The Moscow-based cyber security firm, Group-IB in association with CryptoIns project has developed a scoring methodology for evaluating the crypto exchanges security mechanism. CryptoINS project is a part of Swiss insurance broker ASPIS SA, and the scoring method will help exchanges to insure their assets.
They have also ranked top crypto exchanges around the world in terms of security and on the basis of the risk score, it found the Kraken as the safest crypto exchange platform, while, OKex, second crypto exchange by daily volume is the riskiest spot to trade, as well as Houbi, CoinCheck.
#GroupIB a Swiss insurance broker ASPIS SA that owns CryptoIns project, have developed the world’s first scoring model for assessing crypto exchanges cybersecurity, allowing the exchanges’ clients to insure their assets#crypto #blockchain More details: https://t.co/n0kco4ktnf pic.twitter.com/2a9Vjt9Aj5
— Group-IB (@GroupIB_GIB) November 6, 2018
The whole process of ranking the crypto exchanges in terms of security is to simplify insurance services to exchanges which also covers the losses from cyber attacks. Swiss insurance broker ASPIS is currently offering insurance services to dozens of leading crypto exchanges.
Group-IB has not revealed the methodology for determining the security of the exchanges, but it has taken into factors like KYC, reviewing AML policies, technical security levels, storage, passwords and various risk management operations.
This latest ranking system will also help exchanges to beef up their security mechanism to prevent breaches and thefts in the account. Group-IB in its earlier report has also revealed how North Korea has become active in hacking crypto exchanges and since January 2017, it reportedly stole $571 mn in cryptocurrencies.
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