Having a cryptocurrency exchange for your business gives you an edge over the competitor. You can gain higher customer traction and onboard new users to grow your business seamlessly. With the overgrowing demands for bespoke-made cryptocurrency exchanges, it has also become essential to keep a check on its security.
With the evolution of digital transformation and the change in customers' way of doing transactions, the threat of cyber attacks is also at its peak. For ensuring end-to-end security for users, business owners, and associated partners, it's essential to have an omnichannel security solution.
Compared to fiat currencies that are regulated by the authority, it becomes almost impossible to recover stolen cryptos as there is no identity verification protocol from the government. So, it becomes a priority to keep security in mind while dealing with a cryptocurrency exchange.
If you are planning to launch your cryptocurrency exchange or already in this business, you must know the types of must-have security features. On this note, let's dive into the top must-have five security features that keep your business ecosystem safe, up, and running.
1. Decentralized Wallet Storage
The trend of crypto wallets is booming, and they are here to stay with us for a long time. As these wallets offer an end-to-end transaction facility without any custodian involvement, security becomes even more critical. The majority of the cyber attacks happen on wallets because of a lack of necessary security protocols.
Companies need to have their wallet system fortified with an omnichannel security solution to overcome security threats. We at Seven Bits offer various security features like multi-signature authentication, automatic session logout, and password-protected access to keep your customers and platform safe.
In a severe scenario where the hackers have taken complete control over the exchange, the wallets remain secure, and the customers don't lose any of their assets.
2. Cryptocurrency Registry Lock
For securing the crypto exchange's information, registry lock plays a winning role. A registry lock lets the cryptocurrency exchange owner enhance the overall security by locking the domain-related information on several operations. This core security feature revokes intruders from forging the domain's details or changing the DNS server details to gain unauthorized access.
The majority of the cryptocurrency platforms miss this core security feature which puts valuable information at severe risk. As we move towards a more hyper connected digital world, it becomes essential for owners to have this feature intact on their crypto platforms.
According to a survey by ICOrating.com, less than 3% of the total existing cryptocurrency exchanges have this feature as it's not widely popular among them.
3. Anti-DDoS Security Protocol
Distributed Denial of Service or DDoS is among the commonly practiced cyberattack by hackers that revokes the access of legitimate users from the platform. After this attack, it becomes impossible for the registered users to access services or their stored assets. Seven Bits help business owners remain at a distance from this attack as we implement a robust anti-DDoS module in the system.
The anti-DDoS module prevents anyone from penetrating the system with fake traffic and keeps both users and the platform safe. If your existing crypto platform doesn't have this security implementation, it's high time to secure your platform.
4. Domain Name System Security Extension
Also known as DNSSEC, it is a security extension for your cryptocurrency exchange that secures your domain's information from hackers. With this security extension, business owners need to use digital signatures to authenticate the DNS data and keep the platform working seamlessly. The signatures can either be public, private, or both.
The core applications of leveraging DNSSEC are to verify and validate the data's authenticity and to protect the users from accessing malicious websites that steal data or track through excessive cookies. It is an advanced security feature that the crypto platform owners need to have for offering a hassle-free trading experience.
5. Internet Web Security Protocol
There are several web security protocols, and each one serves a specific purpose. For securing the cryptocurrency exchange from hackers, it's essential to implement the HSTS (Hyper Strict Transport Security) protocol that is similar to HTTPS. This protocol helps business owners prevent click-jacking attacks from happening in any possible manner.
Along with HSTS, CSP (Content Security Policy) is also a robust security protocol that prevents cross-site scripting attacks. Seven Bits secures your cryptocurrency platform by implementing this protocol to ensure the safety of your users and valuable data.
Get Started with Seven Bits
Whether you need to build a new cryptocurrency exchange from scratch or want to upgrade your existing platform, we have you covered. Our Blockchain Center of Excellence (CoE) team brings in state-of-the-art crypto exchange development services and security solutions to help you thrive online.
With the support of more than seven public and private blockchain protocols, we strive to meet all your business requirements with excellence. Get in touch with us at [email protected] to explore more about cryptocurrency exchange development services.