The post Hacken CEO Urges Stricter Blockchain Security for 2025 appeared on BitcoinEthereumNews.com.

As crypto adoption grows and project-building on Web3 becomes more widespread, blockchain security has become a central pillar for users and developers.In a conversation with BeInCrypto, Hacken‬ CEO Dyma Budorin highlighted the need for comprehensive compliance solutions in 2025. A Need for Higher Security Measures As 2025 approaches, experts are weighing in on the frequency of data breaches that blockchains have suffered and their negative impact on user experience. This year, crypto security breaches escalated, with losses surpassing $2.9 billion across various sectors, according to a recent Web3 security report developed by Hacken, a cybersecurity company. 2024 Web3 Security Report. Source: Hacken. Access control vulnerabilities emerged as the dominant threat vector, contributing to 75% of all hacks. This trend, observed across DeFi, CeFi, and gaming/metaverse platforms, highlighted the widespread occurrence of security weaknesses related to operational security and access management. Phishing scams also inflicted significant damage, resulting in losses exceeding $600 million. ‬‭”It’s evident that the industry can no longer overlook operational security. Comprehensive audits, strict access control protocols, and robust key management systems must become‬ standard practices,” said Budorin in an interview with BeInCrypto. The significant losses experienced in 2024 underscore the critical need for the crypto industry to prioritize all-encompassing security measures and comprehensive audits to reduce future breaches and protect user assets. A Bad Year for Access Controls Budorin pegged access control issues as the most critical challenge facing blockchain security today, especially the loss of private keys across project teams, affecting CEOs and developers. According to Hacken’s report, in 2024, access control exploits, primarily linked to private key compromises, resulted in losses exceeding $1.7 billion. This is a substantial increase from the $1 billion reported the previous year. “Notably, major incidents like‬‭ Radiant‬‭ Capital‬‭ and‬‭ Orbit Bridge‬‭ underscore the consequences‬‭ of weak key management and the‬‭…

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Filed under: News - @ December 27, 2024 10:20 am