Security Management approaches adopted by InsurAce.io.
DeFi applications are constantly exposed to cybersecurity risks. InsurAce.io intends to resolve these risks through well-designed cover products. But to be able to do so, InsurAce.io has to ensure the integrity of its own systems and smart contracts, which is why security is paramount to the InsurAce protocol, even more so than for other protocols. To build a highly secure and resilient protocol, InsurAce.io adopts the best security practices in the industry, such as:
(1) Smart contract audits
Third-party independent auditors have audited the InsurAce protocol's smart contracts in order to detect, identify and eliminate any potential smart contract vulnerabilities through rigorous code review, testing, and white-hat hacking before the protocol's launch:
Slowmist-Security Audit Report.pdf
Slowmist - Security Audit Report
PeckShield - Security Audit Report
(2) Deploy up-to-date security solutions
InsurAce.io has adopted solutions to survey and enhance the platform's security, such as monitoring the network's health status, on-chain activities, oracle dependencies, and admin key details. At the same time, the InsurAce protocol continues to explore and adopt the best security features available.
(3) Develop effective security incident response processes
In the event of a security breach, InsurAce.io's security team has the following contingency plans in place:
- 1.Suspending or terminating some or all functions of smart contracts.
- 2.Adding a pending session to some suspicious and large transactions.
- 3.Reverting suspicious transactions and tracing them back to the root cause.
InsurAce.io understands that security will always be an area of concern and has made it an integral part of its operations, not least because it is a cover provider. With security built into every facet of the protocol, InsurAce.io believes it is well placed to protect users in the space.