Group-IB assessed the security of crypto-exchanges

[Paha87]

The well-known cybersecurity firm Group-IB assessed the security of the leading crypto-exchanges by submitting a public report.

According to research conducted by the Moscow firm in partnership with The cryptocurrencies platform for insurance of cryptocurrency assets, the Kraken platform is the most secure crypto-exchange. In contrast, " OKEx is the second cryptocurrency exchange by daily trading volume, as well as Huobi Pro and CoinCheck are the most risky cryptocurrency platforms," the report said.

Group-IB indicates that the company conducted the valuation using a newly developed system that calculates insurance premiums to cover cryptocurrency assets held by major exchanges.

CryptoIns, which is supported by Swiss insurance broker ASPIS S, now offers its insurance services to dozens of large crypto-exchanges. The new insurance policy implies compensation of losses from "cyber attacks on exchange software, theft, fraud and illegal actions of employees of crypto-exchanges".

The risk assessment of crypto-exchanges takes into account such factors as technical security levels, reliability of the underlying storage, passwords, as well as personal data of clients. This framework also addresses risk management as well as know-your-customer (KYC) and anti-money laundering (AML) policies.

Group-IB and CryptoIns have not published the exact metrics used in determining the security of exchanges, reportedly "in the interest of maintaining confidentiality."

The issue of security on exchanges is becoming increasingly important for cryptocurrency adoption as more institutional players enter the crypto-sphere. As previously reported, over the past eight years, 31 crypto-exchanges have been hacked, with an estimated total of more than $ 1.3 billion stolen.

Some crypto-exchanges, such as International Digital Currency Markets (IDCM), use new technologies such as artificial intelligence to enhance security, and use technology that constantly monitors the network to detect suspicious activity.

Link to information resource - https://altstake.io/news/group-ib-ocenila-bezopasnosty-kriptobirgh