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Lately, there has been a lot of talk about cybersecurity, and the risks associated with the blockchain ecosystem. Hackers and other cybercriminals are continuously trying to hack into blockchain networks to get their hands on user information, as well as their digital tokens.
As a recent example, there was a major theft that took place on the Japanese cryptocurrency exchange, Zaif, which saw losses of approximately $58 million. The crypto community may see up to $1B in total theft in 2018 alone, and if the trend holds, the problem may get worse next year and beyond. And, while cyber threats of this magnitude do not happen every day, they are, unfortunately, rather common threats faced by the blockchain industry.
Cyber attacks such as this have had a significant adverse effect on the industry, and have made many potential crypto investors feel unsure about investing in blockchain technology and its crypto-related projects.
While many companies are looking to develop security solutions aimed at making the blockchain ecosystem a much safer environment, there is one major player that stands out CYBR - Cyber Security Ecosystem.
The CYBR Solution
The CYBR Ecosystem is an innovative blockchain network that focuses on providing a holistic security solution which ensures the integrity of smart contracts via an online platform that empowers the CYBR community as well as other crypto entities and exchanges with real-time safeguards and threat analysis.
The network is powered by Blindspot, their proprietary cybersecurity engine, which has been designed to identify and disrupt illicit activities which seek to affect the integrity of smart contract transactions.
According to CYBR’s website, “the time for ending the hacking of the crypto ecosystem is now. CYBR is here to stop it by bringing its cyber security solutions and threat intelligence to the crypto ecosystem.”
The CYBR Ecosystem consists of an online portal where crypto users can log in to ensure that their smart transactions are both safe and secure throughout the entire length of the transaction. Aside from providing users with threat notifications, the portal also offers website and address verification, BlindSpot downloads, customer support features such as guides and FAQs, as well as the ability to send and receive digital tokens.
CYBR’s Game Plan
Shawn Key, the founder of CYBR, has an extensive professional background in information technology and cybersecurity. For the past 20 years, Key has worked tirelessly in his field and has won numerous awards from many renowned organizations.
Mr. Key remarked, “I have spent my entire career focusing on the major threats that circumvent detection by existing safeguards and countermeasures. The blockchain, smart contracts, and associated transactions face many of the same advanced persistent threats (APTs) that information systems in other verticals faces. The difference is that those verticals have laws, regulations, and standards to protect the infrastructure. In the world of crypto, it’s like the wild west, and sadly the crypto entities responsible for securing their infrastructure and protecting their investors assets aren’t doing their job. Whether it’s due to a lack of knowledge or worst case a lack of investing in security, we can’t be certain.”
The idea for CYBR was born when he realized that he possessed the wealth of knowledge which could solve the existing issues around blockchain by bringing "solutions, best practices, policies, and procedures to the world of the blockchain."
Furthermore, aside from Key’s impressive reputation, he has been often featured in media interviews which seek his advice on matters related to cybersecurity. According to him, "There simply is no “gold standard” for cybersecurity in the world of crypto.”
No matter how you look at it, one indisputable fact is that people are losing money because of a lack of security within the blockchain industry. Therefore, as Key puts it, “CYBR is here to fix this exponentially growing issue and ensure that people’s assets are safe.”
How Is CYBR Different?
According to the company’s CEO, “CYBR is new to the blockchain but far from being a startup. CYBR has over six million dollars ($6.2M) in existing task orders on a DHS program that has a $1.115B ceiling and with our recent U.S. General Services Administration (GSA) 70 schedule and four Highly Adaptive Cybersecurity Services (HACS) Special Item Numbers (SINs), CYBR is poised to become a major, cybersecurity force in the federal sector.”
Some of the key features that make CYBR Ecosystem stand out are that it:
- Identifies and disrupts evolving threats to Blockchain transactions
- Detects advanced and polymorphic threats that seek to circumvent detection by existing safeguards and countermeasures
- Ensures safe transactions by vetting token addresses
- Provides near real-time information regarding emerging threats to the crypto community including new attacks, phishing sites, bad actors and more
- Is automated and scalable
According to former CIO of the FBI, Chad Fulgham, “The CYBR solution is a forward-thinking, disruptive technology that addresses the issue of illicit file activity (IFA) within the enterprise. Every organization is facing this advanced persistent threat and the associated reputation risk, and this specialized threat and assessment solution is a must-have for any government, commercial, education and non- profit.”
Key believes that the blockchain is somewhat less vulnerable than other types of information systems. However, he says that “availability, as an example, is a HUGE problem for the blockchain”
To sum up the true meaning behind the project, Key said, “If blockchain is meant to protect smart contract transactions, CYBR is here to protect the blockchain.”
The CYBR Token
CYBR is currently holding its private sale with a Token Generating Event (TGE) planned for October 2018. Bonuses are available during the private sale through October 14, 2018, but will not be offered during the TGE. Now is the time to invest in CYBR and support this revolutionary project.
In a world of confusing projects and uncertain ICOs, one thing is clear. CYBR appears to be special and one to keep a close eye on in the coming months.