Kraken’s new chief security officer (CSO) has announced the launching of a compulsory two-factor authentication (2FA) and the creation of a dedicated security lab to improve the security of its products and their clients’ experience.
Improve the Security for the Firm’s Products
The cryptocurrency exchange’s newly appointed CSO Nicholas Percoco announced via an official blog post on March 26, 2019, the launch of a compulsory 2FA in addition to a dedicated security lab.
The lab will help to improve the security for the firm’s products as well as the entire cryptocurrency ecosystem by specializing in researching the vulnerability of third-party products like hardware and software wallets.
While Kraken had had the 2FA authentication feature for their clients since its launch in September 2013, it has been optional. However, Percoco now says all clients will have to enable the feature during their next login. He added that the prompted options for the two-factor authentication are the Google Authenticator and YubiKey.
Develop Client-Facing Security Enhancements
Kraken’s vision, according to the new CSO, is to build upon a robust and industry-leading security foundation and employ advanced security products ranging from threat intelligence, behavior analytics, and adversarial deception techniques and build them into the company’s current and future products.
Percoco further says the company will continue developing client-facing security enhancements as their product management team continues to improve into 2020 and beyond by following its security features roadmap.
“While this roadmap is not made public, you’ll be hearing about security enhancements and upgrades as they are released and made available to you […] like most features similar to 2FA, you’ll need to enable them to take advantage of the added security, so please be sure to take action when you’re prompted to.”
Percoco said his vision for Kraken is to “expand upon the strong, industry-leading security foundation,” and utilize advanced security products such as threat intelligence, behavior analytics, adversarial deception techniques, and incorporate them into the exchange’s present and future products.
Hedge against On-Going Hacking Risks
The announcement by Kraken comes at a time when the cryptocurrency industry is beginning to witness a crypto exchange being hacked by unscrupulous actors. The latest exchange to have fallen victim is the Singapore-based DragonEx, as reported by BTCManager. Malicious actors walked off with an undisclosed amount of multiple cryptocurrencies.
This latest hack highlights the importance of cryptocurrency investors and traders using only safe, secure and reputable cryptocurrency platforms that not only use cold storage tools to hedge themselves against on-going hacking risks.
Kraken recently announced a $100,000 reward for anyone giving information regarding the QuadrigaCX fiasco.