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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.