Group-IB And CryptoIns Create First Crypto Insurance System
Group-IB, a company specializing in cyberattacks prevention, has teamed up with the insurance broker company ASPIS SA, the author of the CryptoIns project, to create the first-ever system for assessing the cybersecurity of crypto exchanges, which will allow to implement an insurance program for users’ assets, the press service of Group-IB reports.
The companies’ experts analyzed information from more than 20 trading platforms and crypto wallets, using both open data and the special Group-IB Threat Intelligence (TI) system, within the cooperation. By means of the system, it is possible to gather information about various cyber threats, fraud, hacking, hacker activity, and make a prediction about the possibility of attacks on trading platforms.
Experts calculate the cost of insurance for customers who can protect their assets from possible threats when examining the degree of protection of trading platforms. CryptoIns is already offering insurance to users of many of the most popular crypto exchanges in the world.
Group-IB analysts assess security based on various criteria, including platform’s technical security, secure key storage and management, password and personal user information protection.
The recent report of Group-IB provided data that hackers attacked 14 crypto exchanges and managed to cause damage for more than $880 million during the first three quarters of 2018 and for the entire previous year. Depositors are reluctant to work with digital assets without the security of funds storage, so the insurance program will stimulate their activity on the crypto market, developers assume.