Individuals in the crypto space are prime targets for hackers and cybercriminals across the globe. As such, it’s of the utmost importance to maintain iron-clad security in all regards – especially when initiating transactions on mobile devices.
Rivetz is an industry leader in simpler and safer cybersecurity powered by blockchain technology. The firm plans to change the field by providing built-in security protocols to mobile users at all levels, from enterprises to individuals. Rivetz showcased their latest mobile security innovation, dubbed Dual Roots of Trust, at Mobile World Congress Americas earlier this month.
Dual Roots of Trust secures private keys with a two-pronged approach, distributing a user’s private key between the mobile device’s carrier SIM card the Trusted Execution Environment (TEE) using advanced cryptographic methods. The TEE is a secure enclave already built into millions of devices.
Users maintain full and complete ownership of their private keys and sensitive information within the security of the TEE. Additionally, users can simply contact their carrier to deny access to certain applications or their entire mobile device via the SIM card. This is particularly useful if a device is lost or stolen. If the device is recovered, permissions can be re-enabled seamlessly. Dual Roots of Trust enables an environment where users are thoroughly protected as these two prongs of security work in conjunction.
This development comes as the product of a collaboration between Rivetz and Telefónica, which was announced earlier this year. Rivetz works closely with engineers from Telefónica’s cybersecurity unit, Eleven Paths.
Securing a Primary Vulnerability
Numerous articles and instances all point to the same troubling reality: criminals are demonstrating increasing frequency and success in attacking mobile devices to hijack cryptocurrency balances. Hackers have routinely gained access to trading accounts and encrypted wallets by taking control of mobile devices to work around two-factor authentication and authorize email and password changes.
Until mobile carriers take responsibility for their lack of effort in protecting against these hijackings, and – more importantly – cease to endorse and comply with such attacks, mobile users have few methods to protect themselves other than the third party initiatives, such as Rivetz’ Dual Roots of Trust. These attacks have affected even the most prominent of crypto community members. For example, renowned trader Michael Terpin sued AT&T for US$224 million due to their role in aiding a hacker who took control of his mobile phone to access his cryptocurrency balances.
A Solution for Enterprises
As employees increasingly use their personal devices for work purposes, proprietary and otherwise sensitive company information are put at greater risk. Mobile devices have become yet another avenue for attackers to share and access this sensitive information. Companies can use Rivetz-enabled applications that protect these mobile interactions simply and securely.
When a scenario arrives that an employee is a liability to the security of company information (perhaps they have left the company or had their own personal security breached), access to company applications can be revoked on that employee’s devices of concern. It’s also simple to return access to mobile when it is deemed appropriate.
In an age where so much of your sensitive personal information – even our holdings – are readily available through our mobile devices, it is important that operations like Rivetz can provide protection against the many thefts across the world.