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Top 7 Crypto Security Companies 2023

Blockchain networks support about 300 billion digital currencies. But it is worth recognizing that it is not as safe and reliable as we would like. And numerous successful hacker attacks have proven this. Since the blockchain is still in the early stages of its development, it has excellent prospects.

Therefore, the need for a sophisticated cybersecurity system is imperative. Much is being done to ensure that the entire blockchain ecosystem does not cause enormous economic disruption and bankrupt big businesses due to loopholes in the system. They help in time to detect and eliminate these loopholes of the top company. We will look at the top blockchain security companies, but first, we will find out which risks are most often encountered.

What Risks Can Smart Contracts in Blockchain Technology Face?

The blockchain ecosystem exposes institutions to the risks associated with ongoing business processes. The most common is the new model, previously led by central intermediaries. The bottom line is to transfer values – crypto assets and private data – without an intermediary, which can be risky without applying all security measures.

Smart contracts can encode complex business, financial and legal arrangements on the blockchain system. It may also lead to certain risks— for example, the sole mapping of the mentioned arrangements from the physical to the digital platform.

How Can Hackers Attack Blockchain Industry?

There are four most common and dangerous attacks:

  • Phishing – fake hyperlinks in emails.
  • Routing – intercepting a large amount of data.
  • Sybil – using the false network identities to crash the system.
  • 51% – control over 50% of the mining power of the blockchain networks.

But Blockchain testing services can help you to cope with the above risks.

How To Choose Blockchain Security Company?

In order to select a company for a cybersecurity check, it is worthwhile to study its background. For example, if you need to test a private blockchain system, choosing a public type company would not be brilliant. So please take a look at the tools and principles they use to guide their reviews, and read the reviews. Blockchain penetration testing is the most common practice: collecting data and potential threats, testing, and exploitation, and smart contract audits.

Most Reliable Blockchain Security Companies

When launching their startups, the online community needs help, especially in the development process. Changing data in the blockchain is impossible, so any mistake can lead to terrible consequences – theft of digital assets and user data. Therefore, it is worth contacting security services before launching and periodically conducting similar checks.

Best cybersecurity experts have identified seven companies that can prevent any security threats. Check them out below.

Hacken

It is the most reliable and popular standard for blockchain security verification. It offers its customers a wide range of security services. These service packages include blockchain security consulting, web/mobile penetration testing, bug bounty program coordination, etc. The company has built a commendable reputation for assessing cybersecurity risks for businesses that need a digital environment to create or deliver services to their clients.

The company also created the HackenAI security platform to protect users and their blockchain projects from any security risks. It is available on Android and iPhone devices. Its investment in security tools makes them a reliable partner.

Certic

One main goal is to create end-to-end services using best-in-class formal verification methods. In addition, it makes it a leading company embracing blockchain for in-depth security auditing.

Certik’s vision is to make DeFi hack-resistant by publishing transparent and honest reviews of different protocols. However, the company sought to identify rugs and developed Certik Chain to use in further secure decentralized projects. It is an official partner of Binance and has its own coin. Binance Labs and DHVC sponsor it.

Coinfirm

It is a technology firm focused on digital currencies and blockchain-based financial institutions. Cryptocurrencies and blockchains gradually become mainstream. The Coinfirm company is also doing its best to ensure protocols, exchanges, enterprises, and institutions. It finds that this blockchain system works reliably and with less or less risk of use.

It provides forensic, anti-money laundering, and financial investigation services. It is famous as the first who provides AML compliance solutions for decentralized finance platforms. And it is one of the main reasons for clients to choose Coinfirm.

OpenZeppelin

It develops the Solidity library called OpenZeppelin Contracts. These libraries are used in most digital projects as proven standard templates that can be deployed in decentralized apps. Developers can integrate this solution through the native OpenZeppelin SDK. In addition to development and public reports, it also focuses on smart contract security and audit services.

It was one of the first teams to reinvent blockchain security for a long time. It introduces elements that help to detect smart contract vulnerabilities. Ethernautwas designed by OpenZeppelin, and is a Web3/Solidity combat game that requires users to get access to smart contracts to advance to the next level.

Peckshield

It is a company that focuses on the crypto security industry. Cybersecurity methods include blockchain and smart contracts audits, DeFi security investigations, etc. Peckshield serves over 27 major global clients in the crypto industry.

With decades of experience and a proven track record in vulnerability scanning, operating systems, and malware prevention, PeckShield creates an independent and reliable company that provides end-to-end cybersecurity solutions for all users. In addition, it allows the network to grow and expand without compromising security.

