Steve Gibson
Software developer and security researcher who founded Gibson Research Corporation, maker of the SpinRite disk maintenance and recovery utility and the ShieldsU...
“We're now going to see cryptocurrency insurance rates going up as insurers are being forced to make big payouts. It's the same thing we saw with ransomware insurance: their rates went way up, so that it became very difficult to afford.”
Security Now · Software Engineering & Infra · November 2026
Context
After the $6.3 billion Binance theft, co-host Mikah Sargent wondered how many thefts it will take before the crypto space gets better protections. Gibson predicts that insurance pricing will be the pressure that forces change, as it did with ransomware.
Transcript
…wallets when they lost bets. It does make sense that some sort of subversion of the Polymarket platform could transfer away their users' walleted funds. So it looks like some guy, someone somewhere, some party got $2.7 million and this platform is going to be covering it out of their own assets.
I wonder how many it's going to take before we see some more, I don't know, protections in place in the crypto space.
And probably what we're going to begin to see, and it's the same thing that we saw in cybersecurity insurers who were being forced to pay out a lot of money when ransomware was extorting money from their clients, their insurance rates went way up so that it became very difficult to afford cybersecurity, you know, ransomware insurance. We're now going to see cryptocurrency insurance rates going up as insurers are being forced to make big payouts. That'll happen. You know, the other thing that is going to happen right now, Micah?
Will be an ad break. Yeah. Let's take a break and hear from Leo.
All right. This episode of Security Now brought to you by Trusted Tech. I hope you're listening because if you're using Microsoft Unified Support, there's something you ought to know. It's priced as a percentage of what you spend with Microsoft. Not what you need, but what you spend with Microsoft…
All right. Thank you, Leo. Let's continue with security now.
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