Kudelski Security, a Cybersecurity solutions platform, has announced a strategic partnership with smart contracts auditing firm Hosho, with the aim of offering greater security for Blockchain environment. According to Kudelski, which has expertise in applied cryptography space, says that it established the partnership with Las Vegas-based Hosho in order to extend the capabilities of the BSC and combine the companies’ respective skill sets. The goal of the partnership is to provide more robust security solutions to enterprises and public sector organizations that use blockchain technology.
As per the company statement, research from Hosho that claims that over $2 billion was lost or stolen from blockchain companies in 2018 due to security vulnerabilities. Hosho’s auditing of the smart contract sector has purportedly found that over one in four have “critical vulnerabilities and three in five have at least one security issue. Kudelski further pointed out that the combined resources of the new partnership will allow a wide gamut of entities to design, build and operate secure blockchain applications and ultimately realize greater value from their investments, with lesser risk.
In a statement, Hosho Co-founder and President Hartej Sawhney stated that it is the first time a blockchain cybersecurity leader has joined forces with a publicly traded cybersecurity company. Enterprises are rapidly investing in incorporating decentralized ledger technologies into their legacy systems. Companies such as Kudelski, with 30 plus years of experience in cybersecurity, IoT, and public access solutions, are needed to meet the sector’s increasingly complex demands. Earlier, it was reported that Hosho was prompted to lay off 80 percent of its staff, with asserting that increased use of automated tooling made auditing work from a large number of engineers unnecessary.