BAKU, Azerbaijan, August 9. Binance expects the introduction of new technologies to combat cyber attacks, according to Director of Governmental Relations in the CIS for Binance, Olga Goncharova, Trend reports.
Despite the fact that the biggest crypto exchanges raise the level of security of their systems, she claims that there is always the chance of hacker assaults.
"We anticipate the introduction of new technologies to counter cyber attacks, as well as an increase in the level of transactions, in the financial sector, including the crypto currency market, in the future." Binance, for example, employs measures such as self-insurance and has established a Secure Asset Fund for Users (SAFU).
Furthermore, the fund has a $1 billion budget and is intended to cover operational risks as well as risks from cyber assaults, as well as the loss of customer funds in the event of a cyber attack. Binance employs a multi-tiered security system. Attempts at cyberattacks against our company have been unsuccessful.
Despite the high and reliable protection of Binance information systems, we think that cybercriminals will continue their efforts to improve their methods; therefore, the SAFU fund will continue to operate in the future," she said.
Moreover, SAFU is an emergency security fund created in 2018 to protect Binance users in unforeseen situations. Binance has been tracking the size of SAFU for years, keeping the balance at the level necessary to protect its users.