Data is the real treasure of today’s world. No matter where you work or what you study, everything is based on data acquired through eons. Especially in the world of finance, data is everything. They are the secret to your success and reach along with them being the measuring tree for your next big step if you are an organization. Since 2020, after COVID-19 hit all of us, the usage of data as we knew it, also changed its ways.
To be more specific, as a crypto organization ourselves, CoinDCX values one part of the data to measure the daily trading volume, whereas they utilize another part of the data to work on solutions their user base has been asking from them. For the last couple of years; i.e. since COVID, securing data needed remote cleansing. Security experts of the organizations took support from various applications to make sure that their company data remained safe and secured. CoinDCX was no different. Our security head, Akash Mishra, and his team are doing their absolute best and regular reminders to keep our data secure and help us maintain compliance in the WFH situation.
The crypto space in general is very new to us. As the notion is still in the understanding process and while the world is facing one real-time problem at a time, hackers have never been happier. Blockchain technology is very well-equipped to shake the phishing attacks but that does not mean there are no attempts. It is always easier to be prepared for the possibilities of hacker attacks than choosing to remain unaware of them.
Best methods we can explore to save ourselves from hackers are:
- Applications should only be installed from official sources(for example Google Play Store and App Store). Installation of application from an untrusted source is risky
- Keep your device os and applications updated with the latest security patches
- Do NOT leave your device unattended. Do NOT plug in untrusted accessories in your device.
- Use VPN Software to establish a secure network connection.
- Follow good security practices like Connect to HTTPS websites. Check the URL of the platform in the address bar before providing credentials.
- Clear browsing session information when using devices that do not belong to you.
- Don’t use public wifi while using CoinDCX
- Bookmark the URL https://coindcx.com/ and use the bookmark for accessing the platform
- Regular audit of communication/account activity
- The only medium of communication with CoinDCX is through the support channel https://support.coindcx.com
- Using a password manager could be a good start. I would suggest that if you have funds more than 1000 USD in your account then you can invest some money in getting a VPN connection/password manager.
- Don’t use rooted/jailbroken devices for accessing the CoinDCX app.
- Try Haveibeenpwned.com to check if your email id has been compromised.
Data Compliance in Remote Working:
As a crypto exchange, all employee systems are vulnerable to phishing attacks. There is no saying that opening one website will not affect the software. There are possibilities of employee systems getting crashed due to harsh usages and so many more reasons. One thing that remains important is the previously worked on data and research links. To make sure that the data of the company is protected, the compliance team makes sure that:
- Every activity is logged in the company database
- There is a dedicated offline team that works together on well defined SOPs to take care of all manual screenings
- Employees systems are monitored using jump cloud
- The infrastructure of all systems is available only through VPN and the access is restricted to only a few individuals of the security team.
- All user data are encrypted and stored.
With data being the most sensitive matter of an organization along with all of this complexity at play, the need for data protection, privacy, and compliance has become one of the most complicated and worked upon areas in the technology arena. Thus, it is imperative that organizations are always implementing the best practices and onboarding software that are all-rounders in data privacy and security. Keep an eye out for this space to know more about the security measures and data compliance strategy that the first crypto unicorn of India implements.