Polygon CSO Urges Web3 Firms to Hire Security Experts
- Polygon reportedly has a team of ten security experts dedicated to shielding users from hacks.
- Gupta believes blockchain security is a collective responsibility.
- According to Chainalysis, the total value of cryptocurrency hacks has now surpassed $2 billion.
Crypto scams and hacks have increased since 2021, and Polygon’s Chief Security Officer, Mudit Gupta, believes crypto firms need to take new measures beyond cryptography and codes. According to Gupta, Web3 firms would need to employ the services of traditional security experts to stand a chance against hackers.
In a chat with Cointelegraph, Gupta explained that rather than being the product of badly structured blockchain technology, many of the recent crypto thefts resulted from Web2 security flaws, such as phishing attacks to steal usernames and passwords. Additionally, Gupta stressed that acquiring a certified smart contract security audit is insufficient to secure a system and users’ wallets from being compromised.
Gupta claimed to have called for crypto projects to employ “a dedicated security person who actually knows that key management is important.” He said,
You have API keys that are used for decades and decades. So there are proper best practices and procedures one should be following. To keep these keys secure. There should be proper audit trail logging and proper risk management around these things. But as we’ve seen these crypto companies just ignored all of it.
According to Gupta, implementing conventional cybersecurity measures around elements like the Domain Name System (DNS), web hosting, and email security should always be prioritized. The security expert said major hacks, such as the $100 million Horizon Bridge hack and the $600 million Ronin Bridge hack, showed the significance of managing private keys. He remarked,
Those hacks had nothing to do with blockchain security, the code was fine. The cryptography was fine, everything was fine. Except the key management was not. The private keys were not securely kept, and the way the architecture worked was if the keys got compromised, the whole protocol got compromised.
According to blockchain analytics company Chainalysis, the total value of cryptocurrency hacks has now surpassed $2 billion following the $190 million Nomad Bridge hack in August. Gupta believes a collective attempt at improving Web3 security is key to massive adoption. According to the Polygon CSO, blockchain projects currently have an individual approach to Web3 security. However, he urged blockchain firms to go the extra mile to ensure security.
Gupta claimed Polygon embraced a heavy security approach to ensure its users operated securely. The Ethereum scaling solution reportedly has a team of 10 security experts ensuring users are shielded from possible exploitation.
Polygon is a decentralized Ethereum scaling solution that aids developers in building scalable, user-friendly dApps. The platform uses Layer 2 sidechains to provide faster and cheaper transactions on Ethereum.