A proposed cybersecurity model for cryptocurrency exchanges

  • Author(s) / Creator(s)
  • There are various cryptocurrency exchanges which are accessible from all over the world. Due to the uptrend in cryptocurrency, interest in cryptocurrency seems to be increasing. Although cryptocurrency exchanges involve blockchain technology, it is ineffective in the management of security to cryptocurrency and wallets. The most common way for a novice user to handle cryptocurrency trading is through cryptocurrency exchanges. Users have insufficient knowledge of cryptocurrency trading and are prone to cyber-attacks. Due to the tremendous increase and popularity of cryptocurrency, antagonists make illegal attempts to gain the cryptocurrency. Therefore, this paper analyses the vulnerabilities and attacks that happened on exchanges and wallets between the years 2016 and 2019. Furthermore, this paper suggests the relevant security tools and techniques such as Runtime application self-protection (RASP) and Hardware security module (HSM) that secure the cryptocurrency exchanges and their wallets. Additionally, an incident response plan will be developed using an international standard like NIST. And OWASP web security testing guide has also been provided as best practices for exchange website testing to handle the existing application vulnerabilities.

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  • Type of Item
    Research Material
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  • License
    Attribution-NonCommercial 4.0 International