May 6, 2024
Crypto's New 'Neighborhood Watch' for Security
Latest Cryptocurrency News

Crypto’s New ‘Neighborhood Watch’ for Security

Neighborhood watch the cryptocurrency industry, long plagued by hacks and security breaches, now has a dedicated group committed to enhancing security measures. Justine Bone, a cybersecurity veteran with over 25 years of experience, leads Crypto ISAC, the industry’s inaugural Information Sharing and Analysis Center. Bone’s notable career includes leading medical security research at MedSec, where her efforts prompted the recall of half a million vulnerable pacemakers by the FDA.

Justine Bone, Source: IANS

Founding Members and Support for Crypto ISAC

The full roster of founding members supporting Crypto ISAC, including major exchanges, stablecoin issuers, custody firms, and other prominent names in the crypto sphere, will be unveiled at an event in Austin, Texas, on May 29. Bone emphasized the significance of Crypto ISAC’s establishment, highlighting the absence of such an entity in the crypto space until now.

According to blockchain analysis firm Chainalysis, crypto platforms lost approximately $1.7 billion to hackers in 2023, underscoring the urgent need for collaborative security initiatives like Crypto ISAC. Inspired by the successful models in other sectors, ISACs serve as trusted intermediaries facilitating information sharing to safeguard critical infrastructure, akin to neighborhood watch programs.

The Role and Functionality of Crypto ISAC

Bone elucidated the role of ISACs as vital intermediaries facilitating discussions on security issues within the industry. This includes disseminating alerts on vulnerabilities and coordinating responses to ongoing security incidents. The platform’s information-sharing protocol, thoroughly vetted and aligned with existing ISAC standards, ensures members have access to timely threat intelligence.

With extensive experience in cybersecurity and advisory roles for Fortune 50 companies, Bone brings a wealth of expertise to Crypto ISAC. The organization boasts a diverse array of participants, spanning from crypto-native companies to government officials and cybersecurity solutions providers. As Crypto ISAC prepares for its launch at Consensus, members can anticipate a robust platform equipped to address the evolving security challenges in the crypto landscape.

Image by Jan Alexander from Pixabay

Related posts

Tripled Monthly Volumes for OKX, Binance, and Bybit

Bran Lopez

Uniswap Founder Warns of Ethereum Name Service (ENS) Scam

Anna Garcia

UAE Regulator Adopts FATF’s Travel Rule

Chloe Taylor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.