[PRESS RELEASE – Yoqneam, Israel, 25th January 2023]
Cyvers, a Web3 security firm founded by Deddy Lavid and Meir Dolev, has released a security report analyzing key events, threat types, and best practices for protecting assets in the DeFi space. The comprehensive report provides valuable insights for projects and organizations that wish to participate securely in the web3 ecosystem.
The state of Web 3 security in 2022 has been a major concern for industry participants and regulators alike. The rapid development of financial technology in the space has led to an increase in security risks and a corresponding increase in hacking incidents. Over $3.1 billion lost through projects and established protocols.
The year saw a significant increase in both smart contract exploits and bridge hacks, with the former accounting for 50% of all lost funds. Despite this, the industry has also seen positive developments such as a successful Ethereum merger and increased institutional adoption.
The Cyver Report documents 61 of the most significant web3 hacks and provides industry participants with practical guidance for minimizing risk and protecting assets.
The best practices Cyvers has identified for ensuring security in the web3 space include:
- Create a multi-sig
- Regular smart contract audits
- Real-time monitoring of smart contracts
- Implementation of intrusion prevention solutions
Auditing is a common practice, but vulnerabilities in smart contracts remain a major source of exploitation. The average attack usually takes over an hour to complete and 98% of all compromised protocols did not respond within the first hour.
“This shows how important it is to have a smart contract monitoring solution that can provide security and ensure safeguards are in place before an exploit occurs,” said Cyver CEO Deddy Lavid.
The impact of these security incidents on the DeFi space cannot be overemphasized, damaging its reputation and stunting its growth. The figure of $3.1 billion only represents hacks on DeFi protocols and projects and excludes hacks by individuals and centralized exchanges.
Cyvers has developed an end-to-end platform to address these needs, providing real-time detection and proactive protection to the Web3 space.
Web3 has seen significant growth and adoption in recent years, but with this growth comes increasing security vulnerabilities. As the Web3 space continues to evolve, it is important to have a trusted partner like Cyvers to ensure the safety and security of your assets.
Click here to view the full report
As a leader in Web 3 security, Cyvers, founded by Deddy Lavid and Meir Dolev, has a unique perspective on the current state of the industry. The report provides practical guidance for projects and organizations looking to navigate the rapidly changing web3 world, from identifying the most significant risks to implementing effective security measures. For more information about Cyvers and its services, visit www.cyvers.ai.
Cyvers is a next-generation security company providing real-time cryptographic attack detection and prevention for the third web and the decentralized economy.
Cyver’s advanced AI and cutting-edge machine learning platform identifies patterns and detects anomalies across blockchains in real time for proactive mitigation.
Web3 Security Company Cyvers who released their DeFi Threat Detection report appeared first on CryptoPotato.