Best of the Week
Most Popular
1.US Paving the Way for Massive First Strike on North Korea Nuclear and Missile Infrastructure - Nadeem_Walayat
2.Trump Reset: US War With China, North Korea Nuclear Flashpoint - Video - Nadeem_Walayat
3.Silver Junior Mining Stocks 2017 Q2 Fundamentals - Zeal_LLC
4.Soaring Inflation Plunges UK Economy Into Stagflation, Triggers Government Pay Cap Panic! - Nadeem_Walayat
5.The Bitcoin Blueprint To Your Financial Freedom - Sean Keyes
6.North Korea 'Begging for War', 'Enough is Enough', is a US Nuclear Strike Imminent? - Nadeem_Walayat
7.Bitcoin Hits All-Time High and Smashes Through $5,000 As Gold Shows Continued Strength - Jeff_Berwick
8.2017 is NOT "Just Another Year" for the Stock Market: Here's Why - EWI
9.Gold : The Anatomy of the Bottoming Process - Rambus_Chartology
10.Bitcoin Falls 20% as Mobius and Chinese Regulators Warn - GoldCore
Last 7 days
Stock Investors Ignore What May Be The Biggest Policy Error In History - 20th Oct 17
Gold Up 74% Since Last Stock Market Peak 10 Years Ago - 20th Oct 17
Labour Sheffield City Council Employs Army of Spy's to Track Down Tree Campaigners / Felling's Watchers - 20th Oct 17
Stock Market Calm Before The Storm - 20th Oct 17
GOLD Price Creates Bullish Higher Low - 20th Oct 17
Here’s the US’s Biggest Vulnerability in NAFTA Negotiations - 20th Oct 17
The Greatest Investing Lesson Learned from the 1987 Stock Market Crash - 20th Oct 17
Stock Market Time to Go All-in. Short, That Is - 19th Oct 17
How Gold Bullion Protects From Conflict And War - 19th Oct 17
Stock Market Super Cycle Wave C May Have Started - 19th Oct 17
Negative Expectations, Will the Stock Market Correct? - 19th Oct 17
Knowing the Factors Affect your Car Insurance Premium - 19th Oct 17
Getting Your Feet Wet In Crypto Currencies - 19th Oct 17
10 Years Ago Today a Stocks Bear Market Started - 19th Oct 17
1987 Stock Market Crash 30th Anniversary Greatest Investing Lesson Learned - 19th Oct 17
Virgin Media Broadband Down, Catastrophic UK Wide Failure! - 19th Oct 17
The Passive Investing Bubble May Trigger A Massive Exodus from Stocks - 18th Oct 17
Gold Is In A Dangerous Spot - 18th Oct 17
History Says Global Debt Levels Will Lead to Another Crisis - 18th Oct 17
Deflation Basics Series: The Quantity Theory of Money - 18th Oct 17
Attractive European Countries for Foreign Investors - 18th Oct 17
Financial Transcription Services – What investors should know about them - 18th Oct 17
Brexit UK Vulnerable As Gold Bar Exports Distort UK Trade Figures - 18th Oct 17
Surge in UK Race Hate Crimes, Micro-Racism, Sheffield, Millhouses Park, Black on Asian - 18th Oct 17
Comfortably Numb: Surviving the Assault on Silver - 17th Oct 17
Are Amey Street Tree Felling's Devaluing Sheffield House Prices? - 17th Oct 17
12 Real-Life Techniques That Will Make You a Better Trader Now - 17th Oct 17
Warren Buffett Predicting Dow One Million - Being Bold Or Overly Cautious? - 17th Oct 17
Globalization is Poverty - 17th Oct 17
Boomers Are Not Saving Enough for Retirement, Neither Is the Government - 16th Oct 17
Stock Market Trading Dow Theory - 16th Oct 17
Stocks Slightly Higher as They Set New Record Highs - 16th Oct 17
Why is Big Data is so Important for Casino Player Acquisition and Retention - 16th Oct 17
How Investors Can Play The Bitcoin Boom - 16th Oct 17
Who Will Be the Next Fed Chief - And Why It Matters  - 16th Oct 17
Stock Market Only Minor Top Ahead - 16th Oct 17
Precious Metals Sector is on Major Buy Signal - 16th Oct 17
Really Bad Ideas - The Fed Should Have And Defend An Inflation Target - 16th Oct 17
The Bullish Chartology for Gold - 15th Oct 17
Wikileaks Mocking US Government Over Bitcoin Shows Why There Is No Stopping Bitcoin - 15th Oct 17
How to Wipe Out Puerto Rico's Debt Without Hurting Bondholders - 15th Oct 17
Gold And Silver – Think Prices Are Manipulated? Look In The Mirror! - 15th Oct 17
Q4 Pivot View for Stocks and Gold - 14th Oct 17
Gold Mining Stocks Q3’17 Preview - 14th Oct 17
U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold - 14th Oct 17
Yuan and Gold - 14th Oct 17
Tips for Avoiding a Debt Meltdown - 14th Oct 17

