A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.
A major insurance in Korea introduces a new insurance policy for crypto exchanges that will cover hacking damages on their exchange. While few exchanges in the country are insured but the insurance doesn’t aim at compensating damages caused by hacking.
Hanwha Insurance, one of the leading insurance companies in South Korea, is now reportedly introducing a new insurance product this month aimed to cover hacking damages of domestic crypto exchanges, local media reported this week.
The Asia Times described:
Cyber insurance, which [crypto] exchanges have joined in the past, is a compensation for the leakage of personal information, but the new product also compensates for the damage caused by hacking.