Mitsui Sumitomo Insurance is offering bitcoin exchanges around the world a new insurance policy. Insurance companies have historically insured bitcoin businesses with one-off policies made specifically for them, and many exchanges were unable to find any insurance.
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.”
“We will also provide individual consulting such as improvement of security management system according to your request.”
– Mitsui Sumitomo Insurance
The new insurance product was developed in partnership with Japan’s largest exchange, Bitflyer. The exchange helped develop a policy that protects against losses at both the exchange and customer levels, and is the also the first policyholder.
The company has had two fundraising rounds with the latest