Digital assets are attracting great attention this year. With this evidence, the bitcoin market has soared to about 70 million won. An expert who has worked in the investment field for 25 years predicts that the bitcoin market price will rise to 100 million won.
When two pizzas were purchased for 10,000 bitcoins in Florida in the U.S. in August 2010, no one would have imagined that the bitcoin price would rise so far. Considering that the price of a pizza is 30,000 won, the 3 won bitcoin in 2010 surged to 70 million won in 2021.
As a result, cyber crimes targeting digital assets have also skyrocketed. This is because digital assets have financial value. Therefore, it is important to establish a cybersecurity system for digital financial assets.
In this article, an interview was conducted with “Ki-Hwan Kim,” an expert member of the Korea Digital Financial Asset Research Institute (KDiFAI) to understand the current status of cyber information security related to digital financial assets.
For reference, Kim Ki-hwan is active as an “information protection and personal information protection management system ISMS-P (Personal Information & Information Security Management System)” and “ISO27001 (Information Security Management System) certification auditor”.
Digital assets that increase in value ⓒAlpadis Group
– How can you briefly introduce the trends related to information and communication (IT)?
▲ In modern society, most of the work or business is carried out through IT infrastructure such as computers, servers, network equipment, software, and information and communication networks. In particular, important tasks such as financial transactions, data transmission, and file storage are being carried out through information and communication networks. One of the most sensitive and most important of these tasks is the financial asset transaction through the Internet.
-How is the current situation related to financial transactions?
▲ Financial assets such as deposits, installments, stocks, bonds, and funds held by individuals or companies are being traded in the cyber world through the Internet. The general experience of visiting offline commercial banks is probably about once or twice a year, and most of all transactions are made conveniently and quickly on the Internet using computers or smartphones.
-How about digital assets in the field of financial transactions?
▲ These days, it can be said that the interest and enthusiasm for digital assets through the Internet is hot. According to the Specific Financial Information Act, digital assets are electronic tokens of economic value that can be traded or transferred electronically.
▲ For reference, the term “an electronic proof that can be traded or transferred electronically” means that transactions are being made on the information and communications network, that is, the Internet, but the Internet can be considered to be relatively vulnerable to information security.
-So how can a digital asset be hacked?
▲ The fundamental technology of digital assets through blockchain has stable security, but there may be security vulnerabilities in transaction services, payments, and electronic wallets and computer devices that transact digital assets, so a lot of actual cyber hacking is taking place. Is the reality.
-What are some hacking techniques related to digital assets?
▲ Globally, digital asset theft, theft, and double payment damage are occurring due to cyber hacking attacks targeting digital asset exchanges, individuals, and companies through malicious code infection, email attacks, website duplication and phishing, etc. The reality is that cyber attacks are still taking place.
– Are there any hacking cases related to digital assets?
▲ Japan’s largest digital asset exchange’Company K’was hacked and the digital asset’NEM’ worth 58 billion yen or about 568 billion won was stolen. The entire transaction system is connected to the Internet 24 hours a day, and the’cold wallet’, a transaction system that blocks the Internet for security, has not been established.
The accident was caused by total insolvency, such as not having a security management system and system for responding to infringement accidents, and no information security experts.
-How is the security related to the domestic digital asset exchange?
▲ According to the news, last time, the Ministry of Science and Technology and Information and Communication checked 10 digital asset exchanges in Korea with the Korea Internet & Security Agency (KISA) and found that there was no company that passed 51 security check standards. The Ministry of Information and Communication has mandated digital asset exchanges to certify information security management systems (ISMS) from this year.
– Are there any hacking cases in Korea?
▲ According to the news, there have been cases of infringement on digital asset exchanges in Korea as well. ‘Company U’, a domestic digital asset exchange, has declared bankruptcy, claiming that it has been hacked twice, and’Company U’is making a move to withdraw bankruptcy and resume trading.
In addition,’Company B’, a digital asset exchange in Korea, has been hacked by cyber hacking, and information about 31,000 members has been leaked. In addition, there are a number of cyber hacking cases targeting financial institutions.
-What do you need to secure your digital assets?
▲ Promote raising awareness of information protection to increase the level of information protection of the whole people and spread an autonomous information protection culture, and companies, public institutions, and financial institutions establish an information protection management system through ISMS-P certification or ISO27001 certification I think that it is essential to continue to promote the establishment of an administrative, technical, and physically safe information protection system.
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