There is no shortage of cryptocurrency exchanges. However, it is quite hard to choose the cryptocurrency exchange due to numerous reasons. Nevertheless, thanks to CoinGecko it is possible to learn more about the cybersecurity standards of the more than 400 cryptocurrency exchanges listed on its platform.
Moreover, cryptocurrency market data aggregator CoinGecko updated its Trust Score algorithm to consider the cybersecurity standards of the exchanges. It is worth noting that, starting from this month, 20% of Trust Score’s algorithm will be based on a cybersecurity rating provided by security technology company Hacken.
CoinGecko and cybersecurity standards
According to an announcement, thanks to the updated version of its Trust score algorithm, the algorithm will provide a more comprehensive overview of cryptocurrency exchanges. Interestingly, the firm wanted to cooperate with a cybersecurity company to incorporate, cybersecurity score since introducing Trust Score. However, CoinGecko was unable to find any suitable partner.
Hacken’s cybersecurity score seeks to measure the ability of exchange when it comes to maintaining a secure environment for the platform. Moreover, the score measures how well the exchange maintains a secure environment for users.
The score takes into account several factors such as server and user security. Moreover, the score also reflects on historical hack cases and bug bounty of crowdsourced preventive measures. Interestingly, the score grades exchanges from 1 to 10 according to those factors.
Cryptocurrency exchanges are among the most complex and financial platforms. Moreover, they became the main targets of the growing black hat hackers community.
It is worth noting that CoinGecko plans to further develop its Trust Score in 2020. The company is gathering information about several other metrics. Cryptocurrency market data aggregator wants to include new metrics in the future Trust Score algorithm updates. This is not the end of the story as CoinGecko also plans to launch new metrics tracking regarding the crypto derivatives market this year.