industry
Binance hack puts crypto insurance and security controls under closer scrutiny
Insurers are expected to examine crypto companies' cybersecurity controls more closely after the record Binance theft, industry experts told Reuters.
The record theft from Binance is expected to lead insurers to ask more detailed questions about cybersecurity controls and exposure across crypto businesses, Reuters reported. Industry specialists said the event also highlights limits in available crypto insurance capacity and exclusions that can apply to state-linked cyberattacks. The development is relevant to the broader digital-asset industry's operational-risk standards.
Primary source: Reuters