G4S is a British multinational security services company that runs prisons, detention centres and cash storages for large companies. It has operations across more than 90 countries and has over 560,000 employees.
Recently, G4S announced their step into cryptocurrency market with the idea of a secure vault for cryptocurrency assets.
The announcements appeals to the readers the need for an offline vault on the basis of facts about cryptocurrency heists that have taken place till now and how much loss they have caused.
That’s true though. Cyber crime has been on the high since technology overflow we have seen in the past couple of years. This has caused immense opportunities to spring up but along with their own nemesis, the criminals.
The criminals have been getting themselves equipped too. Traditional thieves steal less than 1% in a month of what cyber criminals can steal in a matter of hours.
Take for instance the case of Coincheck, Japan’s biggest exchange heist. $500 million were lost in a day. This is the figure traditional thieves can’t even think of.
With increasing demands of protection from the evil, technology is rotating its wheels to come up with innovative ideas to prevent criminals from breaking in and ruining their live in a matter of minutes.
One of the largest targets of cyber thieves is cryptocurrency. The world isn’t so aware yet about it yet. An ordinary exchange wallet is supposed to be secure. But what if the computer you used to access the wallet is not? The chain is strongest as the weakest link.
So, G4S has announced an offline vault for cryptocurrency assets that can either remain offline or go offline if it detects malicious activity.
What the vault does is that it breaks up the assets into small independent fragments that are of no use independently and stores them into the vault away from criminals. When the customer requires to access the storage, they put all the pieces together through identification and can access it only then.
“Access to these sites is heavily restricted with multiple layers of security and robust protocols, and only when all the fragments are combined with specific technology can they unlock access to the value stored within.” Dominic Maciver, Senior Risk Analyst at G4S
G4S also announced that they will be using their existing vaults instead of building new vaults for cryptocurrency assets.