At the heart of many companies in the bitcoin industry is cyber or network security liability. Whether coming from a cyber criminal, internal rogue employee or a hostile nation-state, the potential for a successful cyber attack against the infrastructure of a bitcoin company is very real causing damages to the company’s assets and those of its customers.
Cyber insurance is itself a fairly new industry having its start at AIG in the year 2000 when our CEO was Chief Operating Officer of a new AIG subsidiary frequently created with inventing cyber insurance. Today the industry has grown to over 45 insurance companies and a premium base of $1.3 billion. Yet, with the almost daily newsreels announcing the latest cyber attack against U.S. industries, cyber underwriters are still feeling their oats, often reluctant to take on new risks. And, there is nothing newer than the bitcoin industry.
Thus, as a new industry with a frequently misunderstood history, companies in the bitcoin community can have difficulty in being heard by the traditional cyber insurance industry. With a CEO who has been called the “Godfather of Cyber Insurance“, the Bitcoin Financial Group can successfully bridge this gap in communication and knowledge.
We can often combine traditional cyber liability insurance with our customized bitcoin theft insurance policy, BitSecure, to create a bespoke, robust insurance policy protecting both the company policyholder and its customers from financial loss arising from a host of activities and conditions.