Cyber hacks leave a serious impact on the integrity of multiple industries and sectors. This is because a wide array of industries including finance, manufacturing, and governance use cyber services. Bitcoin currency domain recently experienced one of the most damaging cyber attacks of contemporary times. As a result, hackers embezzled bitcoin assets worth $40million without any recourse from the source.
In light of this incident, Binance has resolved to improve its security by raising the quality of checks. Binance operates one of the world’s largest exchange base for crypto currency. The company revealed its plans to revamp the dynamics of its security practices and procedures. Further, Binance aims to make changes to 2FA, API, and other withdrawal areas to improve security. The hackers had used these withdrawal validation areas to embezzle the bitcoin assets.
Key Measures for Improved Security
CEO of Binance, Changpeo Zhao made important revelations with regard to the theft. He stated that the hackers has used external and internal vectors to target all types of users. This statement contradicts the belief that hackers only target users with high net worth. Binance intends to work in the area of “phishing” by introducing innovative means of aversion. Furthermore, the company shall also strengthen KYC updates in the coming times.
Threat analysis could be the cornerstone for overhauling the security dynamics of Binance. The company is working with over a dozen experts to improve its security dynamics. Zhao believes that hackers could be easily tracked down once the company decodes its new security module. There is no contention about the assertion that Binance has taken the bitcoin breach extremely seriously.