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Interim & Ongoing Crypto Security

Interim & Ongoing Crypto Security

For Interim & Ongoing Uses of Blockchain/DLTs, Crypto & DeFi

Once enterprise clients commence blockchain and related technology interoperations, the degree to which they will require Interim & Ongoing (I&O) Crypto Security services will vary greatly depending on the quality of their onboarding crypto security, and the particulars of their enterprise operations.

MoneyPay Ltd provides Enterprise-Level Security Services including advice, monitoring, interim management and periodic reporting, to ensure enterprise clients’ I&O Crypto Security coverage remains active and satisfies MoneyPay Ltd’s security standards.

MoneyPay Ltd will work with enterprise leaders to accurately assess their special I&O Crypto Security needs, to ensure their enterprise can achieve Enterprise-Grade Security Coverage intelligently and commercially. MoneyPay Ltd is able to advise clients from time to time as required, or in cases requiring greater hands-on guidance, MoneyPay Ltd can outsource I&O Management experts to work within client organisations for a period of time or to manage particular projects or cases to solve critical, time-sensitive business challenges.

In our experience, enterprise I&O Crypto Security needs can generally be reduced to three key categories: I&O Crypto Risk Management Efficiencies, Compliance & Reporting, and I&O Crypto Threat & Risk Management.

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Cybersecurity

Crypto Threat & Risk Management

Crypto Risk Management Efficiencies

During this stage of the crypto security lifecycle, MoneyPay Ltd can work with enterprise leaders to achieve new regulatory efficiencies and fraud minimisation. We can also guide enterprise clients to better manage risks and regulatory compliance through defining new target operating models, selecting, and advising on the right technology solutions and transforming their teams.

Crypto and Blockchain Security Operations Center

Compliance & Reporting

MoneyPay Ltd works with enterprise leaders to maintain alignment between enterprise rules, regulatory rules, external network protocol rules, and MoneyPay Ltd’s Enterprise-Grade Crypto Security Standards.

Approaches

(1) Reviewing the compliance requirements with enterprise governance rules, duties, policies, and procedures (2) Reviewing compliance requirements with the legal and regulatory rules governing your operations from a cryptosecurity standpoint, including financial and banking regulations, consumer credit regulations, privacy and data protection, securities regulations, AML/CFT, Anti-Slavery, Anti-Corruption  (3) Reviewing relevant external governance DAO and DeFi Protocols, smart contracts, and then compared with enterprise rules and the regulation rules to identify gaps and security-corporate risks (4) Apprising MoneyPay Ltd’s Global Standards for completeness

AML/CTF Compliance & Reporting

Every year money laundering channels around $2 trillion worth of proceeds from various illicit activities. Less than 1% of global illicit financial flows are currently seized by authorities. The same characteristics that make crypto assets attractive as an alternative financial system, could also make them attractive to money laundering, illicit trade, and the financing of criminal organizations and international terrorism. 

MoneyPay Ltd works with enterprise clients to review and improve existing operations (where required), and to achieve exemplary AML/CTF compliance and reporting, consistent with FinCEN guidelines also, in their enterprise uses of crypto assets, cross-border remittance and payment processing and tracing practices. 

Samples

Compliance for Money Transmitting Businesses, including (1) Compliance For Payment Providers: Protection from money laundering risks, illicit money service businesses and virtual currency payment risks, that continue to meet PCI-compliance; (2) Compliance Monitoring for Government Agencies, Regulators and Auditors: Monitor crypto businesses for AML compliance, evaluate KYC effectiveness and audits performance; (3) AML/CTF for Exchanges, Funds, Trading Desks and Custody Providers: Know Your Transaction (KYT) automates Crypto AML compliance for Virtual Asset Service providers.

Cryptosec’s AML/CTF compliance experts are all seasoned compliance professionals, with at least 15 years’ of relevant experience, adept to detect AML/CTF breaches and sanctioned offences.

Crypto Threat & Risk Management

Since the pandemic began, the FBI’s IC3 and Google have reported a 300% increase in reported cybercrimes, while remote work has increased the average cost of a data breach by $137,000. Damage related to cybercrime is projected to hit $10.5 trillion annually by 2025.

There’s no denying that cyberthreats are on the rise. And that doesn’t even account for all the new threats that lie beyond the horizon in crypto security.

New Crypto Security threats include Public Network Attacks (like Identity Revealing Attacks, Eclipse Attacks, DdoS Attacks on Connectivity/Local Resource, Routing Attacks, DNS Attacks), Cryptojacking, Finney Attacks, Vector76 Attacks, and Crypto-Specific, Social Engineering, to name a few.

MoneyPay Ltd works with enterprise leaders to develop advanced threat intelligence, to complete threat assessments and modelling, including periodic monitoring, and to develop countermeasures and security improvements, to ensure their enterprise remains secure from attacks and faults, and retains their formal security clearances.

Sample Services

(1) Threat Modelling: MoneyPay Ltd assesses threats across Network Layers, Consensus Layers,  Replicated State Machine Layers, Application Layers, and Security Reference Architecture; (2)  Threat Monitoring & Threat Intelligence: Threat Monitoring Smart Contract Attack Prevention Asset Movement Monitoring Blacklist Address Monitoring; (3) Periodic Risk Assessments: Comprehensive Risk Assessments including Technical Security Risk, Regulatory Risk, Centralization Risk, Financial Risk, Governance Risk, Privacy Risk.

Cryptosec, together with our specialist investigations and due diligence firm – Crypto Investigators, also offers in-house crypto security training for enterprise teams, which can be delivered in concert with an enterprise’s I&O Crypto Risks & Threats Management Plan.

Crypto Incident Response

Cryptosec’s interim and ongoing crypto security services include, but are not limited to:

  • Outsourced I&O Management including on Complex Case Management and to Oversee the Implementation of New Technologies Business-wide
  • Threat Intelligence, Modelling & Intelligence including Social Engineering, Phishing, Spear-Phishing, Disinformation / Misinformation, Business Email Compromise Resilience for Entities at Risk, Operational Security and Counter-Industrial and Economic Espionage for Innovators, including Comprehensive (Infrastructure and Code) Penetration Testing / Red Teaming 
  • Ongoing Monitoring including Monitoring Interoperable Cross-Chain Protocol Developments, Forks & Activity
  • Compliance & Reporting including Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF), Outsourced Crypto AMLCFT/Know Your Business (KYB)/Know Your Customer (KYC)/Know Your Customer’s Customer (KYC)/Know Your Transaction (KYT)/CDD Services
  • Security Advice including Advice on I&O Cybersecurity Architecture, Network Intrusion Prevention, Physical Security & Vulnerability Management, Policy and Procedure Development and Systems Integration for Compliance
  • Continuous Improvements including Defining New Target Operating Models, Selecting, Advising on the Right Technology Solutions, Transforming Teams

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