Know about CER recommended  the most secure way to reduce crypto scams

• CER ranks exchanges based on their cybersecurity score (CSS), which is based on over 18 indicators.

• Criminal actors have lost an estimated $3.1 billion since 2016 by hacking exchanges, DeFi protocols, and marketplaces – with decentralized exchanges and DeFi protocols being the top target.

The number of attacks targeting the crypto sector has roughly doubled since 2020, according to the analytics firm Crystal Blockchain, as seen in the graph below. 

According to DeFiYield’s REKT database, criminal actors have lost an estimated $3.1 billion (excluding Africrypt and Bitconnect frauds) since 2016 by hacking exchanges, DeFi protocols, and marketplaces – with decentralized exchanges and DeFi protocols being the top target.

As a result, greater security measures are essential to keep exchanges safe throughout the period of global crypto growth.

What effect may exchanges have?

When dealing with issues like this, exchanges must be proactive in developing best practices. Code audits on a regular basis to assure the security of exchanges, as well as other security activities, are becoming increasingly vital.

Because these issues are so frequent, a variety of guidelines for exchanges have been established. SOC2 and ISO 27001, for example, are among the key standards that ensure exchanges satisfy globally defined security criteria.

When it comes to CER metrics – a cybersecurity ranking and certification platform – exchanges that want to get a high-security score must follow ISO 27001 and SOC2 standards, which “allows any organization to protect the security of assets such as financial data, intellectual property, personnel data, or information given by third parties,” according to the company.

CER recommends the most secure exchanges

According to Crystal Blockchain, the volume of Bitcoin directly exchanged between exchanges in 2021 (excluding December) was anticipated to reach $279 billion, a 312 percent raise over the previous year. Now, that’s just Bitcoin – in January 2022, Binance, one of the most popular cryptocurrency exchanges by volume.

CER ranks exchanges based on their cybersecurity score (CSS), which is based on over 18 indicators. So far, the platform has assessed the security of over 300 exchanges in an effort to give an authoritative assessment of the state of cybersecurity in the cryptocurrency exchanges business. CoinGecko, one of the main oracle providers in the crypto world, uses the company’s data as part of its trust measure, as does Chainlink.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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