Recently, the leading payments and cryptocurrency platform, Crypto.com, has officially accomplished Level 3 compliance with the CCSS (Cryptocurrency Security Standard), which is the strictest and highest level attainable. After thorough security audits by a group of cybersecurity and compliance specialists, Crypto.com now adds CCSS Level 3 to the current ISO 27001:2013 and Level 1 – PCI: DSS 3.2.1 compliance certifications.
— Crypto.com (@cryptocom) September 20, 2019
Besides, Cryptocurrency Security Standard takes into consideration a progression of strict security prerequisites of a data framework that stores, transacts or acknowledges cryptocurrency, which includes exchanges, cryptocurrency storage solutions, and web applications. Further, Cryptocurrency Security Standard is intended to supplement existing data security standards, like ISO 27001:2013, by presenting extra guidance for better security practices concerning cryptocurrencies.
Crypto.com was established in 2016 to expedite the world’s transition to digital currencies. Some of the Key products comprises of, the best place to sell, buy and pay with cryptocurrency – the Crypto.com Wallet and the Card App, A metal card with no yearly expenses – MCO Visa Card, and Crypto.com Chain, which empowers clients to pay and be paid in any cryptocurrency, anyplace, for free. Moreover, Crypto.com is based in Hong Kong with a strong team of 120 employees.
Chief Information Security Officer of Crypto.com, Jason Lau, stated,
A key component of any cybersecurity strategy is the ability and willingness to adapt existing security controls to incorporate new technologies and processes. As the cryptocurrency industry continues to evolve, complying with the highest Level 3 tier of the Cryptocurrency Security Standard further shows our commitment to cybersecurity in the crypto-space.
Cryptocurrency Security Standard has been created jointly by a team of developers, security specialists and researchers to provide clients secure and safe methods for taking care of cryptocurrencies which includes Bitcoin, Litecoin, Ethereum, and several others. Over and above, it is not intended to be an independent governing document; relatively, it needs to be utilized in pair with existing best procedures for data security, like ISO 27001.
Nevertheless, Cryptocurrency Security Standard discloses ten essential parts of cryptocurrency security, which includes software and hardware, staff, policies and techniques, and few more. The above-mentioned parts are utilized as a scoring framework to determine an organization’s total degree of security on the measurement of one to three. Level 1 is the least level and offers reliable safety measures, whilst Level 3 is the topmost and provides the most extensive means of security.