According to Michael Lewellen, the security lead for OpenZeppelin, the crypto industry needs to establish universally agreed-upon security standards to prevent hacks in decentralized finance (DeFi). Lewellen emphasized the importance of setting a "standard on security" with a "broad agreement" across auditing firms and developers to protect users. Currently, protocols rely on audit reports from blockchain security firms, but there have been instances where contracts were hacked despite auditors not finding bugs. Lewellen suggests that adhering to standards on important elements like how Layer-2 networks interact with users, each other, and Ethereum can help prevent bridge hacks, which account for nearly 40% of the $6.74 billion stolen from DeFi protocols in the past three years.