iDenfy Announces its New Cyber Insurance by Landing a Massive Contract with Lloyds

iDenfy, the Lithuanian-based global identity verification and fraud prevention platform, announced a new collaboration with Lloyd’s, the leading insurance and reinsurance marketplace. iDenfy selected the Technology Errors and Omissions Coverage insurance as well as the Cyber protection package to meet the highest security standards.

iDenfy invested in adding an extra layer of security and purchased insurance from Lloyd’s. According to iDenfy, they are one of the few identity verification experts in the market to safeguard their services with high-class insurance, such as Lloyd’s. The newly selected Technology Errors and Omissions Coverage insurance ensures technology performance, protects from potential technology failures, and shields iDenfy from manufacturing its innovative services. iDenfy claims that operating in a risky field and managing sensitive data naturally demands greater security. For this reason, the company decided to benefit from cybersecurity insurance.

According to Domantas Ciulde, the CEO of iDenfy, 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.”

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 programs. iDenfy’s chosen insurance plan from Lloyd’s is also supported by a professional Claims Department and an in-house legal team, providing 24/7 support. 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 AML fines, etc.

iDenfy’s CEO, Domantas Ciulde, added: “Cybersecurity insurance is essential. 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.”