Blockchain Press Releases
New SecurityGen study highlights hidden threat to 5G mobile networks from GTP-based cyber-attacks
Telecom security experts call on operators to put in place comprehensive cyber-security measures against GTP threats
LONDON, Aug. 11, 2023 /PRNewswire/ — Mobile operators need to reassess security vulnerabilities in the key GTP (GPRS Tunnelling Protocol) protocol and bolster GTP security within their networks as they continue to invest in and roll out 5G, according to a new study by SecurityGen, the global provider of security solutions and services for the telecom industry.
SecurityGen’s latest report, entitled ‘GTP vulnerabilities: A cause for concern in 5G and LTE networks’, is based on 150 telecom security assessments of 39 live mobile networks during 2022 and 2023. It found that nearly 77 per cent of networks had no cyber-security measures in place against GTP-based attacks. Only 23 per cent had a high level of cyber-security measures to keep successful GTP-based test attacks to a minimum.
“Despite its widespread use, the GTP mobile network protocol is not entirely secure and opens up opportunities for attackers to intercept sensitive user data, engage in fraudulent activities, or disrupt network services,” said Dmitry Kurbatov, co-founder and CTO of SecurityGen. “As we explored and examined GTP’s security vulnerabilities, it became apparent that the protocol requires in-depth consideration and robust mitigation strategies to block the potential threats – more so in the 5G set-up.”
The study is based on the results of over 150 telecom security assessments by SecurityGen during the last 12 months involving 39 mobile operators in 24 countries across the SEA, LATAM, and MEA regions. It highlights the most critical GTP-related threats to raise awareness among mobile operators and stakeholders of the hidden vulnerabilities within the protocol.
The SecurityGen assessments found that all of the tested networks exhibited some vulnerabilities in their management of the GTP protocol:
- In 71 per cent of networks assessed, GTP-based test attacks on subscriber information disclosure were successful. Which can be used to impact subscribers, perform other attacks, target other interfaces, radio interfaces and OS and network vulnerabilities.
- 62 per cent of networks assessed were vulnerable to fraudulent activity involving the GTP protocol.
- 85 per cent of networks were susceptible to targeted attacks on subscribers aimed at impeding or completely interrupting the functionality of data transmission services.
- 46 per cent were vulnerable to network equipment denial-of-service attacks. Using this vulnerability, an attacker can simultaneously hinder network (Internet) connection for individual subscribers and many users via network equipment denial.
- User traffic interception was successful in 69 per cent of the networks tested. By exploiting this vulnerability, an attacker can direct all incoming traffic to their equipment by altering the nodes that process the user traffic.
“Throughout our assessments, we were surprised that not a single network was protected with a GTP firewall. Even when mobile operators claimed to have a GTP firewall deployed, we could carry out test attacks successfully, as there was no functional GTP firewall in place,” commented Kurbatov. “This suggests that either the GTP firewall was not actively operational, or its filtering rules were not correctly configured or enabled.”
“Some mobile operators employ IP address filtering from non-roaming partners to incoming traffic as a counter-measure – however, our simulated test attacks were still able to bypass this technique. The deployment of a fully functional GTP firewall could significantly improve these statistics and provide more robust protection against potential threats. Adopting advanced GTP firewall solutions undoubtedly enhances the overall security of mobile networks and protects them against multiple GTP attack vectors.”
Kurbatov continued, “The interconnected nature of 3G, 4G, and now 5G mobile networks across different generations amplifies the risks posed by GTP security vulnerabilities. Our research highlighted a worrying lack of robust security measures across a significant proportion of the mobile networks we examined. Despite ongoing efforts by the GSMA and individual mobile operators since 2017, we found that comprehensive cyber-security measures are still not in place for the most part.”
“The increasingly vital role of mobile technology in nearly every aspect of how we live and work means that operators must regard effective cyber-security measures and policies that protect their networks and mobile users as a commercial and operational priority. This includes a comprehensive GTP protection strategy encompassing deployment of functional GTP firewalls, the application of GSMA-recommended protections, the integration of intrusion detection systems, and the regular monitoring of all network communication interfaces,” added Kurbatov.
“The findings of this study should serve as a wake-up call that spurs operators and the wider telecoms industry to take action necessary to secure our interconnected digital future.”
The SecurityGen White Paper, ‘GTP vulnerabilities: A cause for concern in 5G and LTE networks’, is available to download here.
About SecurityGen
Founded in 2022, SecurityGen is a global company focused on telecom security. We deliver a solid security foundation to drive secure telecom digital transformations and ensure safe and robust network operations. Our extensive product and service portfolio provides complete protection against existing and advanced telecom security threats.
Photo: https://mma.prnewswire.com/media/2184043/SecurityGen_CTO_Dmitry_Kurbatov.jpg
View original content:https://www.prnewswire.co.uk/news-releases/new-securitygen-study-highlights-hidden-threat-to-5g-mobile-networks-from-gtp-based-cyber-attacks-301898664.html
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act of 2023, a controversial bill he initially co-sponsored with Senator Elizabeth Warren and others. This bill, reintroduced in the Senate on July 27, 2023, aimed to bring the cryptocurrency industry into alignment with existing anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Key Provisions of the Bill
The legislation proposed stringent regulations on digital asset providers, including unhosted wallet providers, miners, and validators, by classifying them as financial institutions under the Bank Secrecy Act (BSA). It mandated these entities to adhere to BSA compliance requirements, which include extensive reporting and monitoring responsibilities. Additionally, the bill called for the Financial Crimes Enforcement Network (FinCEN) to establish regulations for reporting significant foreign digital asset holdings and to create compliance measures to address risks associated with anonymity-enhancing technologies.
Senator Marshall’s Shift
Marshall’s withdrawal from the bill comes as a surprise, particularly given his earlier criticisms of cryptocurrencies, which he has described as a “threat to national security.” This includes concerns over stablecoins like Tether potentially facilitating illegal activities and circumventing U.S. sanctions. Despite his earlier stance, Marshall’s departure from the legislation suggests a reconsideration of the bill’s implications or an alignment with broader political and industry perspectives on cryptocurrency regulation. His office has not provided a comment on the reasons for his withdrawal.
Political and Industry Reactions
The bill had garnered significant bipartisan support, with 18 co-sponsors, reflecting a broader concern in Congress over regulating the rapidly growing cryptocurrency market. However, it has also faced criticism for potentially imposing impractical compliance burdens that could stifle innovation and push crypto activities offshore. Critics argue that the bill’s stringent requirements could inadvertently drive users toward unregulated platforms, thereby undermining its intent to enhance security and regulatory oversight.
Broader Context
The withdrawal comes at a time when cryptocurrency regulation is a highly contentious issue in U.S. politics. Former President Donald Trump has promised to relax crypto regulations if elected, contrasting with the current administration’s more stringent stance. Under President Joe Biden, the Securities and Exchange Commission (SEC) and other regulatory bodies, led by figures like Gary Gensler, have taken a more rigorous approach to regulating the sector, which has drawn criticism for being overly restrictive.
Senator Marshall’s decision to step back from the Digital Asset Anti-Money Laundering Act reflects the complex and evolving nature of cryptocurrency regulation in the U.S. While the bill seeks to bring greater oversight and security to the crypto industry, it also raises concerns about regulatory overreach and its potential negative impact on innovation and privacy. As the debate continues, the U.S. legislative and regulatory landscape for cryptocurrencies remains in flux, balancing the need for security with the desire to foster technological innovation.
Source: decrypt.co
The post Marshall Becomes First US Senator to Walk from Controversial Crypto Bill He Co-Sponsored appeared first on HIPTHER Alerts.
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