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How a crypto firm is making security a differentiator

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How a crypto firm is making security a differentiator

Creativity and innovation are highly valued by business leaders; the former enables you to detect unusual patterns and identify possibilities, the latter to turn possibilities into results. Both can be absolutely essential to growing a business, but for bitbuy CIO Andrew Park the power to innovate depends above all on good security.

“We exist in a space where there hasn’t been a lot of regulation,” he said. “But that is changing. What we want to do is be part of a baseline in Canada – a higher standard. If for Park, to commit to regulatory standards such as those put in place by IIROC is essential – “it comes with the territory” – it is only a small part of what is needed. The customer, he says, is and must remain at the center of everything they do.

Complete and consistent

“Each of our customers must have absolute assurance of a safe journey,” he said. “A person who buys and sells cryptocurrencies must have it. Without this essential trust that we are fully committed to their safety, the arrangement quickly falls apart.

Andrew Park - CIO, Bitbuy
Andrew Park – CIO, Bitbuy

Every organization may have their own unique touch to keeping their network secure, but for Bitbuy, IT should be two things: complete and consistent.

Download the free report: “Innovation Profiles Series: Financial Services”

“We go from the lower level of our platform all the way to the API level, reviewing and testing every security check and balance in place,” Park said. “And we do that pretty much non-stop, on an ongoing basis, to make sure that our customers can have this full assurance of security – that, for example, their crypto balance is 100% protected at all times.”

Bitbuy chose AWS as their preferred cloud provider, Park said, and have taken every step to ensure that everything they build and use on AWS is secure.

Usual versus unusual

“At the platform level, we monitor all activity, without exception. Our sight lines are such that for every incident that occurs, we have the ability to go back and see what happened at the platform level.

Bitbuy uses Amazon GuardDutya highly intelligent service that operates on the idea of ​​a basic “usual” activity versus an activity labeled as “unusual”.

“From DNS VPC activity to cloud trail to all other incoming information, GuardDuty gives a clear view of what is ‘usual’ and what is not. Although we have had occasion to see these mechanisms in action, in each case it was a misuse of services by personnel unfamiliar with our environment rather than something malicious But we have the ability so if something happens , we can catch it and solve it quickly.

Go to dirty areas

Park said innovation can and does come in the form of certain “outside the box” practices and protocols to ensure that security is not just strict, but hermetic.

“Because of the business we’re in, where you see a lot of wealth changing hands on a daily basis, you have to go the extra mile to make sure things are as tight as possible” A client with any connection on the dark web can trigger an “unusual activity” indicator. Bitbuy’s verification and compliance team must venture into the dark web to verify customer presence and, if necessary, Company in the darknet.

“We have a dark web monitor,” Park said. “Our verification team’s job to verify the nature of a customer’s presence on the dark web may involve visiting some, shall we say, interesting websites.”

Going into dark areas of the dark web can be a risky business in itself.

“What we’ve done is create a specific network dedicated to this type of browsing,” Park said. “using Amazon AppStream 2.0 our verification team can launch a Tor Browser based on the AWS Isolated Network. Whatever happens to this network, it is isolated and has absolutely nothing to do with the rest of our environment and our activities. »

Always moving, always improving

Park cannot stress enough the importance of constantly reviewing safety protocols and having that ability to separate normal activity from the same slightly unnatural.

“When security is one of your key differentiators and sets you apart from others, you don’t just talk about the quality of your security – you seek it out all the time. Anyone who looks at our system would say it’s easy to set off alarms this is how it should be when talking about thousands and even millions of dollars per transaction.

But Bitbuy’s “always moving, always improving” approach spills over into everything facets of its operation. “We want to be number one in Canada,” Park said. “Customers are always looking for new features, support for more part types, etc. We currently support nine coin types, but plan to add more in 2022. But as we move forward, giving people more security will undoubtedly remain the top priority. It is the cornerstone of what we do and what we offer.

Download the free report: “Innovation Profiles Series: Financial Services”

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