Blockchain
Lockton launches new digital asset custody insurance facility
Developed by Lockton’s Emerging Asset Protection (LEAP) team in collaboration with leading global custody insurers, the facility is supported by Lloyd’s syndicates, together with highly rated insurance companies. This provides Lockton clients with market-leading policy wording and full access to London market capacity, estimated today to be in excess of $850 million for custody coverage.
Key benefits of Lockton’s new facility include:
- Efficiency, including access to full market capacity for custody coverage, without the need for third-party surveys.
- Flexibility, including the ability to secure bespoke programs, incorporating various limits and cost structures, designed to work alongside an insured’s existing and future risk management planning as it onboards custody of digital assets.
- A clear route to entry via a streamlined custody insurance underwriting process, managed by Lockton’s experienced LEAP team members.
Traditionally available through the London market, custody insurance (sometimes called “cold storage” coverage) provides indemnity in relation to private keys stored in secure locations, including those that are part of a multiparty computation (MPC) solution or entirely “offline.” In addition to providing coverage for the loss of assets, custody insurance plays a sizable role in risk mitigation by adding an extra layer of protection beyond technical and physical security for companies involved in the care, custody and control of digital assets or those providing technology to support custody solutions.
“Custody insurance plays a vital role in protecting consumer assets stored by third-party custodians and is an essential tool in the successful operation of many digital asset companies. Historically, securing that coverage has been difficult, often requiring complicated underwriting processes and the involvement of third-party surveys,” said Neil Daly, head of Lockton UK’s LEAP team. “Our new custody insurance facility makes it easier for companies operating in the digital asset ecosystem to build robust custody insurance programs, enabling them to better protect valuable digital assets and effectively serve their customers,” he said.
“This facility represents a step forward in insurance coverage for businesses in the digital asset custody space,” said Sarah Downey, head of Lockton’s global LEAP team. “Our LEAP team’s deep partnerships with both insurers and clients and our continued investment in and focus on innovation in this space, further exemplifies Lockton’s long-term commitment to helping the digital asset ecosystem continue to grow.”
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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