G4S, formerly Group 4 Securicor, has created a new service for protecting cryptocurrency assets, the firm announced in an official press release Thursday, Oct. 18.
The report has touted the service as an “innovative security solution” for holding crypto assets in a form of high-security offline storage protecting customers from hacks. G4S also runs both prisons and detention centers, as well as stores cash for “large companies,” the Financial Times notes. According to the senior risk analyst at G4S Consulting Dominic Maciver, the new crypto assets security solution is based on a foundation of “vault storage” that is inaccessible for cyber criminals and hackers, and armed robbers alike.
Maciver explained that the new security solution not only puts crypto assets in a cold storage, but also distributes them into independent components placed securely in the system’s security vaults:
“We not only take the assets offline, but break them up into fragments that are independently without value and store them securely in our high security vaults, out of reach of cyber criminals and armed robbers alike.”
The press release stresses the nascent character of cryptocurrency assets, when compared with the conventional fiat money system. According to Maciver, the cryptocurrency industry has attracted the usual threats that exist in traditional financial systems, such as “robbers, scammers, market manipulators,” and others.
The analyst noted that despite the fact that many early adopters have made great effort to protect this “immature” field, holding cryptocurrency assets is still risky for a number of reasons. Given both the immaturity of the industry and special requirements of exchanges, the crypto industry is at risk of being a “prime target for hackers and other criminals,” the statement says.
With the latest incidents of hacked cryptocurrency, this could be a welcome solution to digital crime.
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