South Korea’s Hanwha Insurance will start selling insurance policies for money stolen by hacking to cryptocurrency exchanges.
The insurance rate will be based on the risk of hacking and will be calculated by Hanwha and a reinsurance company, in cooperation with the exchange buying the policy, The News Asia reported, quoting a Korean news outlet. The new insurance is developed in cooperation between the Korean Blockchain Association and Hanwha.
Currently, the only type of insurance available to South Korean exchanges is for theft of personal information of their clients. The new product will compensate for stolen digital assets. However, under the current regulations, neither insurance is mandatory.
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