Page 220 - Cyber Defense eMagazine June 2024

Regular Security Updates and Patch Management: Ensure that all software and applications used by
the business, including operating systems, web browsers, and cryptocurrency wallets, are kept up to date
with the latest security patches and updates. Regularly review and update security policies and
procedures to address emerging threats and vulnerabilities.

Due Diligence and Verification: Before engaging with any cryptocurrency-related platform or
investment opportunity, conduct thorough due diligence to verify the legitimacy and reputation of the
entity. Beware of unsolicited investment offers or requests for sensitive information and always verify the
identity of the sender before responding to any communication.

The Importance of Cross-Departmental Training

Training multiple people from different departments on managing a company's digital asset account is
essential for combating cybersecurity risks associated with employee turnover, which is a common
occurrence in organizations. When individuals with specialized knowledge of digital asset management
leave, it can create vulnerabilities in the security and integrity of the asset management system. Cross-
departmental training on managing digital assets can mitigate the risk of knowledge silos and ensure
continuity in asset management processes, as well as allow a diverse team with varied skill sets to bring
different perspectives to cybersecurity practices, identify potential vulnerabilities, and implement strong
security measures to safeguard against threats. Further, it promotes collaboration and knowledge
sharing, empowering employees to collectively address cybersecurity challenges and uphold the integrity
of the company's digital assets, even in the face of employee turnover.

By implementing these proactive security measures and fostering a culture of cybersecurity awareness,
businesses can effectively mitigate the varying risks present in the cryptocurrency environment.

About the Author

Allison Raley is a partner at Arnall Golden Gregory LLP. She serves as co-chair
of the Emerging Technologies industry team and AGG’s Women in Tech Law
initiative. A former global tech general counsel and chief compliance officer, she
serves clients in spaces related to the blockchain ecosystem, AI, payments and
fintech, traditional banking and financial services institutions, medical
technologies, and industries regulated by the SEC. She can be reached at
[email protected].

Cyber Defense eMagazine – June 2024 Edition 220
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