Cryptocurrency exchange security checklist and safety measures
We have covered important security guidelines which should be followed in every cryptocurrency exchanges. The checklist needs to be verified and certified to be the best exchange platform. Here’s the list below.
1.Cross-Site Scripting (X-XSS-Protection):
Cross-Site Scripting (XSS) attacks are the technique, in which malicious scripts are injected into the exchange websites. XSS attack is started when an attacker uses a web code or application to send malicious script, generally in the form of a browser side script, to a different end user. Since the code has gain access to the hackers to get all the information from user side. This is causing the unanonymous loss of funds from user wallet.
A distributed denial-of-service (DDoS) attack is one of the main methods of disruption in the modern day Internet. By overloading a targeted cryptocurrency exchange website with huge traffic, the attacker is able to render a website or service unavailable. Even the famous exchanges like Bitfinex,bitrex had also experienced this attack and after it was adjusted normally. Perhaps, when the exchange is not under DDOS attack, due to the massive amount of transactions in the exchange will reduce its performance.
3.Exposing Server Information:
If you are showing the backend information about the software, server, script details used in the exchange, it will create problems. This creates a way for hackers to study your exchange security completely and finding the path to intrude. So, avoid doing this mistake and be confidential about your backend development.
It is the similar to the attack discussed above. It’s nothing but the another layer of protection for preventing the exchange from XSS attack.
5.Clickjacking attack and X-Frame-Options:
Clickjacking is the user interface hack done by the intruders. It is the process they use the transparent layer to cheat the users clicking on the button or link which redirects to another domain owned by the attackers. After the redirection, the user believes they are typing passwords and private keys of the exchange account they hold, but instead they are typing in the invisible framework controlled by the attackers.
6.HTTP Public Key Pinning (HPKP):
HTTP Public Key Pinning (HPKP) is an encrypted security mechanism delivered via an HTTP response which allows HTTPS websites to resist the misuse of websites by attackers using fraudulent certificates. The passwords and user information stored in the exchanges are secured through the socket layer. This will have an added advantage for the users to trust your cryptocurrency exchange.
Cold storage is the one of the viable methods used to store bitcoins in offline. It can be done by using hardware wallets for storing the currencies. For example, hardware wallets like Trezor or Ledger and paper wallets can be used to store the coins. The most protective method is the hardwallet because it involves the stages encryption,multicurrency storage and together with multisignature. Investors left some coins in the system for regular usage and left remaining funds in the cold storage for security purpose.
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