FYEO’s Approach for Better Security for Web3
In the rapidly evolving landscape of Web3, the unique threats posed by decentralized networks demand equally innovative security measures. FYEO's approach to Web3 security diverges markedly from conventional strategies of Web3 auditors by starting with a comprehensive threat model tailored to the decentralized nature of blockchain technology. This model not only identifies potential vulnerabilities from the outset but also sets up our clients for a more structured audit with possible threats and potential threat actors identified prior to the start of an audit. FYEO’s approach provides a robust security framework that not only reacts to emerging threats but anticipates them, ensuring that our clients are able to identify all possible risks, including those that live outside the scope of an audit.
What is a Threat Model?
A Web3 Threat Model is a structured representation of potential areas of concern within an organization’s digital infrastructure. It helps organizations understand the security risks they are facing, prioritize resources, and implement appropriate security measures to protect their assets. It does not identify specific threats or risks, but is intended for use by auditors as a guide during their audits.
An Enterprise Threat Model is a crucial first step in implementing a comprehensive security program. FYEO can help your organization to proactively identify and address potential security issues and maintain a strong security posture.
How Axelar Benefits From FYEO’s Threat Model for Enhanced Security
Axelar Foundation is currently working with FYEO on a number of security initiatives across projects. This initial threat model was focused on the integration of Axelar to layer-1 blockchains via Axelar's Interchain Amplifier mechanism.
The objective of the threat modeling in this exercise was to systematically identify potential risks to the system and describe its defenses against those identified threats. The process was aimed at uncovering potential areas of vulnerability, assessing the impact of potential threats, and recommending high-level strategies to enhance the system's security.
This initiative responds to Axelar Foundation’s commitment to rigorous security assessments in today's complex and rapidly evolving technological landscapes, where systems may handle sensitive data, financial transactions, or critical operational functions. Through this comprehensive threat modeling exercise, the goal was to ensure the integrity, confidentiality, and availability of the system's assets and functionalities as FYEO, the Amplifier Advisory Committee and the Interop Labs engineering team embarked on the full security audit.
This threat model report can be found here:
Axelar is the Web3 interoperability platform, delivering the shortest path to scale: an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups, building applications to reach all blockchain users at once. Axelar supports a best-in-class developer stack on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain. Learn more: axelar.network.
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