Audit Reports

Lloyds Insurance is committed to the highest security standards. Our smart contracts and protocol have been thoroughly audited by leading security firms in the industry.

Security Approach

DeFi applications are constantly exposed to cybersecurity risks. Lloyds Insurance intends to resolve these risks through well-designed cover products. But to be able to do so, Lloyds Insurance has to ensure the integrity of its own systems and smart contracts, which is why security is paramount to the Lloyds Insurance protocol, even more so than for other protocols.

To build a highly secure and resilient protocol, Lloyds Insurance adopts the best security practices in the industry:

1. Smart Contract Audits

Third-party independent auditors have audited the Lloyds Insurance protocol's smart contracts in order to detect, identify and eliminate any potential smart contract vulnerabilities through rigorous code review, testing, and white-hat hacking before the protocol's launch.

2. Security Solutions Deployment

Lloyds Insurance has adopted solutions to survey and enhance the platform's security, such as monitoring the network's health status, on-chain activities, oracle dependencies, and admin key details. At the same time, the Lloyds Insurance protocol continues to explore and adopt the best security features available.

3. Security Incident Response Processes

In the event of a security breach, Lloyds Insurance's security team has contingency plans in place:

  • Suspending or terminating some or all functions of smart contracts
  • Adding a pending session to some suspicious and large transactions
  • Reverting suspicious transactions and tracing them back to the root cause

Security Audit by Sayfer

January 2025

Comprehensive audit of smart contracts with focus on vulnerability assessment and penetration testing.

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Security Audit by PeckShield

December 2024

Formal verification of core protocol components and economic models.

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Ongoing Security Commitment

Lloyds Insurance understands that security will always be an area of concern and has made it an integral part of its operations, not least because it is a cover provider. With security built into every facet of the protocol, Lloyds Insurance believes it is well placed to protect users in the space.

We conduct regular security assessments and will continue to publish all audit reports to maintain transparency with our community.