The Web3 movement is going from strength to strength with every day that passes.
For all of its promises, Web3 has become an incredibly dangerous place to navigate, with the industry ceaselessly being targeted by cybercriminals, hackers and fraudsters.
In 2023, Web3 cyberattacks cost organizations and users more than $1.7 billion, according to a recent report by Chainalysis.
The analysis highlighted 751 incidents involving Web3 projects that year, with the average cost of those incidents coming to $2.45 million.
Web3 attacks come from multiple sources, with the 47 private key compromises identified being the most damaging, responsible for $880.9 million of the losses.
If Web3 is to live up to its billing as the future of the internet, it's going to need to win over the public's trust, and the only way to do that is by countering the aforementioned threats.
Their security is dependent on a mishmash of siloed tools that have no way to correlate with one another, leaving their defenses littered with holes.
Although there's a natural tendency to think that adding more defenses equates to stronger security, Web3 project leaders might do well to consider a more refined approach.
This startup has created a powerful, full-spectrum cybersecurity platform that aggregates numerous tools and cybersecurity solutions, and combines them with automated security risk analysis to identify the most pressing vulnerabilities.
Resonance is led by its founder and chief executive officer Charles Dray, an entrepreneur who was among the first to realize that Web3 security can only be achieved by marrying it with traditional Web2-based cybersecurity solutions and techniques.
Dray began his career in the traditional financial industry, where he spent time shoring up the defenses of major banks such as Citi, JPMorgan Chase and SMBC, only to pivot to the blockchain industry when he came to recognize the possibilities of decentralized finance and Web3.
Having joined the Web3 security ecosystem, as one of the earliest Web3 security pioneers, he quickly recognized the urgent need for a more comprehensive solution.
The central element of Resonance V1 is its automated security risk analysis tool that provides each organization with an overall security score via a simple, easy-to-understand dashboard.
Identifying threats is the first order of business for Web3 security and Resonance provides the tools needed to do this extremely thoroughly.
Resonance provides blockchain and code audits that involve a detailed analysis of the underlying code used by Web3 platforms.
These audits are crucial for any Web3 dApp to identify bugs and protect their users from vulnerabilities.
Resonance says its security stack is the only platform Web3 projects will ever need to bolster their security, automating the entire process so project developers can focus on building out their services.
Although it's still a new player on the Web3 cybersecurity scene, Resonance has already made a big impact, building up a loyal customer base during its beta phase.
As the adoption of blockchain and Web3 technology accelerates, there is a pressing need for a specialized cybersecurity platform to address the numerous risks and dangers in the industry.
Resonance's unique selling proposition lies in its comprehensive risk analysis, its automated guidance, its powerful offensive and proactive security offerings, and its willingness to embrace partnerships.
This Cyber News was published on gbhackers.com. Publication date: Mon, 15 Apr 2024 07:28:04 +0000