Technology

Everything You Need to Know About Crypto Insurance

Cryptocurrency is the most exciting and unpredictable financial frontier in today’s world. The opportunities for crypto-based businesses are enormous, but so are the attendant risks. Protecting you from these downfalls is what crypto insurance is all about. Although it will safeguard your business from cybercriminals, it will also give your customers valuable peace of mind. In January 2018, criminals launched a massive digital attack against the Japanese crypto exchange Coincheck, stealing more than $500 million worth of currency. The theft caused CoinCheck’s value to plummet more than 20% and suspended its ability to honor withdrawals. Similar attacks have occurred across the crypto industry over the past ten years. For example, in 2014, a Tokyo-based Bitcoin exchange lost 750,000 of its member’s coins to hackers. The incident drove the organization into bankruptcy and inflicted permanent financial harm on its members. Outright theft is only one kind of online attack that criminals launch against crypto-based businesses. Another approach is to infect the company’s network with malware that slows down or disables its systems. Unfortunately, this leaves the business with little choice but to capitulate to the cyber criminal’s demands.

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OODA Analyst

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