Crypto Now Has a ‘Neighborhood Watch’ to Guard Against Hacks

Bone serves as the head of Crypto ISAC, the pioneering information-security collaborative in the cryptocurrency industry. With over two decades of experience in cybersecurity and cryptography under her belt, she previously held the position of CEO at MedSec, a medical security research firm. Her groundbreaking work, in collaboration with a short-selling hedge fund, brought about the U.S. Food and Drug Administration’s decision to recall approximately half a million pacemakers due to vulnerabilities that made them susceptible to hacking. Following this revelation, Abbott (formerly St. Jude Medical) released a firmware update to address the identified security concerns.

At CoinDesk’s Consensus 2024 in Austin, Texas on May 29, the complete lineup of Crypto ISAC’s inaugural members, who are financially backing the organization, will be unveiled onstage. This group comprises two leading crypto exchanges, a prominent stablecoin creator, a well-known custodian firm, and several other notable names in the crypto industry.

Prior to this point, there hadn’t existed a Crypto Industry Information Sharing and Analysis Center (ISAC), which came as a surprise to many. A few years ago, some forward-thinking cybersecurity firms, later joined by other influential players in the crypto sector, identified this void and began taking steps to address it.

As a data analyst at Chainalysis, I can tell you that approximately $1.7 billion was stolen from crypto platforms by hackers during the year 2023.

Bringing legitimacy

In the late 1990s, Information Sharing and Analysis Centers (ISACs) emerged as non-profit entities to foster and validated collaboration between government agencies and businesses in exchanging information related to cybersecurity threats and incidents. These centers can be likened to neighborhood watch programs, where community members unite to keep each other informed and protected against potential risks.

After decades of development, the introduction of Crypto ISAC is a source of pride for the crypto community. By aligning ourselves with industries like healthcare, retail, finance, and automotive that have long relied on information sharing to safeguard their critical infrastructure, we’re elevating the crypto industry’s standing.

An ISAC (Information Sharing and Analysis Center) acts as a reliable intermediary, situated between various parties engaged in discussions about security matters. Their role often involves sharing important information such as newly identified vulnerabilities or ongoing security incidents. In such situations, practitioners require prompt collaboration to address these issues effectively.

As a seasoned crypto investor with a strong background in cybersecurity, I’ve spent years contributing my expertise as a member of the prestigious Blackhat Review Board. This globally recognized event series and security research provider has been instrumental in shaping the industry. In addition to this role, I’ve held key positions at esteemed organizations like Dow Jones and Bloomberg as an information security lead. Furthermore, I’ve had the privilege of advising some of the world’s most successful Fortune 50 companies, and currently serve on HP’s esteemed advisory board.

Diverse membership

As a crypto investor, I’ve noticed that the participants in Crypto ISAC span a diverse range of backgrounds and expertise. From established crypto-native companies to forward-thinking investors, engaged government officials, and nimble cybersecurity solutions providers who specialize in crypto and Web3 technologies, there’s a rich tapestry of knowledge and experience within this community.

As a crypto investor, I can assure you that the information-sharing protocol powering this platform has undergone rigorous scrutiny and is widely used by other Information Sharing and Analysis Centers (ISACs). Moreover, we take cybersecurity seriously and possess all necessary certifications. Furthermore, we are proud to announce that our Crypto ISAC will be “FedRAMP-ready,” making us eligible to provide services to the U.S. government, enhancing our credibility and trustworthiness in the market.

As an analyst, I’ll be preparing and establishing our platform within the upcoming few weeks. By the time we debut at Consensus, our members will have the ability to access our threat intelligence through a functional login interface.