insuranceIs Blockchain really immune to cybercrime attacks?
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Is Cryptocurrency's Block-Chain Safe from Cyber Crime Attacks? 

Just because Cryptocurrency services like Bitcoin uses "Block-Chain" technology, will hackers stop attacks? Think again. Using technology does not protect anyone from being hacked. There was over $1 billion in estimated hacking losses suffered by cryptocurrency exchanges last year alone. You need the most comprehensive protection available.

Blockchain technology is attracting a lot of interest as it helps to solve business needs beyond centralized payments. It has enabled bitcoin-based online transactions and enforced security, making it hard for people to compromise the integrity of online records without being detected due to the distributed consensus. However, with the continuous advancement of technology, there are security risks that also affect blockchain technology. 

Blockchain technology is facing many forms of security threats, such as malware, crypto-jacking, and phishing. Cybercriminals use different malware to attack blockchain technology, mainly to acquire cryptocurrency. Phishing attacks allow cybercriminals to steal from any wallet. In addition, through crypto-jacking, cybercriminals can steal using the currency owner's computer. These thefts have left many people wondering whether they are safe. However, there are many techniques to secure your digital money. Learning about these attacks and practices is essential as it helps one or an organization make more informed decisions to secure their systems. Besides, it is also crucial to understand this technology before engaging in it.

What's in it to protect ?

  • Cyber insurance is specifically designed for innovative companies at the intersection of blockchain and Cryptocurrency.
  • Costs to respond to an extortion incident, including money, securities, and virtual currencies paid
  • Costs to replace computer systems and other technology damaged in a cyber attack
  • Funds transfer fraud losses arising from a security failure or social engineering.
  • Coverage for consequential reputational harm loss, and media and PR costs to respond to an incident
  • Coverage for technology errors & omissions — professionalliability coverage for tech companies
  • Enhanced coverage for denial of service (DDoS) attacks that impede legitimate traffic to your business

In summary, you can trust an insurance company to protect your assets. However, ensure that the insurance firm you are using is trustworthy and get extra coverage if you deal with cryptocurrencies. You can research different insurance firms and their coverages regarding cyber losses and cryptocurrencies. Always remember the safety of your digital money is very critical, and you will want to keep it as safe as you can. 

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