Ledger Vault Obtains Groundbreaking Custom Crime Insurance Policy
November 2019 by Patrick LEBRETON
Ledger advances protections for its clients by obtaining custom crime policy for its Vault connected platform
Ledger obtained a crime insurance policy covering digital assets secured by the Ledger Vault platform.
This program follows a rigorous evaluation of Ledger Vault’s hardware and software security infrastructure as well as governance policies. Ledger Vault worked for the last year with leading broker and risk advisor Marsh and a lead underwriter of crypto-asset insurance, Arch Insurance (UK) Limited (Arch), to develop the custom program at the behest of Vault clients.
The Ledger Vault platform now has a customized crime insurance program insuring crypto assets for up to USD 150 million (subject to full policy terms and conditions) including against:
Third-party theft of the master seed and private keys following a physical breach of a hardware security module in a secure data center;
Secure transmissions of the master seed fragments as part of the client onboarding;
Insider Ledger employee theft caused by collusion.
All the coins and tokens currently supported by the Vault platform are covered by the Ledger Vault policy. There is also a mechanism to add new coins/tokens to the policy coverage as may be necessary.
As a security technology platform Ledger Vault is not required to obtain digital asset insurance, unlike custodians, banks and exchanges. Despite this, Ledger understood the difficult process Vault clients would undergo to obtain insurance of this magnitude and proactively obtained insurance for the Vault platform at no additional cost for its clients. Vault clients are now alleviated from the majority of the burden of independently undergoing the insurance security evaluation process, and ultimately saving significant time and money to focus on their businesses.
Vault clients also have the opportunity to directly purchase their own primary coverage as needed on top of the Ledger Vault policy. With this feature Ledger Vault is the first digital asset security platform to enable seamless access to a customized crime insurance policy from the best in class underwriting.
Ledger has sold more than 1.5 million Nano devices globally and recently celebrated its five year anniversary. Vault, Ledger’s institutional offering with enhanced software security protocols, has more than 40 clients located across the APAC, EMEA and the Americas regions. Ledger Vault has a broad customer base that includes family offices, exchanges, trust and payment companies, and custodians, and clients such as Bitstamp, Uphold and Crypto.com.