Lior Lamesh is the Co-founder and CEO of GK8, a Galaxy company. Read Lior Lamesh's full executive profile here.
Traditional financial institutions have been moving into the tech space over the last several years, making their operations more intertwined and connected to tech development. Because of this, each year brings about new, innovative trends emerging in the tech space that financial institutions should understand.
Each wallet holds a private key, essentially, the username and password that provides access to its assets. While MPC solutions are often perceived as the highest security standard, they are not secure enough for safekeeping potentially hundreds of millions of dollars in digital assets and tokens. Why? Because private keys are available online and are therefore hackable.
So, as innovation leaders, you should bear in mind that investing in digital assets programs can’t be done without cybersecurity that matches these levels of innovation. Take every precaution necessary to avoid leaving such large sums in inadequate storage.Building on trust, innovation leaders should be aware that relying on third-party vendors to store assets can become precarious if there isn’t enough oversight.
When adopting a self-custody solution, though, ensure robust preparedness and resilience. Establishing effective backup plans or business continuity strategies that integrate secondary cold custody solutions, particularly given the complex and evolving landscape of financial risks and regulatory requirements, is becoming a must. Traditional institutions must be prepared for any scenario or crisis, much like how they secure physical vaults.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Four Key GovTech Trends For 2024Tom Amburgey is the CEO of Euna Solutions, a leading provider of purpose-built, cloud-based solutions for the public sector. Read Tom Amburgey's full executive profile here.
Read more »
Four law officers serving warrant killed, four wounded in North Carolina shootoutMontgomery, Alabama
Read more »
Ohio State’s Spring Game Includes Four Touchdowns, Four Interceptions As Scarlet Wins, 34-33Ohio State’s spring game was highlighted by four touchdowns and four interceptions – all by backups – and a spectacular one-handed catch by Emeka Egbuka.
Read more »
Here’s how Phish is using the Sphere's technology to give fans something completely differentPhish opened its four-night stay at the Sphere Thursday with a four-hour show.
Read more »
Here’s how Phish is using the Sphere's technology to give fans something completely differentPhish opened its four-night stay at the Sphere Thursday with a four-hour show.
Read more »
Here’s how Phish is using the Sphere's technology to give fans something completely differentPhish opened its four-night stay at the Sphere Thursday with a four-hour show.
Read more »