Cybersecurity Firm Ranks Safety of Top Crypto Exchanges


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                Russian cybersecurity firm Group-IB has graded top crypto exchanges by their security in order to value risk insurance.
                <p dir="ltr">Prominent <a href="https://cointelegraph.com/tags/cybersecurity">cybersecurity</a> firm Group-IB has graded the <a href="https://cointelegraph.com/tags/security">security</a> of top crypto exchanges, <a href="https://cointelegraph.com/tags/USA">U.S.</a>-based tech news media <a href="https://thenextweb.com/hardfork/2018/11/06/cryptocurrency-exchange-insurance/" rel="nofollow,noopener" target="_blank">the Next Web</a> reported Tuesday, Nov. 6.</p><p dir="ltr">According to research conducted by the Moscow-based firm in partnership with crypto asset <a href="https://cointelegraph.com/tags/insurance">insurance</a> platform CryptoIns, the <a href="https://cointelegraph.com/tags/kraken">Kraken</a> platform is the safest crypto exchange. In contrast, <a href="https://cointelegraph.com/tags/okex">OKEx</a> &mdash; the <a href="https://coinmarketcap.com/exchanges/volume/24-hour/" rel="nofollow,noopener" target="_blank">now-second</a> crypto exchange by daily trade volume &mdash; as well as <a href="https://cointelegraph.com/tags/huobi">Huobi</a> Pro and <a href="https://cointelegraph.com/tags/coincheck">CoinCheck</a> are the riskiest crypto trading spots, the report says.</p><p dir="ltr">Per the Next Web, Group-IB made its determinations with a newly developed assessment system that calculates insurance premiums to cover <a href="https://cointelegraph.com/tags/cryptocurrencies">cryptocurrencies</a> held by major exchanges.</p><p dir="ltr">CryptoIns, which is supported by <a href="https://cointelegraph.com/tags/switzerland">Swiss</a> insurance broker ASPIS S, is now offering its insurance services to dozens of major crypto exchanges. The new insurance policy purportedly covers losses from &ldquo;cyber-attacks on exchange software, theft, fraud and illegal actions of <a href="https://cointelegraph.com/tags/cryptocurrency-exchange">crypto exchange</a> personnel.&rdquo;</p><p dir="ltr">The risk assessment for crypto exchanges takes into account factors such as technical security levels, the reliability of basic storage, passwords, as well as clients&rsquo; personal data. The framework also considers risk management, as well as Know Your Customer (<a href="https://cointelegraph.com/tags/kyc">KYC</a>) and Anti-Money Laundering (<a href="https://cointelegraph.com/tags/aml">AML</a>) policies.</p><p dir="ltr">Group-IB and CryptoIns have not released the precise metrics used when determining the security of an exchange, reportedly in the interests of maintaining confidentiality.</p><p dir="ltr">The issue of security on exchanges becomes increasingly important for adoption as more institutional players enter the space. As Cointelegraph previously <a href="https://cointelegraph.com/explained/choosing-the-most-secure-crypto-exchange-explained">reported</a>, 31 crypto exchanges have been hacked over the last eight years &mdash; with an estimated $1.3 billion stolen.

Some crypto exchanges, like International Digital Currency Markets (IDCM) are using new technology like artificial intelligence (AI) to help its security efforts — and use technology which continuously monitors its network for suspicious activities.



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