After the announcement of CoinGecko incorporating Hacken’s CyberSecurity Score into their trust score, CER has officially established our place as the de-facto cybersecurity standard for the crypto exchanges. Tying in with the fact that crypto exchanges have substantial monetary holdings, their ability to maintain a secure operational environment then becomes a very important evaluation criteria. Currently, 20% of the CoinGecko Trust Score weightage belongs to cybersecurity metrics provided by CER.live platform.
After the careful evaluation of cybersecurity criteria and discussing it with various companies in the industry, we understood that bug bounty programs and penetration tests are underrated. Penetration testing examines the real-world effectiveness of existing security controls when a skilled human actively tries to hack in. While automated testing can identify some cybersecurity issues, true penetration testing considers the business’s vulnerability to manual attacks too. After all, bad actors aren’t going to stop their attacks just because the standard automated test doesn’t identify a vulnerability.
Regular penetration testing can determine infrastructure, software, physical, and even personal weaknesses and help your business develop strong controls.
For much the same reason you go to a healthcare provider for an annual wellness check, it makes sense to turn to highly trained security consultants to carry out your security testing. While you might think you’re perfectly healthy, a doctor can run tests to detect dangers you may not even be aware of yet.
We have decided to increase the weightage of a penetration test and bug bounty to 50% of the total score in the CER cybersecurity rating. We believe the increased weightage of these security solutions will increase the overall cybersecurity level of all exchanges. In Hacken, we strongly advise all exchanges to conclude penetration tests or launch a public bug bounty on any trusted platform.
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