How Is Kraken Ensuring More Security?

With the popularity of cryptocurrencies on the rise, illegal activities are also exponentially growing. the decentralized nature of blockchain and cryptocurrency increases exponentially the related risks.
Kraken, recently announced, on Tuesday (March 26), that they were planning to enhance the client security experience by requiring the use of Two Factor Authentication (2FA).”

Kraken which is a San Francisco-based digital asset exchange that was founded in July 2011, and “launched in September 2013 with live trading after two years of development and beta testing.”

In September 2018, Nicholas Percoco became Kraken’s Chief Security Officer, bringing with him two decades of information security experience, having worked “as both a security practitioner and advisor”.

On Tuesday, in a post on Kraken’s blog, Percoco talked about his extensive experience in this field, and said that those 20 years’ of experience had served as a “dress rehearsal” for my his role at Kraken, and said that he wanted to “expand upon the strong, industry leading security foundation” already in place at Kraken by incorporating “advanced features and techniques often only found in advanced security products” (such as “behavior analytics”) into Kraken’s “present and future exchange products.”

He went on to say that there had already been “a number of enhancements behind-the-scenes” with “many client facing security features” on the way, one of which—compulsory 2FA for login—Kraken introduced on Tuesday. He explained that from that day, all Kraken clients would be “asked to enable it upon their next login.” This is the screen that will greet them:

Percoco also announced “the formation of Kraken Security Labs,” an initative “committed to improving the security of the entire cryptocurrency ecosystem by performing vulnerability research against 3rd party products.”