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Insurers After $6.3 Billion Crypto Heist: D’oh!

Insurers After $6.3 Billion Crypto Heist: D’oh!

“Industry insiders and experts” told Reuters that underwriters are expected to investigate whether crypto clients are vulnerable to cyber heists such as the suspected North Korean operation that made off with $6.3 billion from global exchange Binance last week.

Jacqueline Quintal, financial institutions and digital ​asset industry leader at insurance broker Marsh, told the agency she wouldn’t want to be the individual who renews or writes a policy for a crypto institution just to see another massive theft. Insurance capacity, pricing, and coverage are unlikely to change, she added, but questions about security will. It’s easy to see how that could result in higher barriers for policies or more claim…

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