What the crypto industry needs to do to be a more secure & viable alternative to fiat currency

Security will be a pressing issue across the broader realm of Web3 and for technologies such as crypto in 2023. We are increasingly seeing more sophisticated scams and targeted data attacks rushing to fill this latest frontier of the internet.

The relative infancy of this space, combined with its rising popularity, means it’s no wonder platforms like Binance are target number one. If even the world’s biggest crypto exchange is susceptible to cyberattacks, how will the average person ever accept it as a viable alternative to fiat currency?

The main thing halting the future of crypto in 2023 is the regulatory uncertainty and security concerns that surround it. The industry must address these issues that are leading to such frequent hacks and data breaches. Upgrading the Cryptocurrency Security Standard (CCSS) so that it offers a similar level of protection as the Payment Card Industry Data Security Standard (PCI DSS) should be priority number one. The CCSS should offer the same level of comprehensive cover for those trading and transacting with crypto as the PCI DSS does for people making card payments.

I think we will see a step change from crypto organisations next year on how they view cyber security. Security has previously focused on securing end-to-end processes typically with individuals. Instead, they need to focus on securing and authenticating the actual interactions that are happening digitally between people and companies, whatever realm they’re in.

As organisations embrace Web 3.0, authentication and verification techniques will need to evolve to become more sophisticated and stringent. These measures combined will be needed to open the door for mainstream acceptance of crypto, as only then will the industry will be able to assure the public their funds are safe from hackers.

 

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