Binance Tests Employee Defenses with Monthly Phishing Simulations

Binance, the largest cryptocurrency exchange in the world, takes its security very seriously. The company runs simulated phishing attacks on its own employees every month to test their defenses against social engineering attacks.

The 'red team' at Binance is an internal ethical hacking unit that poses as job recruiters or offers fake conference invites to collect personal information from employees. These simulations are conducted to identify vulnerabilities in the company's systems and improve security hygiene.

Binance chief security officer Jimmy Su said that the company has been running these simulated attacks for three to four years, with significant improvements in security hygiene over time. Employees who fail the phishing simulation attack multiple times may have their performance ratings negatively impacted, which could potentially lead to dismissal.