Kudelski Security, the advisor and cybersecurity innovator for today’s most security-conscious organizations, today announced a strategic partnership with Hosho, a global leader in blockchain security and smart contract auditing. The partnership is expected extend the capabilities of Kudelski Security’s recently launched Blockchain Security Center, and makes the companies’ unique skillsets, market-leading services, and proven intellectual property available to help forward-leaning organizations better secure their use of Blockchain and distributed ledger technology.
Smart contracts are the most critical and jeopardized piece of a Blockchain company’s technical ecosystem. Contract vulnerabilities can be exploited by malicious actors, leading to stolen and often even unrecoverable funds, or unintentional code executions that could result in the locking up of millions of dollars. According to Hosho, security vulnerabilities have cost Blockchain companies more than $2 billion in lost or stolen capital in 2018, and their own audit of smart contracts found that more than one in four have critical vulnerabilities and three in five have at least one security issue.
“Hosho has the expertise and reputation for auditing the ‘smart contracts’ that are essential to blockchain business process workflows,” said Rich Fennessy, CEO of Kudelski Security. “Combined with our expertise in cryptography, embedded security down to silicon level, and secure application development, Hosho is an ideal partner in what we believe will be a growing coalition of likeminded organizations focused on improving the underlying security of blockchain and expanding its use in business applications.” Fennessy added.
Increasingly, organizations are investing in understanding how Blockchain technology can optimize business processes as well as developing applications aimed at improving efficiencies, lowering costs and enabling new business models. The combination of resources enabled through this partnership provides business executives, investors, engineers, and Blockchain developers greater confidence in designing, building, and running secure applications. The result is the potential for less risk, higher efficiency, and ultimately, greater value realized from these investments.
“Hosho and Kudelski Security share the same vision for cyber resilience. It is the first time a blockchain cybersecurity leader has joined forces with a publicly traded cybersecurity company,” said Hartej Sawhney, Co-Founder and President of Hosho. “Enterprises are rapidly investing into incorporating decentralized ledger technologies into their legacy systems. Companies such as Kudelski, with 30 plus years of experience in cybersecurity, IoT, and public access solutions, are needed to meet the increasingly complex demands of the Fortune 500.”