Cowbell Cyber
Cyber Insurance: Comprehensive Coverage for SMEs

Cowbell offers a standalone cyber insurance program called Cowbell Prime™, designed specifically for small and medium-sized enterprises (SMEs) with revenues up to $500 million. This AI-powered solution provides tailored coverage for various cyber incidents, including email scams, ransomware attacks, and social engineering.

Key Features:

1. Online Policy Management: Through an online platform, policyholders can view risk assessments, compare them to peers, review quotes, and customize coverage.

2. Rapid Policy Acquisition: Businesses can obtain a policy in as little as 5 minutes.

3. Closed-Loop Risk Management: Cowbell employs a proactive approach that includes continuous assessment, improvement, insurance, and incident response.

Risk Assessment Tools:

• Cowbell Factors™: This tool benchmarks an organization’s risk level using external data, firmographics, claims data, and dark web intelligence.
• Cowbell Insights™: Provides guidance on remediating security weaknesses and improving Cowbell Factors scores.
• Cowbell Connectors™: Allows deeper assessment of cloud applications, email services, and security practices.

Additional Resources:

1. Support from Cowbell’s risk engineering team
2. Incident response plan templates
3. Cowbell Rx: A partner referral network for cybersecurity solutions
4. Cyber awareness training for employees through Wizer

Proactive Risk Management Steps:

1. Obtain a standalone cyber policy quote
2. Access the Cowbell platform
3. Review Cowbell Factors and understand risk exposures
4. Implement recommendations from Cowbell Insights
5. Enroll employees in cybersecurity awareness training

Cowbell positions itself as the leading cyber insurance provider for SMEs, offering individualized policies that include risk insights, assessment, breach coaching, and cybersecurity awareness training. This comprehensive approach aims to provide value throughout the entire policy period, not just after an incident occurs.

Cowbell Cyber
7 Reasons to Get Cyber Insurance

This document outlines seven compelling reasons for businesses to obtain cyber insurance, highlighting the benefits and features offered by Cowbell Cyber, a cyber insurance provider.

Financial Protection and Recovery

Cyber insurance serves as a crucial safeguard against financial losses resulting from cyber incidents. It covers various expenses associated with data breaches, including forensics, legal fees, and notification costs. Moreover, Cowbell provides access to cyber experts and services that help businesses recover quickly from incidents, minimizing disruption to operations.

Contractual Compliance and Customized Coverage

Obtaining cyber insurance proactively ensures that businesses can fulfill contractual obligations without being pressured to acquire coverage hastily. Cowbell utilizes technology to match an organization’s unique risk exposures to appropriate coverages, ensuring tailored protection.

Streamlined Application Process

Cowbell offers a 100% online application process, allowing businesses to get coverage quickly. By providing only the organization and domain name, companies can receive quotes, review coverages, and secure protection in minutes.

Risk Monitoring and Visualization

Policyholders gain access to Cowbell’s platform, which enables them to view and monitor their risk ratings over time. This feature helps businesses identify and address potential coverage gaps, enhancing their overall cybersecurity posture.

Peer Comparison

Cowbell provides insights that allow businesses to compare their cyber risk profile with industry peers. This benchmarking capability helps organizations understand their relative security standing and identify areas for improvement.

Cyber Insurance offered by Cowbell Cyber provides comprehensive financial protection, facilitates rapid recovery from incidents, ensures contractual compliance, and offers tailored coverage with an easy application process. Additionally, it empowers businesses with risk monitoring tools and industry benchmarking capabilities, making it an essential component of a robust cybersecurity strategy.

Cowbell Cyber
Continuous Risk Awareness

Cowbell Insights is a continuous risk awareness tool provided by Cowbell, a leading cyber insurance provider for SMEs. These insights offer recommendations to help organizations remediate cybersecurity weaknesses and improve risk profiles.

