Is Bybit safe?

Could you please elaborate on the safety aspects of Bybit? I'm considering using their services but I'm concerned about potential risks. How do they handle security measures to protect user funds? Are there any known security breaches or vulnerabilities that have been reported? What kind of insurance or safety nets do they offer in case of any unexpected events? It would be helpful to have a detailed overview of their security practices and how reliable they are in terms of safeguarding users' assets.