Crypto Custody Service Offered By Security Giant G4S

News | October 18, 2018 By:

Security services giant G4S has developed a new service for offline storage of cryptocurrencies to help “protect assets from criminals and hackers.”

Headquartered in London, England, G4S offers a range of services, including the supply of security personnel, monitoring equipment, response units and secure prisoner transportation. G4S also works with governments overseas to deliver security. It is the world’s largest security firm measured by revenues and has operations in more than 90 countries. The firm has over 570,000 employees, making it the world’s third-largest private employer.

The company announced on Wednesday that it will offer customers a new security service that will counter the high levels of crime in the crypto sector. The service combines consulting and cold storage offerings, which leverages multiple layers of security and robust protocols. The pricing of the new service will be based on the number of different offline storage devices requested by each client.

Dominic MacIver, Senior Risk Analyst at G4S Risk Consulting, noted that the crypto sector has attracted the same old threats for financial systems, including robbers, scammers, market manipulators and many others. He said that the new service helps protect against some of those threats by taking the assets offline and storing them in high-security vaults.

“Our security solution is built on a foundation of vault storage,” said MacIver. “We not only take the assets offline, but break them up into fragments that are independently without value and store them securely in our high security vaults, out of reach of cyber criminals and armed robbers alike.”

McIver added that access to the sites is heavily restricted with multiple layers of security and robust protocols. Clients can only gain access when all the fragments are combined with specific technology.

“It has been a justified cliche to describe the cryptocurrency space as a Wild West,” McIver said. “Working with our clients, our innovative vault storage concept offers the highest protection to keep people and their assets secure and bring order to the frontier.”