implements their backend. Based on the parts I can see that I mentioned, I’m not very impressed with their interpretation of best practices. That’s a good question. I don’t know how often banks get robbed of cash due to digital intrusions. I have gotten credit card info stolen before and that happens with many people, so maybe errors in the banking system more commonly take the form of lots of small fraud rather than a few big events.

Daishiman 5y ago
So if you don't know, how can you be unimpressed?
- logicalmonster 5y ago
  As I said, I don't have proof about parts I can't see and never claimed so. But the parts I can see are IMO bad, so it's reasonable to be skeptical about the parts I can't see. Also, I haven't worked with my actual bank, but I've done multiple bits of consulting in the past on some other national bank's technology, and my time there was such a disorganized mess that I have to doubt the quality of all of their systems and practices.

logicalmonster 5y ago

Also as an additional followup comment, the legal structure surrounding banks probably impacts how digital robberies are targeted as well. A cyber-criminal organization who wants to rob some big player like Goldman Sachs, BlackRock, or Citibank of 9+ figures probably knows that they're going to have a devil of a time getting away with any big-time theft. The US government is actually going to go after anybody who tries to pull money out of big banks accounts to the point that they might even be willing to go to war in the right circumstance. If you're a cyber criminal, even if you could hack into some big bank systems and force a transfer, how would you get away with the cash in most cases? If they really target you with their full weight, you're probably completely screwed. In comparison, random Crypto Financial Agents are on many power-players "Naughty List". Depending on the exact circumstances of some crypto-robbery, the full weight of the US Government probably isn't going to be deployed against some cyber criminal organization who manages to take out a crypto firm's assets in the same way that they would if you targeted the existing banks. So maybe relatively more cyber attacks happen against crypto than other types of assets because it's known as a safer target. (I have no clue, this is just a reasonable hypothesis to me)