Samsung Increases Crypto Info Security on its Smartphones

#OhNoCrypto

Korean electronics giant Samsung says it is improving the security infrastructure of its smartphones for enhanced protection of user’s crypto information. Samsung Eyes Tamper-resistant Crypto Information Storage In a press release issued on Tuesday (February 25, 2020), Samsung announced the introduction of a new Secure Element (SE) designed to better protect data stored on its smartphones. Samsung’s new SE is a Common Criteria Evaluation Assurance (CC EAL) turnkey security solution for mobile phones. According to the press release, the new SE is the highest security level hardware to be installed on any smartphone. An excerpt from the press release reads: Samsung’s new turnkey solution is a dedicated tamper-resistant strongbox that securely stores users’ confidential and cryptographic data such as pin numbers, passwords and even crypto-currency credentials separate from the typical mobile memory such as embedded Universal Flash Storage (eUFS). With smartphones increasingly holding sensitive financial data like crypto wallet passwords and seed phrases, Samsung says security protocols need to evolve, hence its decision to create a new SE. As part of the press release, Samsung revealed that its new security protocols protect against attack vectors like laser attacks, power glitches, and diverse forms of reverse engineering techniques. According to the press statement, the new SE hardware solution is already in mass production and will feature in the Galaxy S20 smartphones series. As previously revealed by the company, like the S10 series, the flagship S20 models will also come with an in-built crypto wallet. More Sophisticated Cryptocurrency Attack Vectors Emerging As previously reported by Bitcoinist, cybercriminals are resorting to more sophisticated attack vectors in a bid to steal cryptos. Consequently, crypto businesses like exchanges are having to vastly improve their security infrastructure to stay ahead of these rogue actors. Earlier in the year, reports emerged that notorious North Korean cybercrime syndicate, Lazarus, was stealing cryptos via Telegram. North Korean-state sponsored hackers are allegedly behind many of the high-profile attacks against crypto exchanges with security experts saying Pyongyang is funneling proceeds of these hacks to fund its nuclear weapons program. The pivot towards more sophisticated attack vectors has come following concerted efforts by law enforcement to combat intrusions like cryptojacking. Earlier in 2020, Interpol revealed that cryptojacking in Southeast Asia was down by about 78% since Q3 2019. What do you think about Samsung’s latest attempt to improve the security of crypto information stored on its smartphones? Let us know in the comments below. Images via Shutterstock

OhNoCryptocurrency via https://www.ohnocrypto.com/ @Osato Avan-Nomayo, @Khareem Sudlow