To protect against the costly experience of errors and omissions liability, as well as to leverage higher levels of cybersecurity, iDenfy has subscribed to an insurance package by Lloyd’s of London.
The Lithuanian-based identity verification and fraud prevention platform has confirmed a new collaboration with the insurance and reinsurance marketplace by selecting its technology errors and omissions coverage insurance as well as the cyber protection package to meet the highest security standards.
The newly-selected insurance package, which was introduced by Lloyd’s back in 2014, ensures technology performance, protects from potential technology failures and will shield iDenfy from manufacturing its innovative services.
iDenfy says that operating in a risky field and managing sensitive data naturally demands greater security. For this reason, the company decided to engage in cybersecurity insurance. According to Domantas Ciulde, the company’s CEO, the goal behind the partnership with Lloyd’s was to guarantee the absolute safety of iDenfy’s customers:
“We operate in a rather risky sector. Our team works with particularly sensitive data, such as biometrics or government-issued documents. Where there’s personal information, there’s always more risks of potential cyberattacks,” comments Ciulde.
Meanwhile, Lloyd’s, presenting itself as the world’s leading insurance platform, is well known for its wide range of specialists.
A part of the capital available at Lloyd’s is based on a subscription, meaning that Lloyd’s underwriters join together as syndicates and where syndicates unite to underwrite risks and programmes.
iDenfy’s chosen insurance plan from Lloyd’s is also supported by a professional claims department and an in-house legal team, who will provide ongoing support to the platform.
As per Lloyd’s, its collective intelligence and risk-sharing expertise of the market’s underwriters and brokers create a safer environment. Considering this situation, iDenfy states that the new cyber insurance will set grounds for an even stronger cybersecurity policy, helping the company prevent data theft and regulatory fines. The contract with Lloyd’s enables additional protection from cyber extortion, negligence in technology services, GDPR and anti-money laundering (AML) fines.
Describing cybersecurity insurance as essential, Ciulde continues: “It acts as a bridge to attract investments and new partnerships while simultaneously helping us maintain a good reputation and a high level of security. We’re thrilled to unite with Lloyd’s, a business committed to building a safer digital future.”