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Kaspersky launched a new service for enterprise organizations to protect blockchain-based applications being developed internally.

Kaspersky Enterprise Blockchain Security includes assessment of applications working on top of a blockchain infrastructure and an audit of smart contract code. It allows enterprises to uncover and repair security issues and discrepancies in smart-contract business logic as blockchain initiatives are progressing from internal innovation to an active business processes.

With IDC predicting that worldwide spending on blockchain will reach $11.7 billion by 2022, enterprises are looking toward blockchain technology to help run large-scale, data-driven projects with more transparency and efficiency.

As enterprises aim to incorporate this new technology, Chief Information Security Officers (CISO) are strategizing on how to secure these new blockchain systems. A Kaspersky survey found 42 percent of CISO’s said they intend to increase blockchain involvement in their line of business in the next five years.

Cyber Security

With blockchain becoming a larger business priority, these applications will work with sensitive data and become integrated with other critical systems, thus requiring security protection. As a result, internal innovation teams will be required to run security checks and approvals which may affect deadlines or jeopardize the release of the project.

“Enterprises have been developing blockchain applications for a couple of years and now these innovations are getting ready to be implemented into corporate infrastructure,” said Vitaly Mzokov, head of innovation hub at Kaspersky. “However, teams responsible for innovation and these technologies may face additional barriers in terms of risk management and IT security. Their fears are not groundless; as corporate-grade blockchain applications become more widespread, the attacks on them will likely happen more often. There is a growing demand for cybersecurity assessment from blockchain development teams who want to keep the project on the rails. Our new offering is aimed to address this need.”

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