Cyber Security in Blockchain Chapter 2: Racing of Vietnam on a Blockchain Security Map

Asia Blockchain Review
October 19, 2019

In the face of increased attacks on blockchain and cryptocurrency exchanges, there have been imprints in the field of cybersecurity created by Vietnam, reaching out to Asia and the world.

Top.10 Award for the best blockchain cybersecurity team

After 1 month of persistence in solving programming code challenges, the contest team of members from Vietnam excelled in achieving Top 10 best security engineers in a global competition for blockchain cybersecurity named Capture the Coin.

This is a competition held to raise awareness of blockchain cybersecurity. Moreover, this contest offers the opportunity to strain every nerve, achieve prizes and affirm the capabilities of the world’s leading blockchain cybersecurity team.

Specifically, the challenges that the teams must go through include 2 rounds: Round 1 is offline contest at Defcon 27 – Blockchain Village – held in Las Vegas, USA; and round 2 is online challenges.

Particularly for round 2, there are a total of 22 challenges from the organizers in 3 categories: Trivia, Blockchain and Cryptography divided into many different topics, from blockchain analysis, smart contract security, cryptocurrency-stealing malware to the various cryptography flaws… Of which, the Cryptography is considered to be the most difficult categories with the Linkable Payment challenge has witnessed only 11 teams have found a solution.

The contest attracted 438 subscribers and 154 active participants. Prizes for the competition winners are also extremely rare and unique. It is a custom laser etched steel wallet. This wallet can be used to backup the mnemonic seeds used to unlock all of the cryptocurrency wallets.

Attracting most of the teams from the US, Singapore, France, England and other countries in Europe, the competition recorded there were participants from Vietnam – one of the blockchain hot spots of the world and the most keen country in Asia in the field of blockchain and crypto assets. 

A little-known point about Capture the Coin that it is part of the world’s largest conference for security developers – DEFCON. Held for the first time in 1993 till now, DEF CON attracts tens of thousands of participants annually. That’s why DEFCON is often known as an Oscar in programming and cybersecurity fields.

It is known that the Vietnamese contest team composed of elite members of Cybersecurity team specializing in providing cybersecurity services for Asian blockchain businesses, under the Infinity Blockchain Labs (IBL) company.

“Our team found out about and entered this contest by chance. But the more we participate in the challenges with increasing difficulties, the more we have motivation and desire to achieve the award because of the Vietnam’s spirit”, shared by Loc Phan – leader of Capture the Coin contest team. He is also an excellent blockchain cybersecurity engineer of IBL.

Vietnamese contestant team, Kubertu from Infinity Blockchain Labs (IBL), achieved in Capture the Coin – a contest hold for blockchain security engineers.

Professional blockchain cybersecurity service: Asia grown, globally known

Blockchain technology has been said to have the potential to disrupt many industries with low-cost transactions, immutability, and enhanced security. Indeed, many blockchain implementations have been developed and is serving in emerging markets , for example Southeast Asia, especially Vietnam. For the last few decades, Vietnam has made great strides in building and maintaining its economy with rapid GDP growth. With no signs of stopping, the country is now making headway in developing its technology and financial sector. Through the predicted increase of smartphone ownership in the near future, experts believe that app-based, blockchain financial services will provide the underbanked the resources they need to grow their wealth or establish financial histories.

On the other hand, blockchain is also believed by top researchers to bring a commercial benefit of 1 trillion USD for SMEs and especially those in newly-emerged markets like Vietnam.

That’s why cybersecurity for blockchain plays a very crucial part to be focused at the enterprise level and on a worldwide scale.

The fact that representatives from Vietnam named their names in the world’s leading prestigious blockchain cybersecurity award not only proves the ability of technical human resources in the field of blockchain cybersecurity in Vietnam. More broadly, this also shows the expertise, experience and capacity of IBL’s Cybersecurity team that can fully undertake cybersecurity projects for any blockchain enterprise in Asia as well as worldwide.

According to Business Insider, from January to May 2019, there was a 78% increase in the frequency of threats hitting cryptocurrency. Moreover, the increase in attacks is concentrated in the Asia-Pacific region, especially Singapore, Hong Kong and Australia, where the cryptocurrency index is 17% higher than the average, also known as the hub of many cryptocurrency exchanges. Making this area become a “bait” for blockchain attackers.