RugDog

It may draw attention for its overview of farming/steak projects that have become popular in the DeFi space. The internal model is that the project in question should not receive any funds to host on its site, and there should be no risk in the equation. Therefore, it provides LP blocking services. For example, if the team believes that the project team is malicious, they will issue an announcement and provide emergency exit services for the convenience of project users.

In addition, it posts extremely educational content on how to get access to DeFi. The wide variety of leading exchanges in the blockchain can make the transition difficult, and RugDog can help protect confidential information.

Slowmist

It is a leading blockchain security company in Asia. It performs various blockchain security services, including security audits, wallet security testing, etc. It also has a blockchain security green staking project that provides real-time data on growth and security patterns. Another interesting detail about this platform is a powerful firewall project.

Similarly, it monitors and publishes statistics and data on the security status of cryptocurrency exchanges through the Blockchain Threat Intelligence (BTI) service.

Final Thoughts

The above list of blockchain security companies has earned a solid reputation. And each company is ready to choose an individual approach to carry out all the necessary checks so that hackers cannot gain access to the digital assets. So which one is right for you? The decision should be based on the type and specifics of the system under test.

FAQ

It is worth recognizing that the future belongs to cryptocurrency and has long been worth taking care of its cybersecurity. Therefore, reliable companies that can find security holes and fix them are crucial. However, you probably have questions regarding crypto and its protection in general. You will find answers to the most common ones below.

What cryptocurrency is the most secure?

According to the latest data for 2022, Bitcoin is still the most secure in the crypto industry. In January 2022, its hash rate reached an all-time high. Even though Bitcoin transactions are not always wholly anonymous, it is almost impossible for hackers to steal them. If we are talking about more anonymous and secure crypto instead of Bitcoin, Bytecoin has a great chance to become a leader.

What security does crypto use?

Basically, blockchain technology, regardless of type, is based on consensus, decentralization, and cryptography principles. Most of the data is structured in blocks containing primary financial transactions. Each new block is attached to the previous ones in the form of a chain, guaranteeing their authenticity. Absolutely all blockchain transactions are verified and approved by the consensus mechanism. However, the private blockchain uses selective approval to verify and endorse transactions.

What is the biggest blockchain company?

International Business Machines Corporation (IBM) has been in the technology world since 1911, and it is one of the largest companies. At first, her activities extended to cloud software development, which was supposed to help companies develop cognitive products and systems. Now, IBM’s activity is acquiring data management solutions for the blockchain industry.

Who are the big 4 of the Blockchain technology?

According to Deloitte, 74 % of large companies in seven countries believe that blockchain technology has a “compelling business case.” Deloitte is the Big Four multinational tax, audit, and advisory company. Likewise, during their growth, they supported the development of the Big Four (Deloitte, ConsenSys Enterprise, Block Cypher, and LiteCoin) through acquisitions, mergers, and alliances. Deloitte is also partnering with e-commerce company Stellar Blockchain to build and manage the company.

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Web3 Security Risks and Issues 2023

Web3 is a relatively new and not entirely discovered type of network. The third generation of the net concept brought many interesting underlying technologies like smart contracts and blockchain technology to the table. But how safe are those things? Can web3 security facilitate using web 3.0 technologies without having any risks of losing data or money?

This article will fully uncover the topic of web3 security. We will talk about vulnerabilities in the net and how you can avoid security issues on the web 3.

What is web 3.0?

Web 3.0 is a third generation of the internet with decentralization as its main principle. We are in the hybrid state at the moment, where approximately 70 percent of the internet is web 2.0 technologies, and 30 percent is populated with web 3.0.

Web 3 platforms are taking power and control from significant internet authorities and transferring it to every user. Thus, it helps developers to facilitate an equal digital ecosystem. For example, no authority can change a code himself. Now, users have to conduct a vote and collaborate to make a change. But on the other hand, such an approach perpetuates questions of information quality, as it is harder to control.

Blockchain technology

Blockchain is a system developed to protect a web 3.0 market by providing a secure, effective, and fast transfer method.

All transactions create a certain block that has all the information, including how much funds were transferred, who the parties are, what the time is, and other details. Further, these blocks are interconnected into the chain.

The longer the chain, the less risk you have. It is because to steal data from a particular block, attackers will need to hack each previous one. Such a method is highly effective and dramatically distances cybercriminals from success.

Blockchain features distributed ledger technologies to facilitate clarity within transactions and get rid of many questions. It allows checking all the information about transactions within a chain for each participant of it.

