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4 features to look for in a top smart contract auditor


Smart contracts help automate processes and cut costs. But because they can make processes less visible, auditing them to ensure they do what's required is essential.

If your company utilises smart contracts, it's essential to have the right auditing support too. 2023 statistics from the ABS suggest that cybersecurity incidents doubled between 2019-20 and 2021-22 – and there's no reason to think that smart contracts are immune.

Today, we take a look at some of the key considerations when you're choosing a smart contracts auditor to work with.

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Investing in an effective smart contract auditor can help protect the integrity of your contracts, enhance your cybersecurity and help create customer confidence in your overall business.

👋 Hey there! We've partnered with Hashlock for this article, so we'll be using it as an example throughout. However, you should always do your own research.

1. Transparent auditing and reporting process

Smart contract auditing is a process that needs to actively involve the company being audited.

It shouldn't be an impersonal, one-sided process. Rather, a best-in-class smart contracting auditor will provide information on what they're assessing, the type of metrics they're using to indicate success and incorporate a range of testing methodologies.

They should also provide a report post-audit, too.

Let's look at Hashlock as an example. Hashlock's post-audit reports include detailed information about code vulnerabilities, project context and creation, risk assessments and relevant industry research. Additionally, suggestions are provided on how to improve compliance in future.

2. Best practices around cybersecurity

Cybersecurity is a complex, multi-layered subject -- especially when it comes to smart contracts and the Blockchain.

So it's essential to have a smart contract auditor that's in step with the current best practices around cybersecurity.

One company that provides this type of service is Hashlock. Hashlock offers corporate blockchain security, contributes to wider industry research and also offers on-chain monitoring.

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3. Testing services

Testing services are critical for the smart contract auditing process. It's essential to perform a range of automated and custom checks in order to determine vulnerabilities and spot potential gaps in your current cybersecurity measures.

Hashlock is able to provide a range of testing services to Australian businesses, including penetration testing.

4. Post-incident support

Smart contract auditing is geared at preventing cybersecurity incidents. But if the worst does occur, it's crucial to know that you have the right support.

Before choosing a provider, make sure you ask them about their approach to incident response.

For example, Hashlock offers in-the-moment support, assisting in mitigating the effects of a breach or hack. Additionally, Hashlock is able to provide post-incident advice and backup on how to prevent future incidents.

Hashlock will also soon be offering blockchain cyber insurance via its partners.

Learn more about smart contracts, audits and cybersecurity with Hashlock

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