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BCH $642.87 (1.12%)
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Extreme Cybersecurity Is Imperative For Crypto Exchanges

Extreme Cybersecurity Is Imperative For Crypto Exchanges
  • Kraken’s cybersecurity defenses have never been breached.
  • This is thanks to Payward’s excellent cybersecurity measures.
  • New employees must go through rigorous cybersecurity training before their initiation.

Payward Inc operates Kraken crypto exchange. The San-Francisco-based company is solely responsible for Kraken’s incredulous yet effective cybersecurity system. Presently, investors value Kraken at $10 billion.

Payward was established in 2011. The company’s chief security officer, Nick Percoco, claims that most ransomware criminals tend to attack companies by ‘Trojan-Horsing’ them via their employees.

For instance, Cyber criminals dig up personal information on employees on the internet and use that data to personalize phishing emails that contain malicious software. Therefore, Payward takes extreme steps to ensure proper security training for its employees.

In particular, some of the measures include putting new employees through a two-day security course. After that, they will begin setting up PCs and passwords for three days. Next comes a complete week where the employee will go over a special 70-item checklist routine.

Specifically, this involves personal security measures such as setting up a hardware token login authentication for all personal devices, closing social media accounts, and installing surveillance cameras and alarms at home.

Besides this, upon completing their initiation, employees cannot ever use USB charging ports, share the location of their offices, or even identify as Kraken employees. Additionally, they prohibit all employee devices that access suspicious websites or download huge bytes of data.

Furthermore, the employees who attend any company parties with family must have them sign non-disclosure agreements — even the children if they know how to write. Moreover, the guests cannot connect to the company WiFi either. Finally, as another precaution to not draw any attention, employees must also wear extremely casual and average clothes and accessories.

These steps may all seem ridiculously extreme, but they seem to be working for Kraken. According to Percoco, Payward’s cybersecurity process hasn’t ever betrayed the company. With no breaches to their system yet the company is able to counter all phishing attacks successfully so far.

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