LONDON, January 02, 2023–(BUSINESS WIRE)–Following the recent FTX debacle, The Decentralized Think Tank has released an industry update on the topic of cybersecurity for crypto exchanges. The report explores the importance of confidential computing in securing the future of crypto exchanges, while naming a number of emerging leaders in the field, including: HUB Security, Fortanix, Microsoft, Intel, Enigma, Crypsis, ChainGuardian and CipherTrace.
The industry update is available below and can be found in its original format here: https://bit.ly/3GbVAjE
Background
The recent FTX incident has highlighted the fact that the greatest danger we face is our own fallibility. It’s not the blockchain or the cryptocurrency that’s inherently flawed, but rather the people who use them inappropriately.
In many cases, cyberattacks on cryptocurrency exchanges are carried out by external hackers. However, the FTX incident appears to be an “inside job”. One of the most vulnerable points in cybersecurity is the “use” state, which refers to when data is processed, edited, or used by a user or computer for computational purposes and temporarily passes through the CPU. (Central Processing Unit) and RAM (Random Access Memory) of a computer.
To date, most cybersecurity companies have focused on protecting data in its “rest” state (when stored) or “in transit” state (when transmitted over data lines). communication). The “use” state has not been adequately addressed and is currently a major focus for hardware vendors.
Confidential computing
One of the main challenges facing cryptocurrency exchanges is the vulnerability of hot wallets. These are online wallets connected to the internet and used for transactions. Hackers often target hot wallets because of their accessibility, leading to major losses for exchanges in the past. For example, the Mt. Gox hack in 2014 resulted in the theft of 850,000 bitcoins (worth around $450 million at the time) from the exchange’s hot wallet, causing significant damage to the exchange. and its users. This event highlighted the need for better security measures to protect hot wallets.
Confidential Computing offers a solution by providing an additional layer of security for data processed in hot wallets. This involves using hardware and software technologies to create a secure execution environment, or “enclave,” where sensitive data can be processed without being exposed to the rest of the system.
One hardware technology that is often used in conjunction with confidential computing is the Hardware Security Module (HSM). HSMs are specialized hardware devices that protect sensitive data by storing it in a secure and tamper-proof environment. They are frequently used to store and protect cryptographic keys, certificates, and other sensitive data used in various security-related operations.
In the context of confidential computing, HSMs can be used to protect data as it travels through a computer’s processor and RAM. When data is processed in an enclave, it is usually encrypted and stored in the HSM. This helps ensure that the data is fully protected against unauthorized access or tampering, even if an attacker were to gain access to the computer’s CPU or RAM.
By using HSMs in combination with confidential computing, it is possible to create a secure environment in which sensitive data can be processed without being exposed to the rest of the system. This helps ensure that the data is fully protected against cyber threats, even in the event of a hack or other attack.
To create this secure execution environment, confidential computing relies on a combination of hardware and software technologies. On the hardware side, this often involves the use of specialized processors, such as Intel’s SGX (Software Guard Extensions), which provide hardware isolation for code and data. On the software side, confidential computing typically involves the use of specialized programming languages and libraries designed to work with these hardware technologies to provide secure runtime environments. Overall, confidential computing is an essential part of any overall cyber defense strategy for crypto exchanges. By providing an additional layer of protection for sensitive data, it helps ensure that crypto exchanges can operate securely, even in the face of sophisticated cyber threats.
Leading companies in the field
1. HUB security:
HUB Security is undoubtedly the most advanced company in this field. Founded by former veterans of Israel’s elite military intelligence, HUB specializes in providing secure hardware solutions for protecting hot wallets without the need to “chill” them by disconnecting them from the arena by line. Their solution architecture launches an HSM-based confidential computing platform that is designed to protect blockchain platforms from cyber threats. The platform may become a go-to for blockchain exchanges, as the only other current solution is the implementation of HSM to store and protect sensitive data while processing it in an enclave, to ensure that data are fully protected against unauthorized access or tampering.
2.Fortanix:
Fortanix is a company that provides a cloud-based confidential computing platform that uses HSMs to protect sensitive data while it is processed in an enclave. Their platform is designed for use by businesses in various industries, including financial services, healthcare, and government.
3.Microsoft:
American multinational technology company producing computer software, consumer electronics, personal computers and related services. Based at the Microsoft campus in Redmond, Washington, Microsoft’s best-known software products are the Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. The company has been working on confidential computer technologies for several years. They offer confidential computing platforms that use HSMs to protect data while processing in an enclave, and have worked with a number of partners to integrate their platform into various blockchain platforms.
4. Intel:
Intel is an American multinational and technology company. It is the world’s largest semiconductor chipmaker by revenue and one of the developers of the x86 series of instruction sets, the instruction sets found in the most personal computers (PCs). Intel is a leading hardware solution provider and has been working on confidential computing technologies for several years. They offer a range of hardware solutions for confidential computing, including their Software Guard Extensions (SGX) processors, which are designed to provide hardware isolation for code and data. These processors can be used in conjunction with HSMs to provide an additional layer of protection for sensitive data while it is being processed in an enclave.
5. Riddle:
This US-based company offers a confidential computing platform that uses HSMs to protect data being processed in an enclave. In general, Enigma is a decentralized computing platform aimed at ensuring privacy. Their goal is to allow developers to create end-to-end decentralized applications “privacy by design”, without trusted third parties.
6. Crypsis:
This US-based company offers a range of cybersecurity solutions, including a confidential computing platform that uses HSMs to protect data being processed in an enclave. The company provides a number of services, including incident response, risk management, and digital forensics services.
7. ChainGuardian:
This UK-based company offers a range of cybersecurity solutions, including a confidential computing platform that uses HSMs to protect data being processed in an enclave
8. CipherTrace:
This US-based company offers a range of cybersecurity solutions, including a confidential computing platform that uses HSMs to protect data being processed in an enclave.
These are just a few examples of companies using HSMs in conjunction with confidential computing to protect blockchain platforms. There are many other companies working in this space as well, and the use of HSMs in confidential computing is likely to continue to grow as more organizations look to improve their blockchain security.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20230102005039/en/
contacts
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