Swiss-based cybersecurity firm Kudelski Security is giving a boost to its Blockchain Security Center (BSC) through a strategic partnership with blockchain security expert Hosho from Las Vegas.

According to a press statement by Kudelski Security (Mar 19), the collaboration is aimed at extending the capabilities of its BSC, which just opened this January. The partnership blends both companies’ specialized skill sets to help “forward-leaning organizations” better secure their use of blockchain and distributed ledger technology (DLT).

Kudelski Security states that the integrated resources will offer business executives, investors, engineers, and blockchain developers greater confidence in designing, building, and operating secure applications. The result is greater value, higher efficiency from investments, and less risk.

“Hosho has deep expertise and a world-class reputation for auditing the ‘smart contracts’ that are essential to blockchain business process workflows,” said Rich Fennessy, CEO of Kudelski Security.

“Combined with our expertise in cryptography, embedded security down to silicon level, and secure application development, Hosho is an ideal partner in what we believe will be a growing coalition of like-minded organizations focused on improving the underlying security of blockchain and expanding its use in business applications.”

“Hosho and Kudelski Security share the same vision for cyber resilience. It is the first time a blockchain cybersecurity leader has joined forces with a publicly traded cybersecurity company,” said Hartej Sawhney, co-founder and President of Hosho.

“Enterprises are rapidly investing into incorporating decentralized ledger technologies into their legacy systems. Companies such as Kudelski, with 30 plus years of experience in cybersecurity, IoT, and public access solutions, are needed to meet the [sector’s] increasingly complex demands,” he added.

According to Hosho, security weaknesses cost blockchain companies more than $2 billion from losses or thefts last year. Its audit of smart contracts also found that more than one in four have critical vulnerabilities, while three in five have at least one security issue.

At the beginning of this year, TheCryptoSight also reported Sawhney telling CNBC that over $2.5 million dollars worth in crypto is stolen everyday.