Security Measures for Cryptocurrency
Security measures • As the usage and popularity of cryptocurrencies are increasing, it is important to make it safe and secure, since cybercrime is on a rise these days. To secure cryptocurrencies, security measures have to be implemented both by the cryptocurrency administrators as well as the users.
CryptoCurrency Security Standard (CCSS) • CCSS is a list of requirements which has been designed carefully to govern all the information stored for accepting and transacting with cryptocurrencies like Bitcoin and Ethereum.
Security levels • Cryptocurrency security levels are based on security aspects like key/seed generation, key usage and storage, third-party security audits, data sanitization policy and audit logs. The security levels are based on lowest common ratings.
Penetration testing • Cryptocurrencies are subjected to penetration testing, in which the security of cryptocurrency exchanges and platforms is assessed and vulnerabilities posing a risk to the assets and security of users is identified.
Social engineering • Criminals have been involved in targeting people using cryptocurrencies with techniques like phishing and spoofing with fraudulent coin wallets and much more. Social engineering tests help to uncover vulnerabilities at the human level.
Never disclose ownings • Avoid disclosing any of your ownings and profits. Cryptocurrencies are volatile and their value has increased over time. Do not share details about your cryptocurrency assets on social media, as you may become a target.
Scams • Cryptocurrency-related scams are widespread today. They come in many forms like fake giveaways, sophisticated websites and so on. Nobody gives money for free, so if it is too good to be real, ignore it.
Two-factor authentication • Two-factor authentication should be enabled for gaining access to your crypto wallets or accounts as this is a safe method. Almost all cryptocurrency platforms support this method of authentication.
Keep your device safe • It is also important to keep your devices safe and secure by installing regular updates, using an anti-virus software and secure storage of data. Avoid accessing unsafe websites and downloading unverified files.
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