Client's Task
The company built a CeFi platform allowing crypto investors to buy, sell or swap their cryptocurrency assets for either fiat money or other crypto assets.
According to our client, the CeFi trading platform will use customers' details to access their dashboard when logging in. Part of these details will be their username (Phone number or Email Address) and unique password.
In addition, the users must submit more private details like their Date of Birth, driver's license and international passport details, and face images to withdraw more than $100 per day from their account after trading.
Our client wanted us to build a unique software for his CeFi platform that will help mitigate the risk of data breaches and leakages. The software is supposed to capture the data, save them in a highly protected cloud storage and have backup and automatic data updates. According to our client, "We do not want to lose any data as much as we do not want someone else stealing them from us."
Our Solution
Hence, to secure our client's customers' data and prevent loss or theft, here are the five security measures we put in place.
1. We developed unique software to help our client manage his data privacy and security. The software allowed the organization to store the information of the CeFi users in a secure location on the cloud. The software was fortified with cutting-edge security protocols, including data encryption technology. The essence of this fortification was to prevent third parties from corrupting, accessing, or extracting the data in our client's CRM software. In addition, we ensure that apart from storing data, the software solution can segment, analyze, and organize customers' data to help our client know their users and build sustainable marketing strategies.
2. The next thing we did was to perform a risk assessment and security audit for our client. As part of our best practices, we critically examine the CeFi software to ensure no loopholes exist. This audit and assessment aim to prevent potential threats to our client's data. Sunny Security Labs knows that we live in a digital era where companies that do not put adequate measures to protect their systems will lose their data to cyber-attacks.
3. Sunny Security Labs does not just develop our solutions and take our eyes off them. We keep monitoring the data activities on the CRM software, like network activity and system logs. The reason for the close monitoring is to quickly catch anything that may come up, whether it is a data breach or not.
4. We know we cannot achieve full data privacy and security without our client's involvement, so we trained the company's team to manage data properly. We ensured that every team member knew how to manage, use, and move data securely because they will be responsible for dealing with the company's user data. We do not want the data breach coming from within. We also encouraged our client to set up authorization levels in the team. These levels allow a few people to access certain data levels on the CRM software. We believe the fewer people accessing the company's data, the lesser the threat.
5. Our CRM software already allows automatic backup into the cloud. We made it that way to save our clients the time for moving data from the software into another location. With the cloud backup automation, we assured our client of data restoration if anything ever happens to the CRM software or the data it contains.
Result
After putting all these security measures in place, the CeFi platform has not suffered a data privacy breach. The CRM has made it one of the safest CeFi trading platforms in the crypto industry.
