Digital Assets Worth Billions Still Secure Despite Rise in Cyber Attacks — Former Microsoft Security Lead

A former Microsoft Security Lead has insisted that a great proportion of digital assets worth billions of dollars are secure and are being “safely managed by hundreds of protocols.” The security expert suggested that protocols also need to have a platform that allows users to rate or assess the robustness of security systems.

A Comprehensive Security Strategy

While decentralized finance and Web3 platforms have seen a steady rise in hacks and phishing attack incidents, according to Christian Seifert, a former Microsoft Security Lead, there are still “billions of dollars worth of digital assets that are safely managed by hundreds of protocols.” So while cybercriminals may have siphoned digital assets worth millions of dollars, the value of stolen assets remains just a fraction of secured assets, the security expert added.

Seifert, who is also the Researcher in Residence at Forta Network, nevertheless suggested that protocols managing users’ assets need to have what he called a “comprehensive security strategy.” He told Bitcoin.com News that protocols further need to have a platform that allows users to rate or assess the robustness of security systems.

“And what needs to happen is to make it easier for users to assess whether protocols are responsibly securing users’ funds and investing in security. I applaud projects like DeFi Safety that perform this service for the industry. Their information must be accessible to users easily, so they can understand security risks and make their decisions on whether it is acceptable,” Seifert suggested.

Educating Users Key to Defeating Scammers

As has been reported by Bitcoin.com News, there has been an surge in the number of hacks, phishing attacks and giveaway scams since the start of 2023. In some of the most recent attacks, victims were high-profile individuals like the Ethereum blockchain founder Vitalik Buterin and billionaire Mark Cuban. Some Web3 and decentralized finance enthusiasts believe such high-profile attacks will be used by opponents to undermine adoption efforts.

However, according to Seifert, these incidents alone should not turn away users. He insisted that there is a “plethora” of products and services that help users secure their assets and avoid becoming victims like Buterin and Cuban. Still, he conceded that it would require some education for users to become better at protecting their assets.

What are your thoughts on this story? Let us know what you think in the comments section below.

Post a Comment

Previous Post Next Post