G4S, one of the leading security service provider which functions in more than 90 countries. It secures a lot of things such as nuclear power plants, cash transfers, and prisons. As per the recent report, the London-based firm has started to provide cryptocurrency protection.
Day by Day, there is a sudden increase in the cases of crypto hacking, hence G4S is very much concerned about the security of the crypto investors. In order to resolve this issue, the firm develops a special method to store cryptocurrency assets.
On which thing G4S Security system is dependent?
The firm currently consists of more than 5,60,000 employees all over the Globe. It declared that it has developed a service in which it provides high-security offline cryptocurrency storage, to help to secure your assets from the hands of criminals and hackers. Moreover, the firm is already offering the service to an unknown European exchange, as per Financial times. It charges clients depending on the number of offline storage devices they want to use to store their private keys, and most likely uses its own current safes for the service, instead of latest build facilities.
The firm's press statement also indicated that various cryptocurrency exchanges are already approaching them for help. As per Dominic Maclver, a senior risk analyst at G4S Risk Consulting said, “Our clients approach us to discuss solutions to their requirements because of G4S Cash Solutions’ experience in protecting high-value items and G4S Risk Consulting’s experience in developing bespoke solutions to complex challenges.”
He further said, working with our clients, we are continuously applying their expert knowledge of crypto-assets and our best practice in physical security to a sector at the cutting edge of financial technology.
How your data is secured?
The unique service will be more secure than any other methods as G4S takes the keys offline, breaks them up and then stores it into very high secure vaults. Apart from this, access to the site in which they are kept is also said to be heavily restricted, with various layers of security. Clients will be able to gain access only when all the pieces of the system are combined.
Maclver said, “Offline storage has become more reliable and secure way of storing crypto-assets”. “Also, violent robberies and kidnappings released every how the sector is exposed to conventional criminal threats. In partnership with our client, our security solution is built on a foundation of ‘vault storage.’ We not only take the assets offline but break them up into parts that are independent without value and store them securely in our high-security vaults, out of reach of cyber criminals and armed robbers alike.”