Will Web 3.0 next-generation blockchain security companies help prevent crypto-theft from happening?
There are vulnerabilities in the crypto ecosystem, like managing the private keys and the interoperability between the different blockchains. The last Ronin Network attack is an excellent example of how criminals could steal USD 540 Million by exploiting the cross-chain solution enabling users to swap tokens between protocols.
However, the crypto ecosystem tackles all these vulnerabilities with existing solutions like the ones from FireBlocks and new ones to come.Unlike traditional security approaches that prioritize individual risks, such as a known vulnerability or misconfiguration, this next generation of security solutions considers how these risks interact to endanger the company's most critical assets.
They combine Artificial Intelligence, Machine Learning, and other proprietary technologies, which have become a de-facto component standard of the web 3.0 new companies, to visualize an attack path and provide detailed information on each step within the chain.
They use algorithms based on multiple factors found within the attack path, such as the underlying severity of a specific vulnerability, its accessibility, and lateral movement risk.
In the case of Orca, they automatically combine cloud risks and insights, including openness, misconfigurations, and trust privileges, to surface the most vital attack paths leading to an organisation's crown jewels.
CyVers is another example of this next web 3.0 security generation.
They screen on-chain and off-chain data and extract and parse tons of information before representing them in a cross-chain generic network.
Then, they apply proprietary AI & ML technologies to detect suspicious transactions in real-time and propose corrective actions before a criminal transaction can steal the crypto assets.
With CyVers, hacks like the Ronin Network, the Poly Network, or the Bitmart attacks may never happen again.
In the light of the latest executive crypto bill order signed by Joe Biden on March 9 and the war in Ukraine, more interest in cryptos has gained traction.
The United States chooses to boost innovation while protecting consumers and investors. On the other hand, the European Union and the European Central Bank are still emphasising their initiatives and statements on the so-called risks posed by the cryptos on the economy.
Do we have to remind them that the risky measure of the shadow banking alone is 25 times bigger than the total crypto market cap, according to the Financial Stability Board. On top, it is easier to track the criminal activity on the blockchains, and most of the criminality happens in the traditional financial system.
There are vulnerabilities today in the blockchain ecosystem but encouraging innovation will help make a blockchain-based financial system much safer for consumers and investors.
Aren’t what institutions like the ECB should do?