Uppsala Security launches ‘MCIS’ exclusively addressing virtual asset companies, for comprehensive virtual asset damage control
Uppsala Security becomes the first ‘MSSP’ (Managed Security Service Provider) in the virtual assets industry
Singapore, 31st March 2021 — Uppsala Security, the leading provider of award-winning tools for Crypto Risk Management and Cybersecurity officially announced today the launch of the Managed Crypto Incident Services (MCIS), a specialized security control service for virtual asset companies in conformity with the implementation of the Special Money Act in South Korea.
According to Uppsala Security, “Not only existing virtual asset companies but also traditional financial institutions and companies that are about to enter the blockchain industry are showing great interest in the Crypto Incident Response Center (CIRC) services. Confronted with a lack of expertise and support for virtual asset damage, it is difficult to independently prove and resolve situations like private key loss or hacked wallet funds that disappeared in an instant.” So, Uppsala Security took a step forward from CIRC and applied the concept of ‘Managed Security Service (MSS)’ used by traditional companies to provide specialized total services for companies in the virtual asset industry.
‘Managed Security Service (MSS)’ is an industry term used by the traditional ecosystem, which refers to companies that lack security resources or internal expert departments leading to outsourcing security functions to professional security service providers.
According to Uppsala Security, ‘MCIS (Managed Crypto Incident Services)’ provides customized solutions through consultation with corporate customers. It also serves as a 24/7 comprehensive damage control portal by running separate teams dedicated to virtual asset damage response centers for the company, as well as consulting, tracking, analysis, real-time virtual asset transaction dashboards, suspicious transaction reports and professional legal support. This is a more comprehensive, specialized and particular form compared to the conventional CIRC service, which provided only virtual asset tracking evidence reports for the individual user damage cases.
In particular, in special cases where a network has its own Mainnet, a dedicated analyst is responsible for analyzing and investigating suspicious virtual asset transactions in close to real time by analyzing the Mainnet DB, data indexing, machine learning and pattern analysis.
By outsourcing the ‘Managed Security Service (MSS)’ from Uppsala Security, customers can easily and quickly comply with regulations at a reasonable cost and respond to customer complaints about damage to virtual assets without having to hire more professionals or build an internal system dedicated for it.
Since establishing the Crypto Incident Response Center (CIRC) in June 2020, about 100 billion won worth of damage has been investigated and reported in South Korea alone.
Ku Min-Woo, the Korea Country Manager at Uppsala Security said “We have accumulated an extended experience and know-how in controlling virtual asset damage by operating a project management organization (Virtual PMO) for companies by industry and dealing with various requests for damage to virtual assets.” He also added ”We are already discussing about signing MCIS with two enterprise clients in the second quarter of this year. MCIS collects various logs and events from the virtual asset damage response system and immediately reacts to cyber threats to provide a secure 24/7 business environment so that enterprise customers can solely focus on their business.”
Meanwhile, Uppsala Security provides AML integrated security services to users of the Samsung Blockchain Wallet in 19 countries around the world and has provided virtual asset damage customer services and AML solutions to various virtual asset-related media, exchanges, wallet companies and payment providers.
About Uppsala Security Pte Ltd
Uppsala Security built the first crowdsourced Threat Intelligence Platform known as the Sentinel Protocol, powered by blockchain technologies and A.I. Supporting the framework is a team of experienced security analysts and researchers committed to helping organizations realize safely interconnected experiences by deploying a suite of advanced Risk Management Solutions satisfying the crypto security needs of organizations and industry compliance standards.