There was a 78% increase in the frequency of threats hitting cryptocurrency in early 2019, concentrated in the Asia-Pacific region, especially Singapore, Hong Kong and Australia.

Source: Business Insider.

On the other hand, blockchain businesses cannot neglect the cybersecurity risks that may occur if there are errors in programming code or smart contracts that are not detected. No matter how egregious they are, incidents will have adverse consequences and severe affect the normal operation of the business, its customers, and worse, its reputation and development efforts have been hard to build.

Understanding the importance of cybersecurity, IBL Cybersecurity team with proven expertise and competence has been a trusted partner of blockchain and cryptocurrency businesses in Asia. They have practical experience in developing blockchain projects and cybersecurity services for more than 10 blockchain projects in different industries in order to bring the best operation to businesses. Specifically: Exchanges of cryptocurrency and assets, gaming platforms (public and private blockchains), cryptocurrency wallets, blockchain platforms and other blockchain applications.

Infinito Wallet (based in Singapore) – A cryptocurrency wallet – is a partner who has trusted and chosen IBL Cybersecurity services from the early days in all categories: Security consulting, Smart Contract Audit and Pentest, 24/7 Security Operation Center. “Thanks to the follow-up of Cybersecurity service from IBL, Infinito Wallet has become one of the leading wallets with more than 70,000 active users, supporting 14 coins and more than 2000 tokens, giving customers a lot of convenience, safe and secure when storing their crypto assets.” said by Mr. Fedor Bushlanov – Business Leader of Infinito, the owner of Infinito Wallet.

Mr. Tuan Nguyen, Director of Cybersecurity – Infinity Blockchain Labs (IBL), said: “When it comes to security in new technologies like blockchain, the lack of skilled resources is a big challenge. To protect your enterprise when applying frontier tech, you need the right team who understand not only the technology itself but, more importantly, also the security risks that come with it. IBL Cybersecurity team with proven expertise and competence has been a trusted partner of blockchain and cryptocurrency businesses in Asia might be that right team for your business.” 

Mr. Tuan Nguyen, Director of Cybersecurity – Infinity Blockchain Labs (IBL)

Conclusion:

The rate of blockchain adoption is growing extremely fast globally, in many industries and economic sectors. In particular, the Asia-Pacific and Japan regions are forecasted to see a 72.6% and 108.7% (CAGR) growth of blockchain technology in 2018-2020, respectively, according to IDC report published in July 2018.

In Vietnam, the awareness and use of blockchain in businesses and governments is still not high. However, the wave of cryptocurrencies and the development of decentralized applications will soon make blockchain technology become the key to enterprise development in the global economy 4.0 era.

Ahead of this fact, the challenge of effectively applying cybersecurity is vital for businesses as attackers are becoming more and more sophisticated. The cybersecurity service will not only strengthen the existing security system, but also help businesses confidently face to any current and future security threats.

Services in blockchain security provided by the Cybersecurity from IBL includes:1. Security Consulting service

  • Cybersecurity Framework, Strategy & Programme transformation 
  • Security policies and standards that align with ISO 27001 and other standards 
  • Enterprise cybersecurity architecture design and definition

2. Penetration Test and Security Audit

  • Smart contract Audit
  • Blockchain Applications (Web & Mobile) 
  • Infrastructure (Network & System) 

3. Security Operation Center (SOC) 

  • Monitoring (24/7)
  • Incident investigation 
  • Threat & vulnerability management

Our advantages: 

  • Leverage the hands-on experience in 10+large blockchain projects in various industries. 
  • Have strong team with profound experience & blockchain-specialized certificates by world-wide security organizations: OSCP, OWASP, CVE…
  • Have strong capability to consult the best practices for: Exchange, Wallet, Blockchain platform and other blockchain applications.  
  • We are a part of the Infinity Blockchain Group that represents the world from Asia: 300+ experts, presents in 9 countries in Asia, strong network of partners and 4+ years blockchain experience. 

For advisory on blockchain network security services, please contact: [email protected] 

Source:


 

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