In line with a recent analysis report revealed the ‘The Next Web,’ famous cybersecurity firm Group-IB has graded the security and safety of top crypto exchanges operating within U.S.
As per the analysisconducted by the Moscow-based firm in partnership with cryptoassetinsurance platform CryptoIns, the Kraken platformis among thesafest crypto exchange. Indistinction, OKEx exchange is now the 2nd crypto exchange by daily trade volume —moreoverHuobiproand CoinCheckarethe riskiest cryptotradingspots, the report stated.
According to ‘The Next Web,’ Group-IBcreatedits determinations with arecentlydeveloped assessment system that calculates insurance premiumsto hidecryptocurrenciescontrolledby major exchanges.
CryptoIns,thatis supported by Swissinsurance broker ASPISS, iscurrentlyprovidingits insurance services to dozens of major crypto exchanges. The newpolicysupposedlycovers losses from “cyber-attacks on exchangesoftware packages, theft, fraud andblack-marketactions of crypto exchange personnel.”
The risk assessment for crypto exchanges takesunder considerationfactorsliketechnical security levels, theresponsibilityof basic storage, passwords,moreoveras clients’ personalinformation. The frameworkadditionallyconsiders risk management, along with the KYC and AML policies.
Group-IBand CryptoInshaven’tdischargedthe precise metrics usedoncedetermining the securityof an exchange, reportedlywithin theinterests of maintaining confidentiality.
The issue of security on exchanges becomesprogressivelyvitalfor adoption as more institutional players enter thehouse. Asantecedentlyreported,thirty onecrypto exchanges have beenhacked over the last eight years — with around $1.3 Blnstolen.
Some crypto exchanges, like International Digital Currency Markets [IDCM]are already usingnew technology like AIto assistits security efforts — and use technologythatendlesslymonitors its network for suspicious activities.