86.7% of Web3 wallet brands don't perform penetration testing and only 47 out of 159 wallets are “secure,” reports cybersecurity platform CER.
from cybersecurity certification platform CER found that only six of 45, or 13.3%, of cryptocurrency wallet brands have undergone penetration testing to find security vulnerabilities. Of these, only half have performed tests on the latest versions of their products.
CER found that 39 out of 45 wallet brands didn't perform any penetration testing at all, not even on older versions of the software. CER speculated that the reason may be that these tests are expensive, especially if the company makes frequent upgrades to their products, stating, “We attribute it to the amount of updates an average app has, where each new update can disqualify the pentest made earlier.
“Essentially, popular wallets tend to adopt more robust security measures to protect their increasing user base. This seems logical – a higher user base often corresponds to more significant funds to secure, more visibility, and consequently, more potential threats. It can also result in a positive feedback loop, with more secure wallets attracting new users in higher numbers than the less secure ones.
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