Blockchain Security

Smart Audit and Protection

Using cybersecurity frameworks, assurance services and best practices to reduce risks against attacks and fraud.

What is Blockchain Security?

Blockchain security is a comprehensive risk management system for a blockchain network, using cybersecurity frameworks, assurance services and best practices to reduce risks against attacks and fraud. Blockchain technology might be touted as being tamper-less. In reality, it’s susceptible to cyberthreats. Consider the following blockchain security issues that can arise, including a few real-world examples of when blockchains were compromised. Hadess can help you to integrated security in your jurney to develop a blockchain application and infrastructure.

BUSINESS VALUE

all blockchain user activity is transparent and traceable

blockchains are built on the premise that information is recorded but never altered.

blockchain technology is also decentralized

OBJECTIVES

Client goals that can be attained by sast can be divided into four categories:

Fundamental Blockchain Security

Smart Contract Security

Blockchain Risk Assessment

Network-Level Vulnerabilities and Attacks

Key Features of Hadess Blockchain Security Service

THE TOUCH Key features of Hadess Blockchain Security service Builds security infrastructure for the blockchain and crypto industry

Interested in learning more?
THE TOUCH Key features of Hadess Blockchain Security service Ensures continued high-quality protection from major cyber risks faced by our B2B client Interested in learning more? THE TOUCH Key features of Hadess Blockchain Security service Educates individuals on cyber risks and how to remain protected in a rapidly developing digital world Interested in learning more? THE TOUCH Key features of Hadess Blockchain Security service Builds B2C products for individual complex cyber protection Interested in learning more? THE TOUCH Key features of Hadess Blockchain Security service Contributes to the development of an ethical hacker community through education and client connection Interested in learning more? THE TOUCH Key features of Hadess Blockchain Security service Incubates Web3 cybersecurity Interested in learning more?

We don’t have an antivirus solution that’s waiting on signatures to be developed and pushed out. What we’ve got is that we’re part of a larger collection of organizations that are running Hadess, so any data that we see gets fed back into the system and someone else will benefit from that knowledge.

SCOTT STOOPS
SECURITY ANALYST,
ASHLAND UNIVERSITY

Actionable outcomes of your business securities

Hadess’s certified ethical hackers provide regular feedback throughout an engagement to ensure that your key stakeholders stay informed. Here’s what you can expect to receive post-assessment

Understand criticality of data and processes

The first step is to understand the sensitivity of the data that is being stored and processed in a Blockchain. By understanding regulatory implications and performing a business impact analysis, the importance of confidentiality, integrity and availability of data can be determined.

Create a threat model

Secondly, traditional threats related to public key infrastructure and application development, such as key compromise and code bugs, must be factored into the analysis. On top of these, Blockchain-specific attack vectors relevant to the given application need to be identified. These include consensus hijack, Distributed Denial of Service (DDoS), permissioned Blockchain exploitation, smart contract exploitation and wallet hacking (5). Based on these, risk scenarios can be listed and evaluated for likelihood and impact.

Select security controls

The final step is the selection of security controls that address the identified risks. A number of traditional good security practices can be deployed. These include robust key management, code review, data encryption, access control, and security monitoring. In addition, there are techniques specific to Blockchain technology that can be set up, such as secure wallet management, permissioned chain management, and secure smart contract development. Finally, it is important to keep in mind that people, processes and technology are equally important to ensure that Blockchain applications are properly protected. For instance, the impact of the aforementioned DAO hack could have been contained if proper governance structure and incident response process had been put in place.

Understand criticality of data and processes

The first step is to understand the sensitivity of the data that is being stored and processed in a Blockchain. By understanding regulatory implications and performing a business impact analysis, the importance of confidentiality, integrity and availability of data can be determined.

Create a threat model

Secondly, traditional threats related to public key infrastructure and application development, such as key compromise and code bugs, must be factored into the analysis. On top of these, Blockchain-specific attack vectors relevant to the given application need to be identified. These include consensus hijack, Distributed Denial of Service (DDoS), permissioned Blockchain exploitation, smart contract exploitation and wallet hacking (5). Based on these, risk scenarios can be listed and evaluated for likelihood and impact.

Select security controls

The final step is the selection of security controls that address the identified risks. A number of traditional good security practices can be deployed. These include robust key management, code review, data encryption, access control, and security monitoring. In addition, there are techniques specific to Blockchain technology that can be set up, such as secure wallet management, permissioned chain management, and secure smart contract development. Finally, it is important to keep in mind that people, processes and technology are equally important to ensure that Blockchain applications are properly protected. For instance, the impact of the aforementioned DAO hack could have been contained if proper governance structure and incident response process had been put in place.

APPROACH AND METHODOLOGY

Hadess’s experts adopt a systematic approach to comprehensively test your organization’s threat detection and response capabilities.

THE TOUCH Blockchain Methodology Immaturity and complexity of the technology Due to the different consensus algorithms available (e.g. proof of work or proof of stake), the Blockchain types (e.g. permissioned or permissionless), and the complex underlying cryptographic protocols, it is difficult for security practitioners to fully understand data flows and potential security weaknesses. In addition, multiple Blockchain platforms and implementations exist and applications must be evaluated for their suitability for integration with a specific Blockchain system. Interested in learning more? THE TOUCH Blockchain Methodology Lack of standards and regulations around Blockchain technology As of today, Blockchain technology is unregulated, resulting in legal uncertainties and grey areas. An interesting example of the lack of controls and laws regulating Blockchain networks is the DAO hack (2) where a smart contract (3) vulnerability led to the network losing 60 million US dollars (4) Interested in learning more? THE TOUCH Blockchain Methodology Widespread belief that a Blockchain is secure by design Blockchain technology is built upon public-key cryptography and primitives such as digital signatures and hash functions, which may give a false impression of security. The fact that all cryptographic protocols have their limits and that holistic security includes not only technology, but also people and processes, is often overlooked in a Blockchain security analysis Interested in learning more?

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