Virtual Currency Overview

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 about 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.

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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 look at virtualization and cloud computing, specifically the policy constraints of those elements.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.

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.

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