Kraken Introduces Mandatory 2FA And Launches Dedicated Security Lab
U.S.-based crypto exchange Kraken has moved to ramp up its security measures in the wake of increased risks by introducing mandatory two-factor authentication (2FA) and a dedicated Lab.
The use of 2FA is not new in the industry, and Kraken has offered it as an option since September 2013. It is meant to provide an additional layer of account protection to the users.
Normally, the 2FA measure means that after login, a user will be prompted to key in a one-time password (OTP) sent to their phone via SMS. However, more often than not, users have failed to enable the option.
But that has changed for users of the San Francisco-based crypto exchange. In a blog post published on Tuesday, March 26, Kraken’s new Chief security officer Nicholas Percoco announced that enabling two-factor authentication was now compulsory.
He noted that as from now, all users who haven’t enabled 2FA will be promoted to do so the next time they log in.
According to the blog post, Kraken supports 2FA implementations provided by Google Authenticator and YubiKey.
A dedicated security Lab
Per the announcement, the exchange has also formed a dedicated safety team dubbed Kraken Security Labs. Among its key roles will be to work towards enhancing the security of the exchange’s products and ecosystem.
The team will also look to help secure the crypto ecosystem in general by undertaking “vulnerability” research targeting the security of third-party products, including on hardware and software wallets.
Percoco also pointed out that his objective is to use the strong security foundation at Kraken to bring overall improvements to the security space within the crypto industry.
For Kraken, some of the measures to incorporate now and into the future includes tapping into products like threat intelligence and adversarial deception techniques among others.
The exchange also expects to be at the forefront of further developments and enhancements within the sector in terms of client-facing security. The security team will also endeavor to provide regular improvements as per its roadmap for 2020 and beyond.
Percoco noted that although the security roadmap is not “public,” the team will disclose information on every upgrade or enhancement as it is released to the user community.
The Kraken CSO also advised the public to remember that, like the 2FA, most of the new features will need to be enabled for a user to take “advantage of the added security.”
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.