Revolute, Digimune unveil crypto insurance CryptoShield
South Africa-based Revolute Underwriting Agency has created CryptoShield, a crypto insurance solution aimed at safeguarding individual investors and exchanges, through a partnership with Digimune, a UK-based cybercrime specialist firm.
According to Digimune, CryptoShield provides comprehensive coverage for individuals against the loss of funds caused by cyberattacks or unlawful activity, especially targeting licensed cryptocurrency exchanges or wallets.
With a maximum coverage amount of $100,000, the policy covers the top 20 largest crypto assets, including Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Solana, and Polygon.
The maximum level of coverage for cold or hard wallets can be set as high as $500,000.
Premiums for an entry-level policy will be around $25 per month for $5,000 in coverage, and Digimune's risk reduction tools will be included.
Simon Campbell-Young, VP global sales and co-founder of Digimune, says: “CryptoShield addresses the specific risks and needs of crypto-investors and fills a significant gap in the insurance market.
“We use proactive measures to lower the chances of individuals being defrauded, and closely monitor the dark web for any activities related to our customers’ digital identities, ensuring their online security. In the event of losses suffered, our insurance policy offers coverage to safeguard our customers’ financial interests.
“We will cover most events, including cold storage wallet theft or damage. Social engineering scams, such as phishing, vishing, telephonic and e-mail scams that cause loss of crypto funds – outside the wholesale hack of an exchange – will also be covered,” says Campbell-Young.
The coverage also includes losses incurred because of a ransomware attack. To further enhance risk mitigation, all CryptoShield customers will receive complimentary Digimune Digital Risk Monitoring Services, as well as Norton multi-platform and multi-device protection, which the insured must use to maintain coverage.
Digimune says this dual security method fights against device layer attacks while also scanning the Internet for existential web-based threats.
Campbell-Young says: “We are breaking new ground with this offering. It’s an extremely well-calculated, well thought-out insurance product that meets a growing need in the market. We expect strong uptake, with major insurers and crypto exchanges already in talks with us to offer CryptoShield as a value-add to their customers.”
CryptoShield is now available in South Africa, with worldwide rollout already underway by working with insurers and exchanges in their respective regions, according to Digimune.