Japanese Mitsui Sumitomo Insurance to offer Cryptocurrency Exchanges Insurance

262

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


Mitsui Sumitomo, the Japanese insurance major has announced its plans to offer a new product exclusively for the cryptocurrency sector. 

According to a report from Luke Walker at Brave New Coin:

The plan’s total theft cover ranges from ten million yen (US$88,500) up to one billion yen (US$8.85 million). It also covers loss from internal and external threats, including employee theft, mistakes, cyberattacks, and other unauthorized access.

Additional to the recovery amount, the policy comes with a range of damage control and prevention services. “In order to prevent damage caused by cyber attacks, targeted mail training and information leakage risk,” the plan’s announcement states, “we provide cyber risk countermeasure services such as security diagnosis and checklist for employees.”

The new insurance product was developed with Japan’s largest cryptocurrency exchange, Bitflyer – who helped develop the policy that protects against losses at both the exchange and customer levels, and is the also the first policyholder.

More from Walker at Brave New Coin:

A short-lived wallet service named Elliptic Vault claimed to be the first ever insured bitcoin service, having launched in January 2014 and naming Lloyd’s as their insurer. Unfortunately for them, Lloyds denied that Elliptic Vault was a customer. The service closed down within months and was replaced by a blockchain forensics service.

Later in the year, the Great American Insurance company offered the first official Bitcoin Insurance coverage policy to businesses, although details of the plan are not available on their site, no known bitcoin companies have claimed that they were customers.

In November of the same year, bitcoin vault Xapo announced that they were using AMBest to insure their high-security vaults. Soon afterward Coinbase and BitGo followed suit, making insurance protection a common feature in the largest bitcoin wallet services. Still, each known case of insurance coverage has been a custom package.

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articleR3 Raises Less than Half of What they Wanted from Banks for Blockchain Funding
Next articleLisk Launches Simultaneous Campaigns to Empower Blockchain and Energize Community
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.