It is easy to see why crypto security scandals have become a thorn in the flesh for the crypto space. Apart from convincing investors and customers on the viability of their project, crypto firms now have to go to lengths to ensure that their security systems are impenetrable.
For developers, the conventional method of publicizing the protocols of crypto coins is adversely putting their products at risk. On the one hand, it helps investors ascertain the viability of the product. On the other hand, it allows hackers to identify the coin’s frailties and how they could capitalize on them. While this continues to serve as a significant loophole for cryptocurrency, yet, firms with various crypto-related businesses are not exempted from this scourge.
Troublemakers are evolving with time. Hence, it is no surprise that various fraudulent schemes are finding their way into the nascent and burgeoning crypto market. In 2019 alone, we have witnessed the severity of the issue, and the full brute force of hackers is proving too formidable for the even most established crypto firms.
Judging from the rate at which the crypto space has become the ultimate practice target for malefactors and how there are no signs of the emergence of global standards, it is becoming integral that crypto firms deploy various security hacks that would give them a fighting chance. In light of this, this article looks to outline some of the ways crypto business owners and executives could strengthen their platform against constant attacks. Here are five ways you can boost the security of your crypto business.
Emphasize The Importance Of Security-Conscious Practices
In most cases, crypto firms are compact ecosystems of talented individuals. Considering that crypto experts are a scarce commodity, it is no surprise that a majority of firms, in search of expertise, have resorted to hiring remote working staff whose geographical location is separated from the company’s base of operation. While this is inevitable, it also tends to stress the security system put in place by the firm.
As a result, as an executive or business owner, it is essential to outline and emphasize the critical security responsibilities of your workforce continuously. Note that your security is as strong as your weakest link. And when one of your team ignores the outlined standard security policies, the chances are that hackers could use this loophole to infiltrate your system — as such, boosting your security and performance starts from implementing security policies and enforcing them.
Use Privacy Tools For Your Online Activities
It is almost impossible to run a business without utilizing the ever-increasing resources available on the internet. This is more improbable if we consider that cryptocurrencies are byproducts of network-based ecosystems and the fact that blockchain is a decentralized version of the internet. Therefore, for crypto businesses, the ever-growing menace that comes with connecting to the internet is unavoidable, which begs the question: How can companies to move under the radar and hide their operations from prying eyes?
The most viable answer lies in the utilization of various privacy-tools for your team’s internet connections. Using these tools, most especially VPNs cloaks your company’s sensitive activities on the web, and it limits the data available to hackers that would inform them on ways to infiltrate your security. However, make sure that the privacy tools you adopt conform to your company’s privacy policies as well as its data handling practices.
Comply With Regulations
Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies governing your region are regulations that would help you as a firm legitimize your operations. Complying with these policies would make you less attractive to nefarious individuals that could pose as potential customers with the intent of crippling your activities.
Employ Practical Security For Your Firm’s Crypto Wallets
Experts believe that the major factor motivating malefactors is money. As such, every strategy and malicious software deployed by these entities, to breakdown your defenses, are all part of a grand scheme to extort you of your money. And this poses a threat to crypto firms since it is likely that a fraction of their funds are in the form of crypto. This, coupled with the fact that crypto custodial facilities are yet to reach a globally accepted standard continues to haunt crypto firms.
In the meantime, the best way to bypass the risks that accompany storing crypto lies in the utilization of cold storage, particularly hard wallets. However, as we have seen in recent years, this does not necessarily guarantee that your funds are safe from threats lurking on the internet. When it comes to securing your crypto the following would go a long way to make your wallet’s defense formidable;
- As mentioned earlier, use cold storage or hard wallets
- Ensure that your wallet is disconnected from your business’ network
- Use 2FA as a secondary validation tool for your wallet’s security
- Backup your wallet’s key in a well-secured manner and you could split the key and distribute them among trusted employees. This would ensure that no single individual can access the content of the wallet autonomously.
Utilize Unique Passwords And 2FA For Your Firm’s Official Accounts
Social media presence is essential for every firm and although this is most beneficial to your firm’s growth, yet, poor handling of these accounts could jeopardize your company’s security. Bearing this in mind, it is imperative that you utilize unique passwords for each account and 2FA where possible.
Security is a critical topic in the crypto space, and it is your duty as a business owner or executive to shield your business from the growing security threats in the crypto world. As such, the above-listed security practices would go a long way to put your business beyond the reach of malefactors.