South Korea’s largest insurance company, Hanwha Insurance, will soon be added to the list cybertronic cases, theft of funds as a result of a hacker attack.
Long been available cryptocurrency exchange cybertronia today gives them the opportunity to compensate for the damage, for example related to the leak of personal information of investors, however, soon to the list of insurance cases increase and theft of money through hacking. Hanwha Insurance has officially stated that it “plans to begin negotiations with individual exchanges next month”. The press release also States that “if the market wants to conclude such an agreement cybertronia with the company, Hanwha Insurance will be forced to significantly participate in the coordination of the exchange”.
The media reported that “of the exchange, in turn, can refuse services if the terms of the contract they do not like or promised compensation will not seem adequate”. However, after this summer, the South Korean Bithumb and Coinrail was hacked, a local exchange rather interested in the offer of insurance agents than not.
Exchange Bithumb, for example, already has two insurance contracts, one with Hyundai Marine&Fire Insurance, and the other with the company Heungkuk Fire & Marine Insurance. However, both do not cover damage in case of hacking, but only violations of information systems, and leakage of personal information of the investor.
In June, the Korean Association of blockchain issued a statement that it is in talks with Hyundai Marine&Fire Insurance and Hanwha General Insurance about providing cryptocurrency exchanges insurance coverage of any size. The article stated:
“From April this year our Association is actively negotiating with insurance companies on behalf of their members. We are puzzled by the fact that now agents are reluctant to provide cryptocurrency exchange insurance services, considering the associated risks are too high”
Only the Association consist of 23 cryptocurrency exchanges, the largest of them — Upbit, Bithumb, Coinone, and Korbit is already insured, but with a fairly low coverage: Bithumb — up to 6 billion won (~ 5.3 million USD), Upbit — up to 5 billion won (~$4.5 million), and Coinone and Korbit — up to 3 billion KRW (~ 2.7 million USD).