Positive ICO has launched a project to safeguard initial coin offerings (ICOs) from cyber-attacks. Find out how the platform plans to do that today in our review.
What is Positive ICO?
Positive.com is an ICO security platform that aims to protect ICOs against cyber-attacks.
Obviously, there have been a number of high-profile cyber-attacks targeted at ICOs. The attack against The DAO led to the theft of nearly $50 million, for example. Enigma, Coindash, and a number of other companies have suffered similar attacks.
In response to these attacks, Positive ICO believes it has created a solution. Announced on October 19, the Positive.com platform provides cyber security protection for all points of risk in the ICO process.
The company will audit your smart contract code to detect vulnerabilities, for example. They’ll monitor your ICO 24/7 to watch for any problems. They can even train employees on how to avoid social engineering attacks and other targeted strategies used by hackers.
How Does Positive ICO Work?
Positive.com aims to protect companies as they undergo an ICO. Obviously, ICOs are an innovative new fundraising mechanism for startups. Unfortunately, ICOs also pose a major target to hackers. Whenever a large amount of money is centralized in a single spot, it’s going to be a tempting target for hackers.
With that in mind, Positive.com aims to provide a number of cybersecurity services to companies as they pass through the vulnerable ICO stage.
The service claims to be the first of its kind to provide cybersecurity protection for all points of risk in the ICO process.
One of the key points of risk is the smart contract itself – the Ethereum-based module used to manage transactions and collect incoming funds for the ICO. Positive.com secures the smart contract and makes sure it’s free of vulnerabilities in logic flaws.
Meanwhile, Positive.com secures the code in web applications, servers, mobile applications, and other platforms in advance. Plus, Positive.com trains employees to detect and prevent insider threats, or to actively monitor threats.
There are two overall steps to Positive.com’s cybersecurity process:
Phase 1) Advance Preparation:
Positive.com will analyze the source code used in the smart contracts that will be issued to investors in exchange for tokens. Their team will scan for logical flaws, technical vulnerabilities, and other issues. Positive.com will also scan web and mobile applications, the OS, and network infrastructure.
Phase 2) Live Protection:
The second phase of protection safeguards the ICO while it’s live. This stage ensures attackers cannot cause reputational issues at a critical time – say, by bringing down connected infrastructure, defacing websites, or infiltrating networks. The company that issues the ICO will have a cloud-based, enterprise-grade web application firewall and SIEM deployed. These systems are backed up with 24 hour, round the clock monitoring from a Positive.com “Security Operations Center”.
Positive ICO Features and Benefits
Positive.com’s ICO protection services claim to offer all of the following features and benefits:
Smart Contract Security: Positive.com’s specialists uncover vulnerabilities and logic flaws in a smart contract, then help fix them in preparation for an ICO. Since the smart contract controls virtually all ICO activity, this is the most important part of ICO security.
Web Application Security: Positive.com will find website application vulnerabilities, then provide expert guidance to host companies on protecting themselves and their investors from these threats.
Protection of Mobile Apps: Positive.com will audit mobile apps to highlight vulnerabilities.
Server and Infrastructure Security: Positive.com will hunt for and remediate vulnerabilities in servers, OS, and network infrastructure that can give attackers free reign.
Employee Training: Positive.com will train employees to help them understand, detect, and avoid any incoming threats. Those threats could include social engineering attacks that start a chain reaction for malicious incursion – like phishing emails and other strategies used by attackers.
Deployment Solution: Positive.com will deploy a set of cloud-based enterprise-grade countermeasures, including a web app firewall and SIEM, to lock down infrastructure and make attacks visible.
24 Hour Monitoring: Positive.com has a Security Operations Center that will monitor and respond to any and all attacks throughout your ICO.
Who’s Behind Positive.com?
Positive.com’s ICO protection service was created by international cyber security company Positive Technologies.
The company has specialized experience in source code analysis and vulnerability detection across a wide range of sectors – including financial services. They’ve also helped some of the world’s largest companies prevent against breaches and remediate the effects of breaches.
The ICO protection services are led by Positive.com’s London office.
Positive ICO Conclusion
ICOs are an enormous new source of fundraising for companies. Companies raise hundreds of millions of dollars for their ICOs. Unfortunately, these companies don’t always invest in adequate cybersecurity defenses. That means companies are leaving an enormous amount of money vulnerable to attackers.
Positive.com aims to solve these problems by providing a comprehensive cybersecurity solution. That solution includes everything from smart contract auditing to 24/7 monitoring during the ICO to employee training.
To learn more about Positive.com and how it works, visit online today at ico.positive.com.