First draft of a Crypto-currency Security Standard published

The CryptoCurrency Certification Consortium (C4), a Canadian-based not-for-profit organization, and BitGo, a Bitcoin security platform, have released a “CryptoCurrency Security Standard” (CCSS).

The document, described as a draft awaiting public discussion, is designed “to complement existing information security standards by introducing guidance for security best practices with respect to cryptocurrencies such as Bitcoin.” “By standardizing the techniques and methodologies used by systems around the globe, end-users will be able to easily make educated decisions about which products and services to use and with which companies they wish to align”, explained the authors.

The standard defines three levels of security, each of which defined by a set of requirements on different aspects, such as the way online wallets key/seed are generated or stored. Once implemented by any company providing a service based on crypto-currencies, every aspect could be validated through an external audit, establishing the security level provided by the company.