Bithumb Secure Comprehensive Cyber Insurance with Liability Limit of 6 Billion, the Highest in Industry
Powerful Safety Net against Cyber Risks Procured with Hyundai Marine & Fire Insurance and Heungkuk Fire & Marine Insurance Co., Ltd.
Press Release, October 12, 2017 (Thursday)
– ‘New Cyber Comprehensive Insurance’ with Hyundai & ‘Liability Insurance for Personal Information Leakage,’ Maximum Liability Limit
– Comprehensive Security against Invasion of Privacy and Cyber Terrors… Safety and Reliability Heightened
<Photo: Bithumb purchases comprehensive cyber insurances from 3 carriers>
Bithumb secured safety nets of insurances with the highest liability limits in the industry for the purpose of safe transactions of cryptocurrency in preparation for ever-increasing cyber risks.
Bithumb (Dae-sik Kim, Representative Director), the biggest global cryptocurrency exchange, announced on the 12th, last Monday, that it secured powerful legal safety net in order to ensure safe transaction services for customers as it entered into agreements on ‘New Cyber Comprehensive Insurance’ with Hyundai Marine & Fire Insurance and ‘Liability Insurance for Personal Information Leakage’ with Heungkuk Fire & Marine Insurance Co., Ltd., of which liability limit tops \6 billion KRW, the highest ever in the industry.
Consumers’ concerns are being heightened since cyber risks, such as hacking, DDOS attacks and personal information intrusion, have been sharply increasing as much as the transaction volumes of cryptocurrency have been elevating. To address these concerns, Bithumb procured powerful insurance safety net with the liability limit of \6 billion KRW, the highest in the industry, by executing insurance agreements with 2 biggest insurance carriers in Korea: ‘New Cyber Comprehensive Insurance’ with the coverage of \3 billion from Hyundai Marine & Fire Insurance and ‘Liability Insurance for Personal Information Leakage’ with another \3 billion from Heungkuk Fire & Marine Insurance Co., Ltd., in preparation for various cyber risks including personal information leakage.
‘New Cyber Comprehensive Insurance’ from Hyundai Marine & Fire Insurance provides a wide variety of compensations against all types of risk factors that may arise in the cyber space based on the network and information technology. The specific scope of compensation addresses 5 issues: ▵violation of information maintenance, ▵ network security, ▵ liability of compensation for media, ▵ loss or theft of data and ▵ damage for reputation; consequently, it secures all comprehensive details against cyber risks.
At the same time, Bithumb also purchased ‘Liability Insurance for Personal Information Leakage’ from Heungkuk Fire & Marine Insurance Co., Ltd. separately after placing the highest priority on the protection of personal information in order to assure complete security for customer information by strengthening the relevant liability limits and coverage. Most of all, although Bithumb is not classified as a business mandated to purchase liability insurance related to personal information intrusion, it procured a complete and thorough compensation measures for any damages that may be inflicted to customers arising from the leakage of personal information by purchasing insurances with liability limit of \3 billion KRW, which is 6 times of the minimum coverage amount of mandatory liability insurance, \500 million KRW. According to the Credit Information Use and Protection Act amended in September, 2016, finance or credit-related businesses and agencies must purchase liability insurances concerning divulge of personal information with minimum coverage of \5 million KRW.
‘Liability insurance against divulge of personal information’ provides compensation not only for divulge of personal credit information but also for economic damages arising after credit card information, account number or password is leaked. Especially concerning divulge of personal information, the insurance covers online leakage caused by outside attacks as well as divulge of printouts due to negligence or mistakes by employees of the relevant businesses in order to ensure a complete protection of personal information.
An official from Bithumb said, “By concluding specialized insurance agreements with the two biggest insurance carriers in Korea to prepare for cyber risks and personal information leakage incidents, we will be able to disperse risk factors and have successfully enhanced safety and security based on the highest liability limits and best coverage details.” The official added, “We as the industry leader, will continue building all safety devices, either tangible or intangible, to assure customers to engage in transaction without any concerns.”
At the same time, Bithumb has built ‘Clean Zone Preventing DDoS Attack’ designed to enable cryptocurrency exchange against DDoS attacks by controlling and monitoring potential incidents for 24 hours a day and 365 days a year and procured safety devices through escrow service agreements with commercial banks; and based on the above, Bithumb has successfully implemented a complete security policies to ensure consumers and dealers to safely make transactions. Moreover, the nation’s biggest cryptocurrency customer service center is currently in full operation, capable of providing online/offline consultation for over 220 people. (End)
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BitThumb is a virtual currency-based finance platform business that not only works in the field of virtual currency transactions with platforms such as BitCoin and Etherium; presently, it is also expanding its field of business into areas such as payment businesses and overseas remittance services.
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