Among the cybernetic upward attack rates, the Gibraltar exchange gets insurance for its crypts assets
Due to the increasing rates of cyber attacks in these days, a spokesman for the Blockchain exchange in Gibraltar (GBX) has just announced that his company has obtained an insurance policy that will effectively cover all the digital resources of companies (the agreement will be facilitated in conjunction with Callaghan Insurance, based in Gibraltar). To be even more specific, we received the news that GBX has gotten both its hot and cold wallets insured for added security.
In relation to the matter, Nick Cowan, CEO of GBX, had the following words:
"We are pleased to announce the introduction of insurance coverage … this is an important step to attract users who require strict guarantees regarding the safety of their assets." We are committed to building a platform focused on the highest regulatory standards and on the most rigorous due diligence processes ".
Cyber crime rates are on the rise
In the course of 2018, losses due to hacker attacks on several cryptocurrencies amounted to as much as $ 930 million (so far). Not only that, the latest data obtained from the US security company "Ciphertrace" also show that the global IT industry is at enormous risk of third-party threats due to which many companies have started to implement better security protocols (in order to safeguard the investor funds more effectively).
Is Gibraltar the next Global Crypto Hub?
It is worth noting that in the last 6-8 months, the Government of Gibraltar made it easier for encryption enthusiasts to create a base within the British territory. On the question, Bruno Callaghan, MD for Callaghan Insurance Brokers, was quoted as saying:
"I am delighted that Callaghan has been able to obtain, after much research and collaboration with the London insurance market, a specific and appropriate coverage option that offers our clients and the jurisdiction the protection necessary to advance with security in distributed arena accounting technology. "
Some of our readers may be intrigued to learn that GBX is administered by the same company that also owns the Gibraltar Stock Exchange. Finally, it is worth noting that GBX has recently been granted a full license to operate within Gibraltar by the national financial regulator.