Kraken beefs up security with new updates

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Kraken, a long-time crypto exchange that prides itself in its security, announced a few sizable updates to further boost its armor. This update includes mandatory two-factor authentication (2FA).

Targeting security

Kraken chief security officer Nick Percoco described the upcoming additions in his letter posted on Kraken’s blog on March 26.

He explained:

My vision for Kraken is to expand upon the strong, industry leading security foundation we already have in place, utilize advanced features and techniques often only found in advanced security products – utilizing threat intelligence, behaviour analytics, adversarial deception techniques and incorporate them into our present and future exchange products.”

Percoco said he and the team constructed “a world-class roadmap for security at Kraken.” Multiple updates already have seen implementation on the back-end, he included.

2FA updates

In the letter, Percoco announced a new update for Kraken’s 2FA protocol. The exchange will now require users to utilize 2FA. Kraken has boasted the option for 2FA since 2013, Percoco noted, but it has not been mandatory until now.

“We are doing this to better guide our clients in the use of our security features that are specifically designed to protect their accounts,” he explained.

According to the mentioned (but not public) Kraken security roadmap, the security officer said more front-end updates are coming, and will be announced when such improvements are put into place.

A new initiative

In the letter, Percoco also unveiled Kraken Security Labs, which will dive into the crypto space as a whole, “performing vulnerability research against 3rd party products – like hardware wallets, software wallets, and other related technology.” He included the effort as a way to find and fix security problems in the crypto space without putting users at risk in the process.

Experience at the helm

Leading the security charge, Percoco is a battle-tested veteran in the industry, as described in his letter on Kraken’s blog. He has spoken at numerous high profile events and held several notable positions.

Among his previous jobs, Percoco was a senior security consultant for IBM Internet Security Systems, senior vice-president for Trustwave/SpiderLabs and vice-president of Rapid7, according to his LinkedIn profile.

Kraken bear market development

In February, Crypto Insider reported on Kraken’s acquisition of crypto derivatives trading platform and index provider Crypto Facilities, paying a hefty sum in the process.

In a March article, CoinDesk noted Crypto Facilities’ dramatic 500% spike in trading volume since the acquisition. “In total, nearly $1 billion in crypto futures has been traded over the past month, across all five products offered by the firm,” CoinDesk reported on March 5.

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