Many Vietnamese blockchain startups have potential security risks

At the press conference on December 7 of the Ministry of Information and Communications, Ms. Do Hai Anh, representative of the Information Security Department, assessed blockchain as a potential technology, researched, developed and deployed by many startups in Vietnam. business form. However, recently, a number of projects have been attacked, showing that they still have many vulnerabilities.

Citing the example of the Kyber Network project being hacked last month, Ms. Hai Anh said that the incident caused great damage to the company’s business, assets and reputation.

“This shows that the information security situation in startups in general and blockchain startups, decentralized financial service providers in particular, has many potential risks,” said a representative of the Information Security Department.

Through evaluating the attacks, the Department believes that there are two problems that startups encounter, including: not being aware of the importance of information security and network security, and not having processes and technical plans. , clear privacy policy; In the process of developing blockchain services and applications, many products are still deployed when there are gaps in information security, creating opportunities for hackers to exploit.

To limit the above situation, the Department recommends that startups in the field of blockchain and decentralized finance need to complete processes, technical plans, and security policies for the system; Implement periodic monitoring and supervision measures to promptly detect security vulnerabilities. The Department also notes that startups need to develop human resources in safety and cybersecurity, and raise awareness for their employees.

“For large transactions, they can research and deploy some additional insurance solutions to minimize damage to businesses in case of attacks exploiting vulnerabilities,” Ms. Hai Anh said.

Luu Quy