Immunefi CEO Stresses Need for 24/7 Cybersecurity Coverage in DeFi
Immunefi CEO Mitchell Amador believes that cybersecurity should never sleep. While bug bounty programs pay white hat hackers to report vulnerabilities, having a 24/7 security desk to respond to those reports is expensive.
According to Amador, “You can’t know if the report is that serious hack, or if it’s just spam.” So, companies contract Immunefi to provide almost 24/7 coverage to maintain the safety of Web3 clients.
Immunefi aggregates thousands of bug bounties to make the space safer. In 2022, it estimates that security scams cost the Web3 community around $4 billion. The company has a global network of employees who maintain around-the-clock coverage for subscription clients across multiple time zones.
Amador was inspired to secure blockchain projects after getting personally hacked due to unvetted projects. He has seen too many scams and hacks happen to himself and his friends.
Although artificial intelligence (AI) has the potential to make workflow more efficient and accurate, AI cannot replace security engineers yet. “As far as we can tell,” Amador said, “we’re a long way away from being able to use this in practical security concerns.”
Clever Robot News Desk 12th May 2023