The need for Crypto ISAC - by Fireblocks
written by: Shahar Madar, Fireblocks
Tell us about your cybersecurity and crypto journeys
I started tinkering with technology when I was 10 years old. Back then, my main interest was modifying computer games. Over time I got more fascinated with the inner workings of operating systems, which together with my Math and CompSci degree brought me to the Israeli Military Intelligence Corps. I served for 8 years, ultimately leading a group of talented security researchers as Director of Security Research, supporting complex and critical operations. It was there that I learned that anything is possible when smart people are applied to a technological problem.
As a cryptography fan, the revolutionary change that blockchain is bringing to the world was inspiring. I joined and founded the Security & Trust Products unit at Fireblocks, responsible for the security of our customers as they use our platform. The unit has grown and we are able to help thousands of businesses to secure their operations. This puts me personally on the frontline of many attacks, having to quickly understand complex issues in depth. Crypto ISAC has been an important missing part of the ecosystem, so it was a no-brainer to join as one of its early founders.
What is the biggest security gap and opportunity in the digital asset ecosystem?
In digital assets, security breaches hurt. There nearly isn’t a person who’s active in the ecosystem and hasn't been impacted by a hack. Hypergrowth of innovative and exciting projects accelerates this, as they often don’t have time to invest in security before becoming a lucrative target for attackers. The biggest gap is the ability to build secure projects and systems, easily. We need to see improvements on three fronts in order to get there. First, advancements in security research and intelligence analysis, to gain better tracking and understanding of threat actors and their operating methods; second, widely-adopted and agreed-upon security standards and guidance for builders. Third, we need to improve the security infrastructure and tools available, so it’s easier for builders to build securely.
We have a big opportunity to make significant security progress very rapidly.
Take us 5 years out - what role will security and compliance play in the space?
I’ve seen security-dedicated conferences in the space growing to be more professional, and the same is true for security companies. These are signals of an evolving and strong security community of experts that work together to deter and counter threats from the ecosystem. I expect us to see more holistic concepts of security and compliance baked into the core blockchain systems. The Cybersecurity industry has internalized a long time ago that swift monitoring and patching is critical for resilience, as attackers continuously work to undermine the ecosystem.
Five years from now, we will see deep cryptosecurity expertise and tooling that allows organizations to continuously manage their posture - boosting wide adoption of blockchain-based applications, leveraging uniqueness of blockchain to make blockchain-based applications more secure and as-adopted as traditional finance systems.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of financial institutions, has secured the transfer of over $4 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.
About Crypto ISAC
The Crypto ISAC is a member-driven, not-for-profit organization that works together to curb malicious actors, address vulnerabilities, share intelligence, and move security forward to protect the crypto ecosystem. We are founded by leading crypto organizations and designed for cryptosecurity experts to address the security and trust challenges that face crypto today and shape the crypto ecosystem of tomorrow.