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Digital Identity, Security & Online Fraud

Group-IB, CryptoIns introduce insurance against cyber threats

Thursday 8 November 2018 | 01:14 PM CET

Group-IB and ASPIS SA, which owns the CryptoIns project, have developed the scoring model for assessing cryptocurrency exchanges cybersecurity.

This partnership allows the exchanges’ clients to insure their assets. The two companies have scored more than 20 crypto exchanges and crypto wallets providers using both open-source information, available on exchanges’ websites and analytical capabilities of Group-IB’s Threat Intelligence (TI) system. Group-IB TI gathers information regarding different cyber threats, Internet fraud, data leaks, attacks and hackers’ activity in real time. This allows to analyse past incidents, predict and mitigate any targeted attacks, including on cryptocurrency exchanges.

Group-IB assesses cryptocurrency exchanges’ security with criteria, such as level of technical security, the reliability of storage of keys, passwords, and personal data of customers. It verifies exchanges’ infrastructure and architecture in order to understand ways to counter potential threats. Group-IB also creates an incident map for every exchange, which represents a detailed profile that shows the history of attacks on a particular exchange, any incidents involving fraud, attempts to compromise users or investors or any other information that can be found in Group-IB TI.

Initial scoring by CryptoIns includes the assessment of traded volume, traders’ activity, internal fees and other characteristics. Exchanges are then sorted into four risk groups based on the aggregated information. The insurance period ranges from 90 to 365 days, however protection can be renewed at the end of the period.

According to Group-IB’s annual “2018 Hi-Tech Crime Trends” report, the estimated damage caused by targeted attacks on cryptocurrency exchanges in 2017 and the first three quarters of 2018 amounted to USD 877 million. During this period, at least 13 crypto exchanges were hacked.

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