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Only seven Korean cryptocurrency exchanges passed state verification of cybersecurity systems

January 12, 2019 10:32:16 - The government of South Korea has verified 38 cryptocurrency exchanges of their country. As a result, it was established that only 7 trading platforms meet the safety requirements, another 17 exchanges couldn’t even participate in the test.

The Ministry of Science and Information Technologies of South Korea has published the results of a large-scale inspection of the security systems of 38 cryptocurrency exchanges. The Ministry of Safety and Security Agency (KISA) acted as a partner of the Ministry during inspections.

According to published data, only seven cryptoexchanges meet all 85 requirements of inspectors. The security level of 14 tested exchanges has not changed since the last inspection, and 17 platforms have not been tested at all.

The inspection lasted from September to December of the last year. Security systems of 21 exchanges were already inspected in January to March, and 17 platforms were examined for the first time. In addition to four other major exchanges, satisfied investigators during the audit, are Bithumb, Coinone and Korbit.

Fourteen companies from the first wave of inspections failed to pass 51 checklist points. Regulators recommended that they focus on correcting these criteria in order not to fall victim to hacker attacks.

As for the new 17 cryptocurrency exchanges involved in the second wave of inspections, according to representatives of the ministry, their overall level of security turned out to be rather low. On average, they failed 61 points from the requirement list. The most common security problems encountered were specifically networking, as well as a low level of access control and the lack of functioning security systems for personal computers and networks.

Korean officials have emphasized that they will continue to check cryptocurrency exchanges for vulnerability of security systems to prevent of hacker attacks on investors.

The Ministry of Science of South Korea announced the start of systematic testing of cybersecurity for cryptoexchanges back in September 2017.

Let’s recall that in August, South Korean authorities decided to increase the budget for research and development of the blockchain technology for 2019. About $ 4.4 billion will be received by the “Growth through Innovation” program, which will finance various projects focused o

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