Analysis: Crypto companies are advised to consider CrowdStrike as an alternative endpoint security solution and implement additional security layers

Odaily News In response to the recent data outage experienced by CrowdStrike, Chiagozie Iwu, a blockchain researcher and former CEO of Naijacrypto, provided insights on how blockchain outages can affect crypto companies and offered suggestions for mitigating the associated risks. In an interview, Iwu pointed out that blockchain-native companies are inherently more resilient to such outages as they operate on decentralized networks, "For blockchain-native companies, they have nothing to worry about because the node-based decentralized element mitigates this risk." However, he warned that centralized crypto platforms may be vulnerable to similar issues in the future. He suggested that institutions could start considering decentralized cloud-based architectures such as the Internet Computer (DFINITY) to enhance their resilience. Olumide Adesina, an analyst at Quantum Economics, said the incident also supports the viability of blockchain as an alternative to traditional IT systems. Speaking about the potential regulatory challenges brought about by the CrowdStrike incident, Iwu was skeptical about immediate large-scale regulatory reforms. He believes that the recent cybersecurity incident is unlikely to lead to major regulatory changes because it is not serious enough to require such a response. Existing regulations, data backup and processing requirements have already addressed cybersecurity issues, reducing the need for new regulatory changes. However, a significant concern is the potential impact on crypto companies’ trading activities and revenue streams. Iwu highlighted these risks, noting that missed trades or improper financial positions could lead to financial losses. To mitigate the risks associated with a CrowdStrike data outage, Iwu recommended that crypto companies consider alternative endpoint security solutions to CrowdStrike and implement additional layers of security. (Cointelegraph)