, 2023-01-07 11:41:53,
Take advice from the security experts at CertiK on how crypto projects can protect from insider threats of all kinds! Let’s dive in!
Not all threats come from external sources. Some of the most devastating can come from inside a project team, from a trusted member of the group. A vital element in reducing the risk of insider threats in crypto projects is to thoroughly vet new team members. However, many people skip this essential step due to the perceived complexity or daunting nature of the process. In this article, our former law enforcement investigators give you simple, practical advice on how to conduct the kind of background checks that will help guarantee the security of your Web3 project or investment.
Why Vet Team Members?
According to a Harvard report on what makes a successful startup team, recruiting the right people is a key determinant, and data suggests that 60% of new ventures fail due to issues with the team. The composition of a team factors into the success of Web3 projects, but it is also critical for their integrity and security. Busy entrepreneurs can easily overlook that security issues can arise not only from a code vulnerability or an external attacker, but also from an insider threat – a person who uses their authorized access or insider understanding to harm their own organization.
Founding a project with co-founders or developers without a formal vetting process increases exposure to the risk of insider threats, which can lead to disastrous…
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