Kudelski Partners With Smart Contracts Auditor Hosho on Blockchain Security Solutions

Kudelski Partners With Smart Contracts Auditor Hosho on Blockchain Security Solutions

Cybersecurity firm Kudelski Security has partnered with smart contracts auditing firm Hosho to provide greater security for blockchain ecosystems

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Cybersecurity solutions provider Kudelski Security has entered a strategic partnership with smart contracts auditing firm Hosho in order to provide greater security for blockchain ecosystems. The news was announced in a press release from Kudelski on March 19.

As Cointelegraph auf Deutsch previously reported, Kudelski Security — a Swiss-born, stalwart tech security solutions provider whose multinational operations run from locations across Europe and the United States — launched a Blockchain Security Center (BSC) this January.

Kudelski, which has expertise in the field of applied cryptography, says it established the partnership with Las Vegas-based Hosho in order to extend the capabilities of the BSC and combine the companies’ respective skill sets. The goal of the partnership is to provide more robust security solutions to enterprises and public sector organizations that use blockchain technology.

The press release cites research from Hosho that claims that over $2 billion was lost or stolen from blockchain companies in 2018 due to security vulnerabilities. Hosho’s auditing of the smart contract sector has purportedly found that over one in four have “critical vulnerabilities and three in five have at least one security issue.”

Kudelski states that the combined resources of the new partnership will allow a wide gamut of entities to design, build and operate secure blockchain applications and ultimately realize greater value from their investments, with lesser risk.

Hartej Sawhney, co-founder and president of Hosho, has given a statement claiming that:

“It [the partnership] is the first time a blockchain cybersecurity leader has joined forces with a publicly traded cybersecurity company. Enterprises are rapidly investing into incorporating decentralized ledger technologies into their legacy systems. Companies such as Kudelski, with 30 plus years of experience in cybersecurity, IoT, and public access solutions, are needed to meet the [ sector’s] increasingly complex demands.”

As reported, Hosho was recently prompted to lay off 80 percent of its staff, claiming that the increased use of automated tooling made auditing work from a large number of engineers unnecessary. Sawhney told Cointelegraph at the time that a downturn in the number of smart contracts audits amid the protracted crypto bear market was another key factor in the move.


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Cybersecurity firm Kudelski Security has partnered with smart contracts auditing firm Hosho to provide greater security for blockchain ecosystems

Smart Contract Audits Firm Hosho Reduces Staff Due to Auto Tooling Boost and ICO Downturn

Smart Contract Audits Firm Hosho Reduces Staff Due to Auto Tooling Boost and ICO Downturn

Smart contracts auditing firm Hosho has laid off a significant number of staff, citing an increased amount of automated tooling

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Smart contracts auditing firm Hosho has laid off a significant number of staff, citing an increased amount of automated tooling, the firm’s co-founder and president Hartej Sawhney told Cointelegraph on Feb. 1.

While stating that the company did lay off a sufficient part of the team — the exact amount unspecified — Sawhney still noted that Hosho continues to be one of the leading firms in the industry of smart contract auditing and security, specifically in penetration testing.

The Hosho president explained that the staff reduction was caused by a complex set of circumstances, including the downturn in the amount of initial coin offerings (ICO), which is in part due to the major 2018 crypto bear market.

Speaking to Cointelegraph, Sawhney emphasized the fact that Hosho has been actively increasing scales of automated tooling implementation, while at the same time seeing a much smaller number of smart contracts audits. In this context, auditing work by a large number of engineers has become unnecessary, Sawhney said, stressing that the main goal now is to keep the company going.

Sawhney noted that Hosho intends to figure out the perfect number of employees that should be kept in the company, at the same time maintaining and developing the momentum of the work, as well as its brand and level of audit reports.

With that, Sawhney revealed that Hosho is planning to expand its presence from the already tapped markets of North America and Europe to the Southeast Asian market, looking to employ new ambassadors.

The crypto bear market of 2018 has caused a wave of layoffs in the crypto and blockchain industry. In late 2018, Cointelegraph reported on alleged layoffs at major blockchain software firm ConsenSys, with sources familiar with the matter claiming that the amount of employees that is set to be fired is anywhere between 50 and 60 percent out of the entire team of 1,200 people. However, the company eventually claimed that the recent layoffs did not exceed 13 percent of staff.

Yesterday, top Canadian crypto exchange Coinsquare was reported to have laid off almost 30 percent of its staff, including its chief financial officer (CFO) and chief operating officer (COO).

Earlier in January, Swiss crypto exchange ShapeShift laid off a third of its team, as revealed by the exchange’s CEO Erik Voorhees.


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Smart contracts auditing firm Hosho has laid off a significant number of staff, citing an increased amount of automated tooling