Market Oracle FREE Newsletter

3 Videos + 8 Charts = Opportunities You Need to See - Free

3 Billion Yahoo Accounts Hacked - Cyber Risk Highlights Gold's Importance

Commodities / Gold and Silver 2017 Oct 06, 2017 - 02:06 AM GMT

By: GoldCore

Commodities

– Yahoo admits every single one of 3 billion accounts hacked in 2013 data theft
– Equifax hacking and security breach exposes half of the U.S. population
– Some 143 million people vulnerable to identity theft
– Deloitte hack compromised sensitive emails and client data
– JP Morgan hacked and New York Fed hacked and robbed
– International hacking group steals $300 million
– Global digital banking  and financial system not secure


Editor Mark O’Byrne

Imagine there was a chemical disaster at a factory. The surrounding water and air supply are affected over hundreds of miles. Thousands of people, if not more, are affected.

There would be a national response. Governments would step in to ask why this had happened, how it was going to be dealt with and how it would be prevented.

More importantly, those affected would be notified with immediate effect. The responsible company would not set up a website inviting potential victims to log on with personal details in order to find out if and how badly they have been affected.

And if the company did do this then people and the government wouldn’t stand for it.

Imagine that another disaster happens a few months later, at another company. But it turns out the dangerous chemicals have been leaking into the environment for possibly the previous three months.

No-one knows the extent of the damage.

There would be uproar.

Yet there seems to be little reaction when the equivalent happens in the cyber world. Just this week, less than a month after the Equifax announcement, Yahoo have admitted all 3 billion accounts were compromised four years ago … four years ago …

This is just another example of repeated data breaches that have compromised the personal data and lives of billions of people.

The list of respected and powerful institutions that have been hacked grows by the day and includes

– Equifax hacking and security breach exposes half of the U.S. population
– Some 143 million people vulnerable to identity theft after Equifax hack
– Deloitte hack, uncovered in recent days, compromised sensitive Deloitte emails and client data
– JP Morgan hacked affecting 76 million American households
–  New York Fed hacked and central bank robbed of $81 million
– International hacking group steals $300 million

There are now numerous examples of slow responses from hacked companies, cover-up missions and a lack of responsibility and accountability. We are sleep walking into a cyber financial collapse.

No-one knows to what extent the information that has been stolen will be used in the future. But we may soon be looking at the cyber-equivalent of Chernobyl or Bhopal’s Union Carbide disaster.

This could go on for years. Each time someone tries to open a bank account, get a mortgage, even travel abroad they could face problems. Yet these companies leave it to us to manage and governments seem to be behind the curve and not on top of these real challenge.

The difference between the cyber-attacks and those that happen in manufacturing plants is that there are consumer protection laws and we are offered some level of compensation and some companies are rightly crippled for serious mistakes.

When it comes to Yahoo, Equifax or a large bank, it seems all that happens is that regulators slap them with a minimal fine. They even get some praise if they offer us protection in future, as happened with Equifax.

Long-term, there seem to be little awareness about how we and our data including our financial data and digital deposits and wealth will be protected in the future.

Even more worrying is that there is a lack of awareness of how real the cyber risks are to our modern digital banking, financial and monetary systems.

Terror-threat level raised

Less than a decade ago we used to worry about cyber-attacks purely in relation to money being taken from our accounts. This was as bad as we imagined things could get.

We thought we could wake up one day and find our savings had disappeared. That was scary enough. It happened to many people.

But we didn’t appreciate how the threat could escalate further.

Fast-forward over the last decade and we have been confronted with central banks being hacked via the SWIFT system and billions of identities taken like candy from a baby, from the apparent secure systems of financial services companies and banks.

