Examine the Terms Virtual and Digital Currency
Order Instructions
Your CEO is impressed with both the MDM Policy and Identity Theft Response Plan that you presented.
You receive a meeting invite from the CEO and CIO to discuss the next project, one on digital currency that you had proposed a few weeks earlier. In the meeting, you learn that leadership has committed to research on a hot topic in financial services, Bitcoin.
The CEO says, “Virtual currency is growing in popularity. More and more merchants and customers around the world use Bitcoin. If we’re going to get on board, we should understand the risks involved. That’s why we’ve included you in this meeting today.”
The CIO, your direct supervisor, nods in agreement.
As the CISO, you are aware that Bitcoin presents challenges to the financial side of the organization. You also know that its underlying technology presents some interesting questions for cybersecurity.
The CEO continues: “I need you to research and deliver findings on digital currency applicability. More specifically, you should provide us with the following: financial implications of the various virtual currency types; security options presented by block chain, which is the underlying technology to Bitcoin; and, information on alternatives to Bitcoin that encompass the same or similar characteristics. These questions should be answered in a Virtual Currency Applicability Report.”
You are eager to get started on this new venture. You are confident the results of a solid presentation on virtual currency would enhance the security of the company’s data, and it would also place you on the leading edge of technology in the industry.
It will be challenging to present information on virtual currency to stakeholders who have a technical background but no experience in policy. However, these challenges can be overcome with proper time management and communication with your CIO.
Step 1: Examine the Terms Virtual and Digital Currency
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 regard 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.
Step 2: Conduct Competitive Research of 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.
Proceed to the next step, in which you will take a look at virtualization and cloud computing, specifically the policy constraints of those elements.
Step 3: Identify Policy Constraints on Virtualization and Cloud Computing
You assessed 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. Once this is completed, proceed to the next step, in which you will compile those findings.
Step 4: Summarize Virtual Currency Findings
In the previous step, you identified the technological elements of virtualization and cloud computing, and now 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 two- to 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.
Submit the Virtual Currency Overview, along with the spreadsheet of the recorded findings as an addendum for feedback, and proceed to the next step.
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