Sep 1, 2019 6:40 AM ET Optium Cyber Systems Developing Platform to Secure & Protect Cryptocurrency Exchanges From Hacking & Theft iCrowd Newswire – Sep 1, 2019
Optium Cyber Systems, Inc.(OCSI) (OTC:OCSY) today announced that, in response to recent inquiries from cryptocurrency developers and exchange operators, it has commenced the development of a hybrid security platform specifically to secure and protect cryptocurrency exchanges and their clients from the threat of hacking and theft.The current OCSI Cyber Security methodologies are easily transferrable to this application and scalable to any size.While OCSI is committed to continuing its market penetration in the medical sector, it views the entry into the cryptocurrency market as an opportunity to exponentially increase revenue.
Cyber security is a vital concern for any cryptocurrency marketplace.
The digital wallets that contain the bitcoins and other cryptocurrencies have increasingly become a target for hackers as the stored values have skyrocketed.The security of the exchanges and its clients has been proven to be secondary to the overall success of the exchange and the increase in value of the related currencies.With no governmental backing or insurance, the holders of these currencies or wallets have no recourse should they be victim of a hacking.This has been demonstrated a number of times in recent months.
According to a recent article by Reuters: “Cryptocurrencies were supposed to offer a secure, digital way to conduct financial transactions, but they have been dogged by doubts.
Concerns have largely focused on their astronomical gains in value and the likelihood of painful price crashes.Equally perilous, though, are the exchanges where virtual currencies are bought, sold and stored.These exchanges, which match buyers and sellers and sometimes hold traders’ funds, have become magnets for fraud and mires of technological dysfunction, a Reuters examination shows, posing an underappreciated risk to anyone who trades digital coins.Huge sums are at stake.As the prices of bitcoin and other virtual currencies have soared this year – bitcoin has quadrupled – legions of investors and speculators have turned to online exchanges.Billions of dollars’ worth of bitcoins and other cryptocurrencies – which aren’t backed by any governments or central banks – are now traded on exchanges every day.Some of the freewheeling exchanges are plagued with poor security and lack investor protections common in more regulated financial markets.There have been at least three dozen heists of cryptocurrency exchanges since 2011; many of the hacked exchanges later shut down.
More than 980,000 bitcoins have been stolen, which today would be worth about $4 billion.Few have been recovered.Burned investors have been left at the mercy of exchanges as to whether they will receive any compensation.Nearly 25,000 customers of Mt.
Gox, once the world’s largest bitcoin exchange, are still waiting for compensation more than three years after its collapse into bankruptcy in Japan.
The exchange said it lost about 650,000 bitcoins.Claims approved by the bankruptcy trustee total more than $400 million.”
“The cryptocurrency space is rife with cyber thieves looking for easy money as evidenced by what happened recently to South Korea’s Youbit exchange,” stated Doug Binenti, Chief Technology Officer of OCSI.“The cryptocurrency market is and will continue to be a very soft target with over 1,200 cryptocurrencies in use and more being launched every day.
OCSI’s services are inherently crafted to meet the threats that cryptocurrency handlers face on a recurring basis.We provide consulting services that transform cyber security posture from being soft and insecure to becoming secure and very difficult to hack by offering a holistic approach to cyber security via our Cyber Vulnerability Assessment, Advanced Penetration Testing, Managed Security Services and Customized Continuous Threat Monitoring.Our technologies, methodologies, and consulting practices could have prevented what happened to the Youbit exchange which was a multi vectored attack involving well known commuting platforms and well understood cyber security threats.If they had consulted OSCI for Cyber Security Consulting services we would have found the vulnerabilities in their computing platforms, methodologies in information handling, and other issues that enabled each and every component of the attack.
Traditional penetration testing simply isn’t enough in the crypto currency market.A comprehensive cyber security audit with situationally specific analysis and recommended changes are what’s required to prevent the next Youbit incident from happening,” concluded Mr.
Binenti.
About Optium Cyber Systems, Inc.
OCSI has developed a proprietary process to analyze, identify and address cyber security vulnerabilities in an organization’s critical IT infrastructure which is scalable to any size organization in any industry.OCSI has recently launched in the health care sector, focusing on protecting health care facilities including hospitals, nursing homes and doctor’s offices from cyberthreats such as the manipulation of medical devices or theft of patient records.OCSI is a publicly traded company having its common shares quoted on the OTC Markets under the symbol “OCSY”.
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