Is your Digital Currency Exchange Platform Secure?

July 30, 2018 By

Before starting with the security risks in your Digital Currency Exchange Platform here are few benefits of digital currency.

The Benefits of digital currency:

  • Secure, trustful and transparent digital currency to deal with and the world is generally moving towards that. Since Cryptocurrency is digital and cannot be counterfeited or reversed arbitrarily by the sender as with credit card chargeback.
  • Negates the third party in exchanges and protects wealth against exchange controls.
  • It makes a transaction to be highly non-disclosure.
  • Encourages exchanges free of regulatory meddling, promotes low-cost banking because it can be done anywhere with an access to a cellphone.
  • Uses a ‘push’ mechanism that allows the holder to send exactly what he or she wants to the merchant.
  • Lower fees: There aren’t usually transaction fees for Cryptocurrency exchanges, miners are compensated by the network.
  • You own the private key and the public key that makes up for your Cryptocurrency address and no one can take that from you.

Security Risk:

Online security is a vital concern for cryptocurrency marketplaces, with bitcoins contained within digital wallets that have increasingly become a target for hackers as the number of bitcoins stored and their value has skyrocketed over the last years. A popular target for hackers since the trail goes cold easily and cybersecurity criminals can digitally erase their footprint.

  • The Bitfinex hack was the second-biggest breach. A total of 120,000 Bitcoin were stolen. This was worth about $72 million at the time. Customers lost around 36% of their money. However further following reimbursement in the coming years.
  • Nearly $64m in bitcoin was stolen of NiceHash.The NiceHash team urged users to change their non-NiceHash online passwords as a result along with the personified losses.

Detailed Vulnerability and the need of Cyber Security

With advancements in technology, hackers are becoming more skilled at finding holes and cracks in corporate security systems and can gain access to protected files and data, posing a significant cybersecurity threat-Corporate security breaches, hacktivism, leakage through botnets, spear phishing, social media security breaches etc.

There is a price to pay when a half-hearted security plan is put into action. It can result in an unexpected disaster. Startups, especially those using specific blockchain platforms are more vulnerable to attacks mainly because of the weaker security as they may not have enough computers and servers on the network to verify transactions. Such platforms with lesser processing power become easy targets for hackers with superior processing power. The attacks on Krypton and Swift are attributed to their use of Ethereum, which has been under sustained attack for weeks.

Fortunately, as technology has advanced, so has the ability to seek out cybercrimes before they happen and protect people when they occur.

Organizations will need to determine the price they are willing to pay in order to protect data and other assets:

  • Protect networks and data from unauthorized access.
  • Improved information security and business continuity management
  • Improved stakeholder confidence in your information security arrangements
  • Improved company credentials with the correct security controls.
  • Faster recovery times.

Secure your Digital Currency Exchange Platform with Pyramid

DDoS Protection

  • Intelligent load balancing and failover routing among servers to increase performance.
  • Real-time malicious traffic detection blocks malicious server requests.
  • Automatic inline mitigation measures decrease latency and increase uptime.
  • Leading privacy and performance through encrypted connections with HTTPS TLS 1.3.

Standard Procedure

Routine penetration testing to be performed by Pyramid Cyber & Forensics to preserve the integrity of our systems under endless attack scenarios.

  • Always Up-to-Date Linux Systems to Host the Platform.
  • Daily Automatic Encrypted Database Backups to Multiple Off-site Locations.
  • Encrypted User Password Storage.
  • Use 2 Factor Authentication.

Guidelines to be Given to User

  • Force Users to Enable 2FA for keeping higher amounts in their accounts.
  • Be compliant KYC(Know-Your-Customer), AML(Anti-Money Laundering) and CTF (Counter-Terrorism Financing) Guidelines.