In line with a recent official ‘web-blog‘ post published, the chief security officer at U.S. based crypto-currency exchange Kraken named ‘Nick Percoco,’ revealed that the two-factor authentication [2FA] is now necessary for the users while accessing the exchange.
2FA is something alike additional security needed to access an account. Moreover, 2FA needs the user, once login into their accounts, to conjointly enter an OTP [One Time Password] received via SMS. As per the announcement, Kraken supports Google Authenticator and YubiKey for 2FA related purposes.
YubiKey is a hardware device dedicated to the generation of OTPs, whereas Google authenticator is a smart phone application meant to do the similar task. The post points out that 2FA was accessible as an add-on security feature to its users since Kraken’ launch earlier in 2013.
The announcement additionally adds that this measure is a section of a broader set of changes enclosed in its security measures roadmap that spans “into 2020 and beyond.” Whereas the roadmap itself won’t be made public, Percoco claims that the future changes will be declared and would require some action’s on the a part of users.
The post conjointly discloses the formation of the Kraken Security Labs, a team dedicated to enhancing the safety of the company’s products & environments. Moreover, the team will perform vulnerability analysis against third party products, alike hardware & software wallets along with the related technology.
Percoco also guarantees that Kraken’ cybersecurity team would responsibly disclose the known issues to enhance the general security of the crypto-currency ecosystem.
As recently ‘reported‘, leading hardware wallet manufacturer named ‘Ledger’ revealed the vulnerabilities in its competitor Trezor’s hardware devices. Trezor, on the another hand, ‘responded‘ by claiming that none of the issues reported are critical.
However, Fraudulent hacks are on the hike these days, with a recent ‘report‘ claiming that in Japan, the total number of ‘hacked‘ IoT [Internet of Things] devices and cryptocurrency networks nearly doubled in 2018, comparative to 2017.