Key Features of Cowbell Insights

• Accessibility: Available to both policyholders and non-policyholders
• Generation: Based on continuous risk assessment processes
• Relationship to Cowbell Factors: Provides details behind Cowbell’s proprietary risk ratings
• Updates: Continuously refreshed to reflect current risk status
• Customization: Unique to each organization

Structure of Cowbell Insights

• Security priority level (High, Medium, Low)
• Impacted Cowbell Factor(s)
• Remediation steps

Common Cowbell Insights Examples

1. Remote Desktop Protocol (RDP) Usage

• Severity: High
• Impact: Network Security
• Remediation: Disable unnecessary RDP services, secure port 3389, use VPN

2. Multi-factor Authentication (MFA)

• Severity: High
• Impact: Cloud Security
• Remediation: Enable MFA on administrator accounts

3. End of Life Software / Software Patching

• Severity: Low
• Impact: Company Aggregate risk rating
• Remediation: Inventory and update software systems

4. Domain Name System (DNS) Configuration

• Severity: None (Informational)
• Impact: Network Security
• Remediation: Ensure proper DNS configuration and security

Benefits of Cowbell Insights

• Provides real-time recommendations for improving cyber risk profiles
• Helps businesses become less attractive targets for cybercriminals
• Improves insurability by addressing identified security weaknesses
• Offers continuous visibility into potential cyber risks

By implementing the suggestions from Cowbell Insights, organizations can significantly enhance their cybersecurity posture and reduce their vulnerability to cyber attacks.

Cowbell Cyber
Preparing a Cyber Insurance Application

Preparing a Cyber Insurance Application

Cyber incidents can affect businesses of all sizes, making it crucial to maintain good cybersecurity hygiene. This summary outlines key recommendations to minimize cyber threats, improve insurability, and optimize insurance premiums.

Multi-Factor Authentication (MFA)

MFA is a critical security measure that blocks 99.9% of automated attacks. To implement MFA effectively:

1. Enforce it for all users on email, cloud applications, and remote access.
2. Prefer authentication apps over SMS/text messaging.

MFA is typically free with most systems and should be activated on personal and professional accounts.

Cybersecurity Awareness Training

Phishing emails are a common entry point for cyberattacks, including ransomware. To combat this threat:

1. Utilize the 20 seats in Wizer’s Cybersecurity Awareness Training Program, which is included in Cowbell’s policies.
2. Implement a security training program before policy renewal if one is not already in place.

Incident Response Plan

An up-to-date incident response plan is crucial for managing cyber crises. It should:

• Document step-by-step procedures, contact information, and involved parties.
• Be regularly tested and updated to reflect organizational changes.

Cowbell provides a recommended Incident Response Plan template for policyholders.

Isolated, Offline Backups

Maintaining secure backups is essential for recovery in case of a cyber event:

• Implement backups for all critical data and in-house systems.
• Verify backup procedures with third-party system providers.
• Keep backups isolated, encrypted, and protected by MFA.

Additional Considerations

Depending on the business specifics, Cowbell’s underwriting team may require:

• Annual penetration testing
• Deployment of advanced security solutions like Managed Detection and Response or Endpoint Detection and Response

For further assistance, businesses can contact Cowbell’s risk engineering team or access their Cowbell Factors for visibility into risk exposures.

By implementing these recommendations, businesses can significantly improve their cybersecurity posture, streamline the insurance application process, and potentially reduce their insurance premiums.

Cowbell Cyber
Activate Connectors for Deeper Risk Assessment

Cowbell Connectors: Enhancing Cyber Risk Assessment for SMEs

Cowbell Cyber, a leading cyber insurance provider for small and medium-sized enterprises (SMEs), offers Cowbell Connectors to improve risk assessment and visibility into cyber risks. These connectors securely access an organization’s cyber infrastructure, providing inside-out data to refine risk assessments at no additional charge.

Key Benefits

Improved Risk Visibility: Connectors add inside-out data to Cowbell Factors™, delivering a more comprehensive risk profile. This enhanced assessment helps organizations identify and address security weaknesses they may not be aware of.

