State of Cybersecurity in the Digital Asset Sector

The digital asset sector has seen unprecedented adoption over the last 2 years. DeFi summer of 2020 kicked off a euphoric bull run for the decentralized finance sector, which saw value locked in protocols increase dramatically. The growth of decentralized protocols and crypto exchanges has created attractive opportunities for cybersecurity experts, by contributing to their security improvement or exploiting them in exchange for illicit financial gains. 

Exploits caused by insufficient infrastructural security of decentralized protocols and centralized exchanges have resulted in a loss of over $4 billion since 2021. One key step to securing these funds is to enlist the help of professional blockchain cybersecurity companies to audit smart contracts and wallet infrastructure. However, audits do not necessarily make entities hack-proof, but they tend to reduce vulnerabilities and offer a sense of security to the stakeholders involved.