Customers’ personal information is protected since IT security startups naturally emphasize security above anything else.
Unfortunately, most firms do not devote enough time or resources to security at the outset. When firms without sufficient security measures are victims of cybercrime, customer data is susceptible, and the consequences are high.
It is suggested that entrepreneurs examine cybersecurity studies and data in order to understand the true danger of security risks to their new company. TechTarget’s 34 Cybersecurity Stats, for example, is a dismal read for even high-risk businesspeople.
Customers are also concerned about their privacy and do not want their personal data to fall into the wrong hands. Today’s online buyers are more aware of their privacy rights and the fundamental security precautions that websites must take to protect their personal information.
If your company has a lot of visitors to its website but has poor sales and frequent cart abandonment, it’s time to focus on your IT security rules. Include cryptocurrencies since they are not a passing trend.
Cryptocurrency can already be used to make online payments. They are paid to play games and then exchange the money for US dollars. Despite its size, crypto remains the Wild West, ripe for regulation and compliance.
Crypto
The cryptocurrency (“crypto”) industry is still relatively new, but that hasn’t prevented billions of dollars in assets and investments from flooding into it.
DEFI, NFT, Metaverse, Bitcoin, ETH, Smart Contract, Dogecoin, and BAYC are all terms you should be acquainted with.
It’s not unusual to hear of sudden billionaires and investments that returned 10,000%, triggering FOMO (Fear of Missing Out).
Every day, individuals all over the globe invest and trade in cryptocurrency and its vast array of goods and services, with little regard for the company’s dedication to data security. Rekt. News is a website that monitors crypto frauds and website and corporate security breaches.
People lose money every week when a new scam or security vulnerability is posted to Rekt News.
Regulation
It is progressively gaining traction in crypto, similar to other financial rules, but it is still a long way from being legislation.
CCSS
The CryptoCurrency Security Standard (CCSS) is a cryptocurrency-specific IT security standard, similar to how the PCI DSS regulates cardholder data.
Businesses seeking to comply with the CCSS must fulfill IT security criteria to keep and secure their customers and own bitcoin assets.
Example
For example, suppose you choose to employ a bitcoin interest-paying service. Put your coin into the provider’s cryptocurrency wallet — (think of a cryptocurrency wallet as a bank account).
You think that the company offering this service, like a bank or financial institution dealing in fiat currency, is genuine and regulated.
However, assumptions may be dangerous in the crypto realm since there is almost certainly no effective regulation of service providers.
Even if you are fortunate enough to come upon a real company, getting the owners’ or employees’ contact information will be difficult.
The whole group is kept anonymous! Consider investing in a company that provides crypto services and has millions of dollars in assets but is unknown to you, and how terrifying it would be if the worst happened and they lost your money! Unfortunately, this is true, so sites like Rekt News exist!
As previously said, the crypto realm is still in its infancy. Because of the lack of information, transparency, and regulation, cryptocurrency still has a long way before its users and service providers can be trusted.
Chat app
Can you trust websites that only communicate via a chat app?
Providing a chat channel on chat systems like Discord or Telegram is a frequent technique for these firms.
Members of the project sometimes withhold personal information such as their true names in favor of a moniker. Many incidents have been reported of startups defrauding clients and then deleting the business chat channel, leaving the victims with no method to contact the company. Frequently, the same individuals will create a new firm that provides the same service and even uses the same software code!
CSS Advantages
With CCSS, there is no anonymity.
Transparency
One of the key advantages of CCSS is that at least one company representative must be familiar with the external auditor performing the CCSS audit and the CCSS certification organization.
By being CCSS accredited, the firm gives important contact information and the responsibility to anybody looking for the company’s contact information.
External Examiner
To become CCSS certified, a company must be audited by an external auditor certified by the CCSS committee (known as a CCSSA) and has no commercial ties to the company being audited.
Security of cryptocurrency wallets
Another key advantage of CCSS is that anybody interested in using the company’s cryptocurrency services may rest certain that, at the very least, the fundamentals of IT security have been applied with the cryptocurrency wallet. This move lowers the chances of the company falling victim to fraud or being hacked.
ISO27001 and PCI DSS are two IT security standards.
The emphasis of CCSS is on the people, procedures, and technology of the cryptocurrency wallet. The standard excludes the fundamental IT security procedures specified in PCI DSS and ISO27001.
The company should spend on obtaining certification in these IT security standards.
A PCI DSS and CCSS compliant firm will place a heavy emphasis on IT security and give clients a high degree of assurance that IT security is addressed seriously.
Final Thoughts
Since 2015, enterprises have been allowed to adopt the CCSS. Since then, some of the crypto industry’s most powerful figures have contributed to the standard.
Andreas M. Antonopoulos, Mike Belshe, Pamela Morgan, Vitalik Buterin, Charles Hoskinson, and Peter Todd are just a few of the names that come to mind.
A company must contact cryptoconsortium.org, which designed and maintains the CCSS via the CCSS committee, to get CCSS certified. Certified auditors known as CryptoCurrency Security Standard (CCSS) Auditors will undertake the CCSS certification (CCSSA).
If a cryptocurrency wallet is used, CCSS is an important complement to the IT security requirements that all firms should follow.
Keep an eye out. We’ll write additional articles about CCSS since we want business people to have a fundamental awareness of the standard without going into the technical details.
