A Japanese Cybersecurity Group, Nomura Research Institute (NRI) in partnership with a Blockchain software company has launched a Blockchain Security Monitoring Service. The group made this known on November, 8, that this is a Blockchain tool. It will monitor and report the security risks encountered by processes that use the Ethereum Blockchain technology.
Security log monitoring service (NeoSOC) is the company behind NRI and they claim that they can identify potential threats on the Blockchain. In addition, that this is a 24/7 security monitoring and alerting service that can be relied upon to secure the crypto space from potential attacks.
Increase in Cyber Attacks on Crypto Exchanges and Blockchain
The group was of the notion that, lately, there has been an increase on the attack on crypto exchanges as well as the Blockchain. Most especially, smart contracts on the Ethereum network have been targeted. Therefore, developers of these smart contracts as well as companies that make use of them needed to stay at alert in order to be able to wade off attacks.
Automated Scanning Tools to Scrutinize Smart Contracts
According to the NRI, the first step to make Blockchain more secure is to use its scanning tools such as Mythril to scrutinize smart contracts which are used for the Ethereum Blockchain. These tools are capable of monitoring and reporting the security vulnerabilities found in any smart contract to its owner in order to wade off potential attacks.
Tom Lindeman, the co-founder of ConsenSys Diligence stated that;
We plan to collaborate closely to bring powerful automated smart contract analysis services to customers worldwide and to further our shared goal of making Ethereum safer for everyone.
Historical Attacks on Smart Contracts
The group gave instances where smart contracts were attacked in the past. Given that Ethereum is the second largest cryptocurrency based on market value, it can only be expected that it will be among the top ones to be faced with insecurities.
According to them;
Outstanding cases are the DAO incident of 2016, and the incident targeting the vulnerability in the Parity multi-signature wallet function that occurred in 2017. At those times there were cases of exchange rate damage amounting to billions of yen.
On October 31, a team of experts had also analyzed these smart contracts and pointed out their vulnerability which could pose several risk to the crypto community. They came to the conclusion that there were several duplicate codes used in smart contracts. As a result, if there were bugs in one code, it will automatically spread across several smart contracts.