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The Institutes RiskBlock Alliance said U.S.-based consultancy firm Ernst & Young L.L.P. will provide blockchain-specific cyber security and risk management guidance for the alliance, Malvern, Pennsylvania-based RiskBlock said in a statement Monday.
Ernst & Young will work with the RiskBlock Alliance to identify risks unique to its blockchain, as well as leading practice controls, and to provide blockchain-specific cyber security assessments and testing, the statement said.
“We expect that the risk and controls guidance and cyber security testing services EY is developing will not just be critical to the success of the RiskBlock Alliance, but likely will help set the standard for industry-leading practices for blockchain enterprise,” Christopher G. McDaniel, president of The Institutes RiskBlock Alliance, said in the statement.
Last week, the RiskBlock Alliance added 12 members, including BB&T Insurance Holdings Inc., State Farm, The Travelers Cos. Inc. and W.R. Berkley Corp.
Stan Stalnaker founder of Bermuda-based tech company Hub Culture, said that local insurers are likely to get more opportunities to cover digital businesses and assets, The Royal Gazette reported. The Bermudian government is looking to set up a blockchain hub and has recently signed a memorandum of understanding with several fintech companies. The government has also passed the Digital Asset Business Act to attract more blockchain-focused companies to the island.