In 2017, An illicit group hacked into four South Korean exchanges and stole $200M of Bitcoin.
Which began as an investigation which involved the founders of the fire block as the investigators who found that there was no way these digital assets can be protected.
After working for more than 20 years they were able to overcome the drought of solutions for securing digital assets in an enterprise environment.
Michael, Idan and Pavel learned how the cybersecurity is being applied to mobility, cloud and critical infrastructure so the next obvious challenge was clear that they have to secure the block chain.
They teamed up to create FireBlocks — an easy to use digital asset security platform that helps financial institutions protect digital assets from theft or hackers by using breakthrough MPC & patent-pending chip isolation technology to secure private keys, API credentials and eliminate the need for deposit addresses.
LEVEL 3 CERTIFICATE
After years of work the Fireblock was established and now it has a three level certificate, the first of its kind and the highest level for which no companies were eligible.
Cryptocurrency Security Standard (CCSS), the certificate which has a security standard for crypto wallets and custody.
This certification focuses on storage and usage of crypto assets within an organization and augmenting standard information security practices.
For example it analyzes how a provider generates a key,how the cyber security controls work etc…
To win the level three standard, “multiple actors are required for the all-critical actions, advanced authentication mechanisms are employed to ensure authenticity of data, and assets are distributed geographically and organizationally,” according to accounting firm Deloitte.
And Fireblock is the only firm to achieve all these specifications.
PARTNERING WITH COINCOVER ..
“Cryptocurrency is here to stay. Whoever you are and however you use it, you deserve peace of mind” Is the main theme behind Coincover which is also a security service company for digital assets with some strong founders who worked for the UK government to mint gold into digitized form.
“Our partnership with Coincover provides our customers with an additional layer of security in the event that our customers lose access to all their key shares. When used in combination with self storage, our customers are guaranteed business continuity, even in the face of market disruption ” Said by the Fireblock vice president.
Coincover strategy & partnerships director Oliver Cummings added, “We believe that crypto security and investor protection in digital assets hold the key to market recovery. The industry needs to build more security into every facet of its operations to prevent these instances of digital theft and instill confidence in the market again.”
So again it is clear that there is also a vast development not only in the crypto currencies and assets but also in its regulation rule and safety precautions, therefore we can hope for a bright summer 2023. 🌞🏖️