DeFi applications are constantly exposed to cybersecurity risks. InsurAce.io intends to resolve these risks through our well-designed insurance products. As a fundamental risk management platform for the whole DeFi ecosystem, the security of the InsurAce.io platform will be more important than for any other application. To build a highly secure and resilient protocol, we will adopt the best security practices in the industry, such as:
(1) Smart contract audits
We will invite third-party independent audit companies to audit the smart contracts of InsurAce.io in order to detect, identify and eliminate any potential contract vulnerabilities through rigorous code review, testing and white-hat hacking before the protocol launch. These audit reports will be released to the public.
(2) Deploy up-to-date security solutions
There are security solutions available that monitor the network's health status, on-chain activities, oracle dependencies, admin key details and more. InsurAce.io will adopt these solutions in order to survey and enhance the platform's security.
(3) Develop effective security incident response processes
Along with the implementations of the above security controls, it is equally important to respond to cybersecurity incidents appropriately. In the event that a security breach occurs, the InsurAce.io security team will respond with contingency plans, such as:
Suspending or terminating some or all functions of smart contracts;
Adding a pending session to some suspicious and large transactions;
Reverting suspicious transactions and tracing them back to the root cause;
We can never do too much when it comes to enhancing our platform's security capabilities. When InsurAce.io is established as a secure and resilient insurance protocol, the whole DeFi community will benefit in the long run.