The crypto sector, despite having seen remarkable expansion in various parts of the world, still struggles to safeguard its community against cybercrimes. Coinbase and Kraken are among the popular crypto companies that have joined a newly formed industry group that intends to figure out ways to combat the cyber threats looming over the industry. The name of this group is Crypto ISAC, which has been created by cybersecurity veteran Justine Bone, who serves as the executive director of this group.
What is ISAC and what are the threats facing Web3 users?
ISACs or Information Sharing and Analysis Centers (ISACs) are a common type of focus group across industries. This crypto ISAC plans to bring together influential voices linked to the Web3 sector along with industry stakeholders to drive the secure adoption of blockchain for mainstream use.
Along with crypto exchanges Coinbase and Kraken, USDC issuer Circle and blockchain firm The Solana Foundation have also joined the association as one of its inaugural members, according to the official announcement.
“Mass adoption of crypto and other digital assets depends on broader public confidence in their security. We're bringing together top industry leaders with a mission to drive visibility and trusted action on today's evolving threats and tomorrow,” Bone said in a statement.
According to CertiK, the crypto market recorded losses of over $1.8 billion (roughly Rs. 15,015 crore) from 751 security incidents in 2023. Security breaches affecting multiple chains accounted for $799 million (roughly Rs. 6,665 crore of rupees) in losses across 35. incidents, highlighting gaps in interoperability between chains.
Cryptojacking, phishing, insider threats, gift scams, carpet pulling, pig butchering scams, as well as ransomware attacks are among the main cyber threats clouding the global crypto circle, against which the ISAC crypto group aims to protect the community through awareness campaigns and more.
How ISAC plans to focus on Crypto, Blockchain?
The group wants to work with governments of various nations to give them assistance in assessing which crypto threat is most prominent in their regions, while helping them to address and curb such cases. The team member of the body will validate all the information that is disseminated after the analysis of the threats.
“Establishing a strong organization to combat security threats, disinformation and operational threats is crucial to our mission to increase economic freedom around the world. We are proud to work with partners to foster trust, security and operational efficiency across the sector”. said Jeff Lunglhofer, Chief Information Security Officer at Coinbase.
Essentially, ISAC aims to serve as an unbiased information broker, providing awareness and information to the Web3 industry, particularly on cyber security, after using security measures.
