Insurance Coverage For Bitcoin Exchanges Against Cyber Attacks

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Mitsui Sumitomo Insurance has tailored coverage for bitcoin exchanges facing the risks of rampant cyber attacks. This sense of assurance may boost consumers’ confidence — but what else should they know about such coverage?

Also read: Bitfinex Bail-In Versus Central Bank Bailouts

Together with bitFlyer, Mitsui Sumitomo Insurance (MSIG) aims to provide protection to exchanges and their consumers, regardless of location. As cryptocurrency use continues to grow, exchanges and consumers might as well benefit from this initiative.

Under this insurance protection, exchanges are looking at a coverage sum ranging between 10 million yen (USD 89,000) to 1 billion yen (USD 8.9 million). This sum protects against detrimental losses and damages from cyber attacks, unauthorized accesses, employees’ impropriety, and also the costs that arise in dealing with the mishaps.

Insurance Premium Costs

MSIG will calculate insurance premium costs based on the exchange’s commission revenue. This cost will range between several hundred

Read more ... source: TheBitcoinNews

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