Sentry representatives Robert Shala and Drinor Selmanaj have met with George Tull, the Head of Post/Pre Sales for ICE Data Services to discuss market manipulations in crypto exchanges stemming from cybersecurity attacks and cybersecurity-related incidents. AI solutions for detecting certain manipulations have been presented as a potential future collaboration between our organizations. Apart from that, REG-SCI was extensively discussed, and a number of our insights and proposals have been taken to the Securities and Exchange Commission of the USA.
The following points sent to the SEC are some of the challenges which need to be addressed for digital asset businesses and marketplaces to fully mature without the cyber fiascos as seen in 2017 and 2018.
Lack of unified standards and regulations across crypto-exchanges and territories pose unpredictable risks to market participants
Blockchain-based platforms and decentralized exchanges require specialized security audits (code & infrastructure)
Cyber-insurance has yet to build substantial risk tolerance for digital asset marketplaces, exchanges, wallets & payment processors for crypto.
Reg SCI scope must be widened to advisers, broker-dealers, and agents.
Reg SCI must require Adversarial Simulations / Penetration Testing no less than once a year, rather than once in three years.