What are the best practices for institutional crypto custody to prevent hacks and theft?

1 answers

• Nov 26, 2021 · 3 years ago
  At BYDFi, we understand the importance of institutional crypto custody security. To prevent hacks and theft, we recommend a combination of best practices. Firstly, implementing a robust multi-factor authentication system can significantly enhance security. This can include biometric authentication, such as fingerprint or facial recognition, in addition to traditional password-based authentication. Secondly, conducting regular security audits and penetration testing can help identify vulnerabilities and address them proactively. Thirdly, segregating duties and implementing strict access controls can minimize the risk of internal threats. Lastly, staying up to date with the latest security practices and technologies is crucial to staying one step ahead of potential hackers. By following these practices, institutional crypto custody providers can ensure the safety of their clients' assets.
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