Russian cybersecurity firm Group-IB has graded top crypto exchanges with their safety so as to value risk insurance.
Prominent cybersecurity firm Group-IB has graded the security of top crypto exchanges, U.S.-based technology news media the following Web reported Tuesday, Nov. 6. According to research conducted by the Moscow-based firm in partnership with crypto asset insurance platform CryptoIns, the Kraken system is the most secure crypto exchange. By comparison, OKEx — the now-second crypto exchange by daily transaction volume — and Huobi Pro and CoinCheck are the riskiest crypto trading spots, the report says.Per the following Web, Group-IB created its determinations with a newly developed evaluation system which computes insurance premiums to pay cryptocurrencies held by important exchanges.CryptoIns, which is supported by Swiss insurance agent ASPIS S, which is now offering its insurance services to dozens of big crypto markets. The new insurance policy allegedly covers losses from ldquo;cyber-attacks on trade applications, fraud, theft and illegal activities of crypto trade personnel. ”The hazard assessment for crypto exchanges takes into consideration factors such as technical security amounts, the reliability of fundamental passwords, storage, as well as customers ’ private data. The framework also considers risk management, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.Group-IB and CryptoIns haven’t released the precise metrics utilized when determining the security of a market, allegedly from the interests of maintaining confidentiality.The dilemma of security exchanges becomes increasingly critical for adoption because more institutional players enter the space. As Cointelegraph previously mentioned, 31 crypto markets are hacked over the previous eight years — using an estimated $1.3 billion stolen.Some crypto exchanges, like International Digital Currency Markets (IDCM) are employing new technology like artificial intelligence (AI) to help its security efforts — and also use technology that continuously monitors its system for suspicious activities. […]