One of the biggest concerns of the cyber world is security. While blockchain may seem like a labyrinth for hackers, we are far from accurate.
Joining the panel were Adam Healy, the CISO of Bakkt; Ivan Brightly, the CISO of Galaxy Digital, Michael Shaulov, the CEO of Fireblocks and of course, Sal Ternullo, the Director of Crypto Asset Services at KPMG. Moderating the panel was David Schwed, the Program Director at Yeshiva University
Kicking off to find and solve the Unique Challenges for Institutions Securing Blockchain Assets, the panel focussed on the institutional level security challenges that are inherent while utilizing blockchain and various crypto currencies.
The first major issue discussed was about custody issues in holding crypto currencies. While we know how to protect our keys and but we still lose custody due to some of the most common mistakes. SEC has recently released a paper that has upped the prospects of solving the custody issues.
To this Ivan Brightly says “back then, a market maker was a single entrepreneur or an individual” Slowly, we have moved forward to better solutions that help us have better custody over our crypto. Galaxy and Fire Blocks are a case in point.
In the next 12 months, we can expect better solutions to solve the institutional level custody problems.
Adding to this, Micheal Shaulov says that “the ecosystem of custody providers has really matured to the point that you can find different solutions to different problems”
On being asked about different security models for native crypto currencies and security assets, consensus was reached on tokenized security in a ledger entry. When talks came around to the protection of API keys, they agreed that is is the same way as someone would protect a hotkey or a warm key.
What a lot of organizations do not realize is that they focus on other stuff but do not go ahead to protect the API keys. This is shocking.
There is nothing unique you can do for better cyber security apart from maintaining proper cyber hygiene. Ivan Brightly stresses that you need to follow proper cyber hygiene protocols such as proper alerting etc,
He says “ You can take all the antibiotics in the world but if you don’t wash your hands, you’ll fall sick” Further the talk concluded by discussing the other aspects of security which included public and private blockchains, key management, encryption strengths and wallets.
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