- UK-based cybersecurity specialists Digimune has announced the local availability of crypto insurance in South Africa.
- The product is made available thanks to a partnership with local underwriting agency Revolute.
- The crypto insurance is designed to help safeguard investors and exchanges against the volatility of cryptocurrencies.
Earlier this week, we wrote an enlightening feature around the need for cybersecurity insurance for South African companies, and in the same vein, a UK-based cybersecurity specialist has launched crypto insurance locally thanks to a partnership with a South African underwriter.
The UK company in question is Digimune, which has a partnership with Revolute Underwriting Agency, to launch a crypto insurance product designed to protect individual investors and exchanges.
The product is called CryptoShield, and it offers comprehensive coverage for individuals against the loss of funds resulting from hacks or illicit activities specifically targeting approved cryptocurrency exchanges or wallets.
Digimune explains that the policy extends coverage to the top 20 major crypto assets, including Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Solana, and Polygon. Added to this is a maximum coverage limit of $100 000. For cold or hard wallets, the maximum limit of coverage can be set as high as $500 000, says Digimune.
“Premiums are very affordable and include Digimune’s risk mitigation tools. As an entry-level solution, the insured will pay approximately $25 per month for $5,000 in coverage,” it notes in a press release sent to Hypertext.
“CryptoShield addresses the specific risks and needs of crypto-investors and fill 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,” highlights Simon Campbell-Young, VP of Global Sales and co-founder of Digimune.
Given the volatility and complexity that often comes with investing in crypto, the availability of insurance specifically for digital currencies makes a lot of sense.
To find out more about CryptoShield, head here.
