The cybersecurity of cryptocurrency exchanges is paramount in today’s increasingly digital world. These platforms are responsible for large amounts of cryptocurrency tokens often worth tens of millions of dollars, belonging to thousands of unique users, making them a prime target for cyber criminals.
To improve the overall safety of all cryptocurrency stakeholders, leading cybersecurity company Hacken has introduced the CER.live platform and CERtified cybersecurity certification standards.
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First Industrywide Cybersecurity Certification Standards
Cryptocurrency exchanges are susceptible to major threats such as traditional banking cybersecurity vectors as well as weaknesses posed by inadequate blockchain implementation.
Launched by Hacken in 2018, the Crypto Exchange Ranks (CER.live) was the first platform that set the cybersecurity standards in the cryptocurrency exchanges industry.
The main objective of the CER.live platform and CERtified cybersecurity certification standard is to educate and prevent users from trading at cryptocurrency exchanges who do not invest enough into their traders’ funds security and encourage cryptocurrency exchanges to comply with the cybersecurity standards.
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CERtified – Hacken’s Unique Certification Methodology
Hacken’s unique CERtified methodology provides certifications to exchanges ranging from an uncertified exchange to a 3 star certified exchange meeting the most strict cybersecurity criteria.
Certification levels are based on four criteria. The CyberSecurity Score is a combination of server security, user security, crowdsourced security, and historical hack cases. Penetration tests are used to imitate the actions of malicious users attacking the exchange. The aim of the test is to explore possibilities to gain access and control so these can be fixed. Penetrations tests need to be done on a regular basis as new features get added to exchanges.
As insolvent exchanges can lead to massive financial damage to its users, wallet addresses owned by cryptocurrency exchanges should be disclosed to display their proof of funds. This way, the risk of insolvency can be ranked objectively.
The final criterion in the certification process is the practice of conducting Bug Bounty programs run by external or crowdsourced security providers. Bug bounties are performed by cybersecurity experts and hackers that will aim to detect software and configuration errors that can slip past developers and security teams.
Cryptocurrency exchanges that fulfill all categories above will be certified.
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CERtified Standards Already Adopted By Industry Players
The CERtified methodology and standards are well received and accepted by the cryptocurrency industry. Already, more than 50 cryptocurrency exchanges are ranked in the CER.live platform.
Hacken is also proud to announce that CoinGecko, the world’s leading independent cryptocurrency data aggregator, has updated their Trust Score algorithm for exchanges by incorporating the CER.live Certification and CyberSecurity Score as their data provider. More partners that will adopt the CERtified methodology will also be announced by Hacken in the future.
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