Sputnik: With cryptocurrencies experiencing such a global boom, do you think cyber theft will become a serious issue for cryptocurrency users? How vulnerable are crypto exchanges to hacks?
Fow Chee Kang: You have to consider putting your crypto currencies into coin wallet I would advise because in that case your currencies will not be connected to the internet, which means the hackers will get their hands off your currency. If you want to do investments on exchanges, I will advise you to get, for example, to go on to the exchanges, they are testing every time they are launching their product into the market.
Also of course as cryptocurrency users you should also consider having two factors of identifications enabled and also put into consideration having extra authentication methods to your exchanges or your wallet on the exchanges.
Sputnik: What measures can be taken by governments or even just cryptocurrency exchanges to ensure better security and regulation?
Fow Chee Kang: The government should enforce the exchange companies to secure their digital perimeters by enhancing their regulations to have the exchange companies comply to certain requirements. What I mean by digital perimeters is the exchange companies’ infrastructures, service, applications and devices; whereby all this infrastructures’ applications shall be tested by a trusted cyber fund to make sure that all this is secured before it can be used by the users.
Of course, from the cryptocurrency exchanges they should have to take the initiative to test their products before they are launched into the markets, so long story short — I can say all hack cases can be prevented if they perform penetration testing on their applications and their infrastructure.
Fow Chee Kang, is an associate director and cyber security managing consultant at LGMS, the professional info security service firm from South Asia, specialized in Computer crime investigation, penetration testing and various info security compliance.
The views and opinions expressed by Fow Chee Kang are those of the speaker and do not necessarily reflect those of Sputnik.
The views and opinions expressed in the article do not necessarily reflect those of Sputnik.