Aon, a professional services firm specializing in risk, announced it has extended its existing insurance policy coverage for crypto custodian Vo1t to now include Multi-Party Computation (MPC) transactions.
Using Vo1t as the trusted execution environment ensures strong separation between components of the MPC structure, and calls upon a system built on trusted hardware in the form of hardware security modules (HSMs) and air-gapped computer systems — designs which have been around for decades and are well understood.
With a hybrid design of MPC and trusted hardware Vo1t can act as a co-signer to the transaction, an event which has now given the insurance underwriters comfort to extend the Aon crime policy to insure any MPC solution which connects into the Vo1t infrastructure.
“We’ve worked with Vo1t for a while now and the underwriters have been comfortable with their systems to offer a substantial amount of insurance cover. MPC has been an interesting development, by securing a signing event in the Vo1t environment we’re happy to extend the existing cover to MPC wallet originated transactions.”
– Tom Davis, Client Director, Aon
If Vo1t is the designated co-signer, a veto share is held in Vo1t’s infrastructure as part of the approval process; in effect acting as the client’s elected gatekeeper for their MPC wallets. The service goes beyond the technology to include the authorization team who conducts the necessary data integrity and audit checks, with contingency plans for any users under duress.
Vo1t has also been working with MPC providers to secure the disaster recovery key in Vo1t’s cold storage environment. In the event of shares being lost and access to the private keys required then a DR key is held by Vo1t to generate all private keys locally to regain control of the account. All under the Aon insurance wrapper.
“MPC adds another layer of security, one which improves the operational efficiencies on client authentications. It also presents another string in our bow to offer a fully customizable treasury management solution. In the reverse direction, we can secure the DR process and encryption key for users of independent MPC protocols, or be a fully elected co-signer.”
– Miles Parry, CEO, Vo1t