Digital assets such as cryptocurrency are now insurable up to $500 million through Aon UK Ltd., according to Tel Aviv, Israel-based cybersecurity company GK8.
Underwriting is provided by a panel of insurers led by Arch Underwriting at Lloyd’s Syndicate 2012, GK8 said in a statement Tuesday.
The Aon policy 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, the statement said.
“We’re excited to facilitate this offering to clients of GK8 who comply with the company’s security recommendations,” Tom Davis, client director of Aon UK Ltd., said in the statement. “Pre-negotiated insurance coverage to protect the digital assets in their care, custody, or control.”
“It was an important guarantee that when a customer is on-boarded to our platform, the full value of their assets is insured,” Lior Lamesh, CEO of GK8, said in the statement.
GK8 is a cybersecurity company founded in July 2018 by Mr. Lamesh and Chief Technology Officer Shahar Shamai. The company’s technology is used to securely manage digital assets for clients that manage more than $1 billion in such assets, the statement said.
