GK8, a cyber security company that offers technology for managing and safeguarding digital assets, has announced that its product is now insurable via Aon UK Ltd.
The partnership will utilise insurance provided by a panel of insurers led by Arch Underwriting at Lloyd’s Syndicate 2012, and will enable GK8 clients to to protect their assets under custody at a coverage cap of potentially $500 million.
The Aon policy now available for GK8 clients is designed to cover internal theft, as well as external theft, loss, damage, or destruction of the assets stored in their cold wallet.
GK8 claims that its digital asset custody system allows financial institutions to receive high access to digital assets and related information without compromising on security.
This, it says, is because its technology enables the institution to execute the entire digital asset management process, including sending a signed transaction to the blockchain, without direct or indirect Internet connection.
“We have worked hard to demonstrate the validity of GK8’s solution to insurers so that the company’s clients can benefit from pre-negotiated insurance coverage to protect the digital assets in their care, custody, or control,” says Tom Davis, Client Director of Aon UK Ltd.
“As such, we’re excited to facilitate this offering to clients of GK8 who comply with the company’s security recommendations.”
“Often, we see people purchase an insurance policy and then hold in the aggregate funds well above the limit of that insurance policy,” says Lior Lamesh, CEO of GK8. “So for us, it was an important guarantee that when a customer is on-boarded to our platform, the full value of their assets is insured.”