A Blockchain Security Center (BSC) was established this January by Kudelski Security, a Swiss-based, renowned provider of tech security solutions, with global operations from venues across Europe and the United States. Kudelski, who has competence in applied cryptography, says he established collaboration with Hosho based in Las Vegas to expand the BSC’s abilities and bring together the reciprocal competencies of the companies.
The partnership’s primary objective is to offer firms and public sector institutions using blockchain technology with more sophisticated security solutions.
The media release points to Hosho’s research claiming that in 2018 blockchain firms have either been looted or lost more than $2 billion due to security flaws. Hosho’s investigation of the smart contract industry allegedly found that more than 25% have serious flaws and three out of five have a minimum of one security flaw. Kudelski asserts that the new partnership’s merged resources will enable a broad range of organizations to model, create and run stable and safe blockchain apps and eventually achieve higher value from their assets.
Regarding the partnership with a cybersecurity firm, Hartej Sawhney, co-founder and president of Hosho, has stated as follows:
“It [the partnership] is the first time a blockchain cybersecurity leader has joined forces with a publicly traded cybersecurity company. Enterprises are rapidly investing into incorporating decentralized ledger technologies into their legacy systems. Companies such as Kudelski, with 30 plus years of experience in cybersecurity, IoT, and public access solutions, are needed to meet the [ sector’s] increasingly complex demands.”
Specifically, of late, Hosho was forced to terminate 80% of its employees, asserting that the heightened use of automated tools rendered the auditing work of a substantial number of engineers unnecessary. Another major factor behind the termination was a decline in the aggregate smart contract investigation in the prolonged crypto winter.