Overview of Fireblocks’ New Cybersecurity Tools
Crypto custody leader Fireblocks has launched an innovative cybersecurity suite designed specifically to help companies navigate the complexities of Europe’s Digital Operational Resilience Act (DORA), which officially takes effect across the European Union (EU) in January 2025. This new offering is crucial for crypto businesses striving to enhance their security measures in an increasingly hostile cyber environment.
The Growing Cybersecurity Threat in the Crypto Sector
The landscape of cybersecurity is marked by continuous challenges, particularly for cryptocurrency firms that often face a higher risk of cyberattacks and financial losses compared to traditional financial institutions. A stark reminder of this vulnerability came with the recent high-profile cyberattack on Bybit, one of the leading crypto exchanges, which highlighted the urgent need for robust security frameworks.
DORA’s Impact on Crypto and Fintech Companies
According to Alex Jilitsky, Cyber GRC Director at Fireblocks, one of the significant hurdles for smaller crypto firms and fintech companies is that DORA applies uniformly to all entities, regardless of size. “DORA does not distinguish between smaller firms and large banks,” Jilitsky explained. “It mandates that all organizations enhance their resilience not only against cyber threats but also against outages, disruptions, and technical failures.”
Key Features of Fireblocks’ Cyber and Operational Resilience Package
Fireblocks’ newly unveiled Cyber and Operational Resilience (COR) compliance package includes several vital features aimed at facilitating adherence to DORA regulations. These features encompass:
– **Dedicated Legal Addendum**: A comprehensive legal framework to ensure compliance with DORA.
– **Periodic Reports**: Regular updates that provide insights and assessments of the organization’s security posture.
– **Annual Pooled Security Audit**: A collaborative audit process that strengthens security measures through shared insights and resources.
Conclusion
As the regulatory landscape evolves, Fireblocks is taking proactive steps to equip crypto firms with the necessary tools to meet compliance requirements while safeguarding their operations. With the introduction of its Cyber and Operational Resilience package, Fireblocks is poised to enhance the security and resilience of the crypto industry as it faces the challenges of a rapidly changing digital world.
