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 analysis conducted by the Moscow-based firm in partnership with crypto asset insurance platform CryptoIns, the Kraken platform is among the safest crypto exchange. In distinction, OKEx exchange is now the 2nd crypto exchange by daily trade volume — moreover Huobi pro and CoinCheck are the riskiest crypto trading spots, the report stated.
According to ‘The Next Web,’ Group-IB created its determinations with a recently developed assessment system that calculates insurance premiums to hide cryptocurrencies controlled by major exchanges.
CryptoIns, that is supported by Swiss insurance broker ASPIS S, is currently providing its insurance services to dozens of major crypto exchanges. The new policy supposedly covers losses from “cyber-attacks on exchange software packages, theft, fraud and black-market actions of crypto exchange personnel.”
The risk assessment for crypto exchanges takes under consideration factors like technical security levels, the responsibility of basic storage, passwords, moreover as clients’ personal information. The framework additionally considers risk management, along with the KYC and AML policies.
Group-IB and CryptoIns haven’t discharged the precise metrics used once determining the security of an exchange, reportedly within the interests of maintaining confidentiality.
The issue of security on exchanges becomes progressively vital for adoption as more institutional players enter the house. As antecedently reported, thirty one crypto exchanges have been hacked over the last eight years — with around $1.3 Bln stolen.
Some crypto exchanges, like International Digital Currency Markets [IDCM] are already using new technology like AI to assist its security efforts — and use technology that endlessly monitors its network for suspicious activities.