2018 will be the year of ICOs. This brings a large concern because setting up an ICO is pretty easy. You have tons of Youtube videos how to set up the ERC20 token (token built on Ethereum blockchain). That, on the contrary, lowers the level of skills that are needed to enter the market. Hackers that are targeting ICOs know that it’s almost impossible to hack Ethereum’s or Bitcoin’s Blockchain, instead of doing that they are targeting weak points. Without naming names, who have been unfortunate to get hacked, we have made an overview, where are the main security issues, and how could you avoid them.
WHAT ARE THE WEAK POINTS OF PAST HACKS AND HOW CAN YOU ELIMINATE THEM FROM YOUR ICO?
USE A COLD STORAGE WALLET
If it’s offline, it’s hard to touch. For an extra layer of security use hardware wallets or paper wallets. Remember to lock them up in some place secure.
NEVER USE THE SAME PASSWORD TWICE
You need only one security breach to turn everything upside down. Use different passwords for all the accounts, if one of them gets hacked, the rest are safe.
If possible, always use 2-step verification. If your password is compromised, they still need to access your phone to get that second step verification.
EDUCATE YOUR TEAM ON CYBERSECURITY
Don’t expect your ICO’s team to be experts in cybersecurity. When dealing with other people’s money, security comes first.
KEEP YOUR KEY STRUCTURE SECURED
Keep the passwords for different servers or services on only need-to-know bases. By doing so it will lower the risk of sensitive information ending up in wrong hands.
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