Before joining the EZ365 team as Chief Technology and Information Security Officer, I spent many years working with leading stock exchanges where I was responsible for overseeing network and security infrastructure. Now that I’ve ventured into the blockchain/cryptocurrency space, I’m often asked what the main differences are between these vastly different financial environments from an information security perspective.
Let me start by saying that both industries face their own challenges, however, from a security standpoint the fundamental difference is the proximity to the “perimeter”. The trading platforms of traditional stock exchanges are nowhere near the perimeter and leverage a system of leased lines, point- to-point circuits and many firewall layers. In the digital currency space, by contrast, everything is decentralized and in the public Cloud.
And so I was appointed to the EZ365 team with one specific goal – to marry our easy-to-use online platforms and user experience with an information security approach as robust as that of any of the traditional stock exchanges. This means ensuring our back-end systems are nowhere near the Cloud and well out of the reach of savvy hackers.
Taking a trip down memory lane, when I started working for institutions like the Toronto and Montreal stock exchanges, we didn’t know or care what the internet was. When it was introduced, it was just something “separate” from business; if it was hacked or attacked it certainly wasn’t going to affect the jewels of the organization. Today, the internet is many industries’ first choice of doing business. You have to surround your jewels with firewalls and take a thorough, thoughtful and prevention-focused approach to protecting the whole infrastructure.
Security is one of the most important considerations people should have when looking to participate in the cryptocurrency space in any capacity; whether as individual traders, hosting facilities, developers, you name it. Why? Because, any way hackers can get in, they are going to try and get in. It seems like every week we learn about some new cryptojacking; vulnerabilities and malware in environments where the appropriate preventative measures have not been taken.
Fortunately, smart and savvy platforms like EZ Exchange and EZ Win are making information security their number one priority, with a laser-focused approach to locking things down and preventing hackers from ever entering their environment. I’m proud that one of our key differentiators is our commitment to be the safest, most secure option for digital currency investors and iGamers by staying ahead of the curve of potential threats and offering a level of security comparable to major financial institutions.
To achieve this we’re constantly reviewing all existing industry breaches and aggressively preventing vulnerability from the perimeter. We’re putting rigorous controls and procedures in place, designing our platform to comply with the global ISO 27000 standard, conducting frequent audits on our infrastructure, engaging in regular vulnerability and prevention testing, and even using third-party tools to block attacks of any kind.
While I’m proud of the model we’re setting in this industry to ensure the safety and security of our users, there is only so much one exchange can do to protect your information and assets.
In my next blog, I’ll share some security measures that you can take to protect your digital assets.