Top Most Cyber-Secure Exchanges to Trade and Secure Funds Revealed by latest CER Report
- Only 14% of exchanges have a relatively good total score, above 7 points
- Bug bounty programs, password, and DNSSEC are the weakest points
Per the latest report on top 100 exchanges by Cybersecurity score, only 14 percent of exchanges have a relatively good score that is above 7 points. This means the vast majority of the trading platforms have much to be improved in terms of cyber security, especially in user security and crowdsourced security.
The crypto scene remains ridden with numerous hacks and theft that is particularly alarming. In 2018, an enormous $850 million was stolen from exchanges while $219 million have been hacked this year so far.
What’s even more disturbing is that exchanges like Cryptopia, Coinbin, and YouBit couldn’t even recover from these heists by cybercriminals. And if cryptocurrency exchanges neglect necessary cybersecurity measure for user funds and their platform, new names might join this list.
Only 5 Exchanges have 8 out of 10 points
In the light of this, Crypto Exchange Ranks CER, a crypto exchange ratings and analytics platform released its July report.
Per the ranking, only 5 exchanges including Bitbox, Gate.io, Binance, Kraken, and HitBTC have the Cybersecurity value over 8 points.
Meanwhile, the worst CSS score is of CatEX, Bithumb, and CoinEgg around 4. Huobi, CoinBene, DOBI Exchange, and Bitinka haven’t done well either, scoring under 5 points out of 10. This means these platforms are least secure to trade and store funds.
The vast majority that is 56 out of 100 exchanges have average scores, varying from 6 to 7 points.
After reviewing, the company found three weakest points in the cybersecurity of the 100 cryptocurrency exchanges. Bug bounty program availability, it reports is the worst performance factor with 81% of trading platforms not having any active programs. However, it has done better than the January report that reported 87% exchanges without bug bounties.
Another weakness is related to user security parameters that is password. 68% of exchanges have low password requirements.
DNSSEC is the third cybersecurity weakness factor reported by CER. The majority that is 60 percent of the assessed platforms do not have appropriate records for their domains, meaning they are vulnerable to DNS cache poisoning attack.