SINGAPORE, July 29, 2020 /PRNewswire/ -- CYBAVO, a leading cybersecurity company offering digital asset custody platforms for enterprise, with the support of Lockton Companies, has reached an agreement with a S&P AA-rated international insurance company to provide CYBAVO with a digital asset loss insurance coverage bringing additional security to their institutional wallet customers.
CYBAVO customers can benefit from CYBAVO's insurance coverage in the event of a theft of assets from CYBAVO VAULT, CYBAVO's institutional wallet solution, caused by an external cyber-attack and other events.
The insurer has performed a comprehensive technical assessment to evaluate CYBAVO VAULT's security and risk management protocols, namely the security model, private key management, architecture, infrastructure and overall system security.
CYBAVO VAULT, the company's digital asset custody solution for enterprise, combines robust key management with a comprehensive security design. CYBAVO's unique shared responsibility model, together with MPC technology provided by industry leader Sepior, entirely eliminates the private key as the single point of failure from the system. CYBAVO VAULT's holistic approach to security beyond the key management, drastically reduces the possibilities of asset theft.
Dozens of companies globally are trusting CYBAVO's digital asset custody solution to securely store and manage their crypto assets. CYBAVO VAULT has already protected USD 7.5B worth in virtual assets transactions. This agreement will provide the company's customers further security and certainty about the protection of their digital assets. The agreement also articulates channels for CYBAVO's customers to easily opt-in to exclusive coverage by the insurer without additional evaluation effort.
The agreement has been made possible by the support of Lockton Companies, the largest independent insurance brokerage company in the world, covering more than 60,000 customers globally.
Paul Fan, CEO of CYBAVO commented on the importance of the agreement: "It is a clear step forward in our commitment to provide security at all levels for our customers. We have been offering a robust digital asset custody technology to institutional customers, now backed by this insurance coverage. Insurance for digital asset loss is essential for the development of the industry, and this agreement reinforces CYBAVO in its leading position."
Rory Young, Asia Head for Cyber and Technology at Lockton Companies, added:
"CYBAVO is taking right steps to safeguard their digital asset custody customers through this risk transfer solution. The insurance industry welcomes this sort of patience and transparency that allows for easier underwriting comprehension of the security standards, risk management protocols and the business vision in place at CYBAVO. We continue to work with a number of similar firms putting together creative and viable insurance programs to mitigate this type of risk."
About Lockton Companies
Lockton is a global professional services firm with 8000+ Associates who advise clients on protecting their people, property and reputations. Lockton has grown to become the world's largest privately held, independent insurance broker by helping clients achieve their business objectives.
Despite our size, an exceptional level of service remains Lockton's crowning achievement. We embrace our clients' challenges as our own and protect their interests at every turn. That dedication helps us retain 96% of our clients annually, the best record in the business. Your company is one of a kind and deserve best-in-class solution and service.
About CYBAVO Pte. Ltd.
CYBAVO Pte. Ltd. provides insured digital asset custody solutions for enterprises and financial institutions, such as cryptocurrency exchanges, digital asset managers or custodians.
The company was founded in 2018 by a team of experts from cybersecurity, blockchain and digital currency industries. CYBAVO technology is already protecting more than USD 7.5B worth in transactions of dozens of companies globally, including top cryptocurrency exchanges in Asia.