02-28-2020 icon

Samsung Introduces Security Chip with Protection for Cryptocurrency Data

By Sagetwriter

Korean electronics giant – Samsung has added a new security infrastructure to its smartphones, offering users extra protection for their crypto data.

According to a press release, Samsung introduced the new Secure Element (SE) designed to protect smartphone data by storing in an isolated data storage.

The SE is a Common Criteria Evaluation Assurance (CC EAL)5+ turnkey security solution for mobile phones; one which Samsung describes as the highest level of security to be installed on any smartphone.

A snippet of the press release reads:

From checking emails and making online payments to replacing house keys and airplane tickets, smart devices continue to offer more applications that enforce stronger security requirements. 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).

Smartphone and Data Security

Samsung notes that with the increasing use of smartphones for storing sensitive financial data such as wallet passwords and seed phrases, the SE security protocol has become a necessity.

Also, the advancing sophistication of attacks by cyber-criminals who aim to steal cryptos, has further prompted the development of hack-proof security infrastructure by exchanges and individual holders.

The new data security chip will protect against laser attacks, power glitches, and other vast forms of reverse engineering, making it extremely hard for third parties to access or copy stored confidential data.

Samsung says the SE security solution is currently in mass production and will be integrated in its latest flagship phone – the Galaxy S20.