June 11, 2021 – While standards like the Payment Card Industry Data Security Standard (PCI DSS) are mature and well-known, cryptocurrency frameworks are just beginning to emerge and become accepted. On the forefront is the Cryptocurrency Security Standard (CCSS), an open-source framework that focuses on data security and storage within an organization.
The CCSS differs from PCI DSS in that it only focuses on ensuring that organizations take proper precautions with regard to the secure storage and handling of cryptocurrency wallets. With transactions taking place securely on the blockchain, the philosophy behind CCSS is that organizations should focus their efforts mitigating the risk that crypto assets in their possession are stored and managed securely.
The CCSS is organized into three levels, with some of the biggest cryptocurrency service providers like Crypto.com already meeting CCSS Level 3 standards. Companies will need to familiarize themselves with practices like secure key storage and creation, maintenance of audit logs, and coming up with a crypto-specific data sanitization policy. While the CCSS isn’t a formal law or regulatory requirement yet, it’s best that businesses familiarize themselves with these concepts sooner than later if they envision using crypto in the future.
What’s important is that businesses separate the signal from the noise in the cryptocurrency sphere. Once you get past the hype, it’s clear that Bitcoin and other forms of crypto will likely represent a significant part of the business payment ecosystem. How long that will take — and what it will look like — remains to be seen. Forbes reports. | READ MORE