Critical Responses to Security Breaches, Cybercrimes & Investigations
While the blockchain and its related technologies offer incredible opportunities in value creation and operational efficiencies for enterprise, they can also lead users into a minefield of new cybersecurity flaws, threats and vulnerabilities, with the potential to leave enterprise clients more exposed than ever before to security breaches and cybercrimes.
In crypto security, the prevention is always better than the cure. And for those who failed to plan for, assess and mitigate the risks beforehand, the losses and liabilities can be devastating.
This is why Cryptosec works closely with clients from the very outset of adoption, to review and implement security practices before granting clearances for adoption, carried through consistently to the ongoing management of operations, to maintain enterprise-grade security standards and avoid such calamities in practice.
In cases where unavoidable security breaches or cybercrimes do occur, Cryptosec and its specialist investigations firm – Crypto Investigators, are primed to respond with urgency, with critical incident responses, crypto asset recovery services and enforcement-grade forensics and investigation services, so enterprise clients can mitigate their risks, and recover their losses, as much as possible, using the multiple technologies at its disposal.
Security breaches can occur when a user gains unauthorized access to computer data, applications, networks or devices ie., when a hacker bypasses security mechanisms, which causes loss and damage to the affected enterprise actors, but which does not result in criminal liability or tortious prosecutions. The average cost of security breaches for enterprises is $4 million dollars.
For enterprise clients that detect, encounter and manage security breaches, Cryptosec offers Enforcement-Level Investigation Services, with critical, incident responses, disaster recovery, case management, forensic investigations and auditing, as required.
Cybercrimes are threats that all enterprise actors must be wary of in the use of blockchain and related technologies. Cybercrimes within traditional cybersecurity, include crimes committed with the use of malware (ransomware attacks), ddos attacks (attacks on processes), and in some definitions, fincrimes (as outlined above).
Financial crimes (FinCrimes) refers to the collection of crimes committed to gain finacial benefits illegally, including through theft of crypto assets (crypto heists), money laundering, financing terrorism, corruption, criminal enterprise, breaching UN/trade sanctions and fraud.
Theft of Crypto Assets & Keys
Crypto heists have become notoriously big business for cyber criminals, and a major problem for enterprise clients in ensuring the security of their crypto assets.
For some of the largest crypto heists see 12 Biggest Hacking Incidents in the History of Crypto
There are countless cases involving attacks on smaller sums of crypto assets (up to $10 million) every day. These cases have the potential to result in the irretrievable loss of those assets for enterprise clients, especially in cases where adequate security clearances and protections are not checked off in advance. Family offices, private investors, fund managers, brokers, exchanges are among some of the most susceptible enterprises for crypto heists.
Further, the compromise of smart rights with equivalent value, recorded digitally, could result in similar net losses to enterprise clients.
Cryptosec can work with clients, third parties (like insurers) and law enforcement, to recover stolen crypto assets using powerful forensic and investigations tools that are able to visually trace fund movements, as well as a full suite of advanced forensic and investigative services and tools (see Investigations below).
Cryptosec, and its specialist investigations firm – Crypto Investigators, retain world-leading expertise and powerful forensic and investigations tools to investigate criminal activity. Cryptosec can work with your investigators (openly or privately) or provide additional investigative assistance with its team of world-class, crypto-native financial and cyber crime investigators, and auditors.
Cryptosec maintains its standing as having the highest-calibre core team of crypto investigation experts on the planet to guide enterprise clients on incident response, financial crime and cybercrime investigations, crypto tracing, crypto asset recovery.