India’s Web3 Association Bolsters Cybersecurity Efforts After $230 Million WazirX Hack
In response to the recent $230 million security breach on WazirX, the Bharat Web3 Association (BWA) is ramping up efforts to strengthen cybersecurity and enhance consumer protection within India’s crypto industry.
Chaired by Dilip Chenoy, the BWA has established two internal groups dedicated to addressing these critical issues and investigating the recent security breach.
According to local media, one of the groups will focus on cybersecurity.
This team, comprising chief information security officers from member firms, will develop standard operating procedures and implement solutions aimed at preventing future breaches.
The second group will address consumer protection, ensuring that guidelines are up-to-date and that user interests are safeguarded.
Chenoy highlighted that a thorough investigation into the breach is underway, with the BWA maintaining regular communication with the affected parties, WazirX and Liminal, to ensure a comprehensive examination of the incident.
“We have asked both [WazirX and Liminal] to do a complete forensic analysis and root cause analysis on the issue and evaluate the legal and remedial actions that can be taken post this incident.”
To ensure an impartial review, the BWA has suggested a third-party evaluation of the forensic report. This approach aims to provide an objective analysis of the breach, ensuring all aspects of the incident are thoroughly investigated.
The newly formed cybersecurity group will comprise chief information security officers (CISOs) from member firms.
They will develop standard operating procedures (SOPs) and solutions to prevent future incidents similar to the WazirX breach.
Traditionally, the BWA has focused on regulatory compliance, including
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