A Quick Guide: Cryptocurrency Security Standard
Cryptocurrency, NFTs, ICOs, Bitcoin, these words are ruling the tech world today. A concept that kicked off with apprehension is now appearing to attract many people for investment. Despite the growing use of cryptocurrency, there is a point of security concern.
Despite making a strong presence in the market, cryptocurrencies have not yet garnered positive reviews from all. There is a point of concern about authentication, confidentiality limitations, and authorization. These bottlenecks are the obstacle in the mass adoption of cryptocurrencies. Hence, the companies are trying to figure out the right way to provide complete security for crypto exchanges. By adding standardisation of the security techniques, we can remove these bottlenecks and make cryptocurrency a success. In the world of crypto, the security standards are referred to as CCSS or Cryptocurrency security Standard. It was introduced in 2014 to provide guidelines to manage the cryptocurrency exchange.
How does CCSS work?
To put it in simple words, this is the basic standard of security of the cryptocurrency exchange platform or organization. It is subdivided into three levels to increase security:
· Level I- The audit checks if the system that has achieved this level of security can protect the crypto wallets. Although this is the lowest level of security, the organization that has achieved this level is considered to have strong security measures.
· Level II- This is an enhanced level of security. It has formalised policies that are deployed at each step within the business processes.
· Level III- In this, multiple actors are required for an advanced authentication mechanism, which eventually enhances the authenticity of data, and the distribution of assets is geographically and organisationally. This level is achieved when the external audit confirms that the organization has implemented the most advanced level of authenticity and transparency.
When all these requirements are put together, we have more secured crypto wallets that are resilient to any kind of threat or breach. To ensure that the CCSS is up to date with the industry best practices, a CCSS Steering Committee has subject experts. They ensure that the system is absolutely safe and free from any breach or compromise.
Any organization that is working in the domain of cryptocurrency and has achieved any of the levels mentioned above highlights that the platform is absolutely safe, and the company becomes more appealing in the eyes of the regulators. The successful implementation of the CCSS guidelines allows your company to work in a more secure manner, thereby reducing the probability of any risk. It also gives a boost to the image of the company in the eyes of those operating at any one of the CCSS Levels can help your organization become consumers. Thus attracting more customers to opt for cryptocurrency exchange.
Concluding thoughts
With the basic implementation of the steps of security, it becomes easier for the company to provide complete security to the information and guarantees a seamless and secured flow of transactions. Connect with the Blockchain Council today to get more such updates on cryptocurrencies or know about the cryptocurrency certification.
