Binance Conducts Monthly Phishing Drills to Improve Security Awareness
Binance, the world's largest cryptocurrency exchange, conducts monthly simulated phishing attacks on its employees to test their security awareness.
The company's Red Team, an internal white-hat hacking unit, poses as recruiters or sends fake conference invitations in an effort to collect personal information from staff members.
The goal is not only to identify vulnerabilities but also to improve overall security awareness across the company. The program has been in place for three to four years and has shown significant improvement, according to Binance Chief Security Officer Jimmy Su.
Employees who fail the tests receive additional training, while those who repeatedly fail may face disciplinary action, including termination. With over 323 million users and $137.7 billion in assets under custody, Binance is a prime target for social engineering attacks, which have become increasingly common in the industry.