We now have to face the reality that this threat extends beyond an inconvenience for individuals and instead is a real threat to governments and our international banking systems.

To many in the public this might not seem like such a bad thing. Perhaps its better that governments and big banks are targeted, with their endless pots of money and resources.

But where does it end?

There’s an unseen world war that is being quietly fought in recent months and years. There are no clear battle lines, few rules of engagement, and no end in sight.

It not a typical war involving armies rather it is a cyber war, with nations fighting each other for dominance in cyberspace.

The United States, Russia, China and many others are employing professional hackers as “cyber soldiers.” Call it cyber terrorism or cyber war.

US military leaders warn of the growing progress of Russia, China, and North Korea in cyberspace. The Pentagon has ramped up its own efforts in what it calls the “cyber domain” and released a new cyber strategy in April 2015.

It is not a secret that the likes of Russia and Iran support cyber terrorism or cyber war (depending on your perspective) that give them leverage over the U.S. and other western nations. Russia was relatively open about their attack on Estonia and there are rumours of support in attacks on other nations.

It is not beyond the realms of imagination that anti-Western governments could soon have western nations banks and institutions by the proverbial cojones either by holding billions of personal details to ransom or (arguably worse) disable and collapse our vulnerable financial and monetary systems.

We already see Russia and China preparing systems that allow them to operate beyond dollar hegemony. They are preparing for this … as should we.

Conclusion 

The threat posed by cyber attacks, cyber terrorism and cyber war to our increasingly complicated, technologically dependent financial system is something we have covered numerous times and it becomes more clear by the day.

We live in a time where the majority of our interactions, whether financial transactions such as withdrawing cash or selling gold, depend on single interface websites and the internet. Few can really appreciate on what scale we are at risk.

The cyber attacks of the last five years should help us realise the scale of the risks.

Not only must we consider how our banks and utility providers are protecting our information but also reevaluate how we are securing those assets designed to protect us from such disasters.

Consider digital gold providers. These are the companies that do not have a direct interaction with clients either through the phone or face-to-face. It is all done through online websites.

Investors should look to hold their gold with bullion dealers who do offer such interactions. Those providers who allow clients to have outright legal ownership of physical gold and silver coins and bars outside the banking system.

This is vital because those who hold gold and silver in this way are far better protected from any cyberattacks on the horizon. Physical coins and bars cannot be made to disappear and if owned in the right way mean that you can sell at any time and are not dependent on pricing and liquidity from one company’s website as is the case with gold vault platforms and increasingly the case with online banking.

It goes without saying that we hope these cyber risks do not cripple the financial and monetary system. But in the same way we are the midsts of a debt-crisis no-one saw coming, we believe it is prudent to take the necessary measures to protect your wealth.

Gold Prices (LBMA AM)

05 Oct: USD 1,278.40, GBP 969.28 & EUR 1,086.51 per ounce
04 Oct: USD 1,275.55, GBP 960.87 & EUR 1,085.11 per ounce
03 Oct: USD 1,270.70, GBP 959.00 & EUR 1,081.87 per ounce
02 Oct: USD 1,273.10, GBP 956.48 & EUR 1,084.55 per ounce
29 Sep: USD 1,286.95, GBP 963.15 & EUR 1,090.82 per ounce
28 Sep: USD 1,284.30, GBP 961.04 & EUR 1,091.40 per ounce
27 Sep: USD 1,291.30, GBP 963.83 & EUR 1,099.54 per ounce

Silver Prices (LBMA)

05 Oct: USD 16.66, GBP 12.64 & EUR 14.19 per ounce
04 Oct: USD 16.83, GBP 12.67 & EUR 14.29 per ounce
03 Oct: USD 16.61, GBP 12.53 & EUR 14.13 per ounce
02 Oct: USD 16.58, GBP 12.46 & EUR 14.12 per ounce
29 Sep: USD 16.86, GBP 12.60 & EUR 14.27 per ounce
28 Sep: USD 16.82, GBP 12.53 & EUR 14.28 per ounce
27 Sep: USD 16.89, GBP 12.58 & EUR 14.38 per ounce

Mark O'Byrne

Executive Director

This update can be found on the GoldCore blog here.

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W http://www.goldcore.com/uk/

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information containd in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife