Computer Security Company Ranks Safety Of Leading Crypto Exchanges
IB is among the most prominent cyber security corporations. The Russian company in conjunction with Swiss firm ASPIS have created a new method of scoring the security of a multitude of crypto platforms.
This information was disseminated to the public by Next Web on 6th November. Investigations conducted on crypto assets reveal that Kraken is the safest digital money exchange.
After Kraken, OKEx has been ranked as the second safeest cryptocurrency exchange. The report advises the investors to assess the risks associated with each exchange before committing their funds. Such a measure will decrease the chances of losing their money while trading.
Next Web further revealed that there is a new valuation method for crypto investments. The approach computes insurance payments to protect crypto held by the main exchanges.
CryptoIns is among companies that offer insurance services to many of the major cryptocurrency exchanges. The fresh insurance strategy covers damages originating from cyber-attacks on trade platform. It can also compensate the users for the losses that arise as a result of fraud or unlawful activities undertaken by the employees of the insured exchanges.
Factors To Consider When Conducting A Risk Evaluation
There are several factors that should be considered when conducting a risk assessment for digital money exchanges. Some of these issues include technical safety levels, reliability of passwords and customers confidential information. Other factors include risk mitigation and KYC policies. This will ensure that clients are protected from any form of online threat.
Group-IB and CryptoIns entities are yet to disclose the techniques they will use to determine the security of any exchange. However, they say that there is a need to preserve privacy on these platforms.
Security concerns are gradually becoming more essential for institutional investors who anticipate joining the crypto industry. It is because they want a guarantee that their investments will be safe once they join the sector.
Cointelegraph disclosed that more than 30 crypto platforms had been hacked in a lifespan of eight years. As a result, $1.3 billion was lost to fraudsters. This is what has made many organizational shareholders stay away from this market.
However, improving safety of transactions may influence more investors to commit their resources to this industry. Some crypto use artificial intelligence to safeguard client’s transactions. Additionally, others utilize technology to monitor its system and report any dubious actions.