’This collaborative model encourages best practices while supporting the sector’s evolution, demonstrating our commitment to finding innovative ways to serve emerging markets,’ says cyber class underwriter
Specialist digital assets insurance broker Native has brought together cyber security vendors and a pool of Lloyd’s underwriters to launch a framework that will provide better insurance terms to crypto firms’ with better cyber security protocols.
These firms are now able to access lower premiums and enhanced coverage by employing risk mitigation technology and vetted cyber security protocols.
Native and underwriters will work together to determine the impact of cyber security practices on risk reduction, with crypto firms that adopt approved technologies gaining access to the preferential terms and rates.
Lloyd’s of London underwriters, led by Chaucer and Mosaic, have partnered with Native on the new framework, alongside security technology vendors such as Hacken, Circuit, BreachBits, Hypernative and Station70.
Cryptocurrency sector firms, such as exchanges and wallet providers, have traditionally faced high insurance costs as insurers branded the sector high risk.
Native hopes that the standardisation or risk mitigation will remove barriers while also providing tailored products to an underserved market.
Risk maturity
Kieran Quigley, vice president for cyber at Mosaic, explained: ”This launch brings together our market-leading cyber and financial institutions underwriting teams to deliver sustainable, custom coverage that recognises the significant strides digital asset firms have made toward risk maturity.
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We’re committed to purposeful partnership, innovation and providing tailored insurance solutions to support the growth of one of the most dynamic and transformative sectors of the global economy.”
Ben Marsh, class underwriter for cyber at Chaucer, added: ”Chaucer is proud to help launch the Native Risk Collective – a forward-thinking solution to one of the insurance market’s most underserved areas.
”This collaborative model encourages best practices while supporting the sector’s evolution, demonstrating our commitment to finding innovative ways to serve emerging markets.”
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