An essential part of blockchain security is an immutability principle. Thus, all the records inside blocks can’t be changed or tampered with by users. If you wonder what to do if the error occurs, it is pretty simple. Automated protocol fixes a problem in a matter of seconds without outer help.

Smart contracts

A smart contract is an essential part of the blockchain that facilitates fast and automated transfers of crypto assets. Smart contracts are little programmed codes placed inside a blockchain. They work just as actual contracts, being a middleman between two parties.

A smart contract can be programmed in different ways. Thus, during development, a programmer can set a condition when a smart contract needs to be executed. As soon as a condition is met, a smart contract will quickly start its process.

Smart contracts exclude a third-party element from the transactions within a web3. For instance, you are automatically more secure, as third parties can draw some risk. In addition, smart contracts are greatly encrypted, so they are hard to attack hackers.

But regardless of all these security advantages, smart contracts became targets of numerous attacks, leading to loss of money. Such practices were extremely widespread in 2021 when cybercriminals managed to steal crypto-assets for millions of dollars.

How to counter security issues and risks

Security professionals and web3 developers are working every day to provide new methods to protect you in the web 3.0 environment. With the assistance of the following practices, you will be able to mitigate many vulnerabilities and significantly reduce risks.

Blockchain/smart contract audit

Blockchain/smart contract audit services are highly effective methods to prevent common errors and eliminate almost any vulnerability. An audit is a complex process completed by the security teams. Professionals will dive into your project and its security by analyzing a code. To fully understand the flaws of your project, security companies go through the following steps:

  1. Review your documentation and architecture of the projects to understand better how it functions.
  2. Take a few steps to review your code. Most of the services will review preliminary code and static code separately to reach the best results.
  3. Review of the code’s quality. It is crucial to write good code in the development stage. Otherwise, it can result in significant losses in many cases.

At the end of the process, security professionals will form a special report. A report has important information about your projects, how well their code is written, and is there any vulnerability in your code.

Track the market and dynamics

There are countless examples where fraudsters deceive users so they take part in a fake deal. Unfortunately, fraudsters receive such an ability due to a lack of knowledge among users.

If you take part in deals and crypto trades, it is recommended to track different web 3.0 projects, their tokens’ prices, and the market conditions. This will help you to reduce risks and secure your wallets.

There are also many sophisticated regulations of crypto technologies. If you are in the development team or just a user, it would be helpful if you found a legal recourse with current jurisdictions. It is essential to know, as there are so many things when it comes to security beyond the technologies.

Use a blockchain with lower accessibility

It is essential to mention that web3 features different types of blockchain platforms. Such examples as Ethereum or Solana are open networks that attackers can easily access. Another issue when it comes to public blockchains is that users don’t need to prove their identity. Thus, attackers can avoid risks with the help of anonymity.

On the other hand, you can use private blockchains where users need to provide their identity information or even a membership. Such blockchain networks will make sure that you are in reliable and trusted communities, as a criminal wouldn’t prefer to share their identity.

But before jumping into a private blockchain, make sure to learn it as there are many significant differences.

Assess vulnerabilities of your decentralized applications

Vulnerability assessment is a highly effective tool, helping developers to make sure their DApp has high security and low risks. It provides an automatic test made to identify vulnerabilities and remediate them further.

Such a proactive approach is key to your DApps security. It will exclude numerous attack vectors and save your data from risks. Assessing vulnerabilities is very important as there are so many flaws in the apps that criminals can exploit to get control over users’ wallets and data access.

And the same as in code audit, you will get a full report on your DApp security. You will be informed about vulnerabilities that criminals can exploit and the risks it entails. The report will also recommend a remediation method for developers to use, for example, updating a particular protocol.

Conclusion

As so many entities are making plans to attack your network, it is very important to set a high web3 security. Approach your network thoughtfully, and start implementing security methods as soon as you begin to develop a web 3.0 program/code. It is up to the due diligence of the engineering team to make sure that the code is appropriately protected. And don’t forget to use other tools we mentioned to secure your data and funds.

Frequently asked questions

Is web 3.0 secure?

Yes, web 3.0 implements many innovative principles, providing secure transactions and data protection.

What is the best tool to facilitate better security for a web 3.0 project?

Blockchain and smart contract audit is one of the most used and effective methods to prevent hacker attacks and secure your data.

What is the most vulnerable element of web3 security?

According to research and statistics, the biggest amount of attacks targets smart contracts.