Premium Optimization: Activating a connector makes policyholders eligible for a 5% premium credit (for Prime 250 policyholders). Organizations may further optimize their insurance premiums as they improve their security posture based on connector insights.

Proactive Risk Management: Connectors enable organizations to improve their security posture before incidents occur by providing deeper visibility into security weaknesses and offering recommendations.

Cowbell offers various connectors:

• Microsoft 365
• Google Workspace
• Google Cloud
• AWS
• Secureworks
• Qualys
• Security Studio
• Safeguard
• Wizer
• Cloudflare

Security and Privacy

Connectors use vendor-developed APIs with read-only access limited to metadata and configuration information. They do not access business data stored in the systems.

Microsoft 365 Connector Example

The Microsoft 365 connector provides an immediate, free Office 365 security configuration audit. It offers visibility into data tracked by Microsoft, including security scores, strengths, weaknesses, and improvement actions. This assessment is based on best practices defined by Microsoft and the Center for Internet Security (CIS).

Reasons to Activate Connectors

1. Early warning about security weaknesses
2. Better-matched cyber policy to risk profile
3. Premium optimization
4. Free, shareable risk assessment
5. Accurate benchmarking against peers

Cowbell Connectors represent a valuable tool for SMEs to enhance their cyber risk management, potentially prevent incidents, and optimize their cyber insurance coverage. These connectors enable proactive risk mitigation and more accurate insurance underwriting by providing deeper insights into an organization’s security posture.

Cowbell Cyber
Analysis of Cowbell Factor for Software Supply Chain

Cowbell, a leading cyber insurance provider for SMEs, has introduced a new Cowbell Factor to evaluate organizations’ exposure and controls against software supply chain attacks. This factor complements seven existing factors that assess various aspects of cyber risk profile.

Industry Analysis:

• Mining and Hospitality industries show the highest risk related to software supply chain vulnerabilities.
  Agriculture, Arts and Entertainment, Financial Services, and Healthcare demonstrate the lowest overall exposure.
• Public Services, Education, Hospitality, and Transportation have notably weak controls, while Financial Services and Entertainment exhibit strong controls.

Open Source Software Impact:

• A 650% increase in software supply chain attacks was observed in 2021, targeting open-source ecosystems.
• The Education sector faces significant exposure due to the widespread use of open-source software and weak security practices.

Distribution of Supply Chain Cowbell Factor:

• The average factor for companies with revenue under $100 million is 50.0 (range: 16.8 to 89.5).
• The average factor for companies with revenue over $100 million is 49.9 (range: 29.9 to 79.1).

Industry Variations:

• Significant disparities exist within industries, with Professional Services, Construction, Manufacturing, Wholesale Trade, and Financial Services showing the widest ranges.
• Utilities demonstrate more homogeneous risk profiles.

State Analysis:

• New York shows one of the lowest exposures to software supply chain risk, possibly due to a concentration of financial institutions with strong controls.
• Nebraska stands out as a state with high exposure.

Methodology

The analysis is based on a dataset representing over 50% of U.S. small and mid-size businesses. It utilizes more than 750 data points and risk signals from various sources, including third-party databases, proprietary scanners, historical claims, and public vulnerability libraries.

This comprehensive assessment of software supply chain risks provides valuable insights for organizations and insurers to understand and mitigate potential vulnerabilities in their cyber security posture.

Cowbell Cyber
Cowbell Factors Overview

Cowbell Factors™ is a proprietary risk assessment tool that Cowbell Cyber, Inc. developed to provide continuous risk rating for organizations, particularly small and medium-sized enterprises (SMEs) in the United States. These factors offer a relative rating of an organization’s cyber risk profile compared to a vast risk pool of 31 million accounts, representing over 92% of U.S. SMEs as of March 2023.

Key Features of Cowbell Factors

Scoring System: Cowbell Factors typically range from 20 to 80, with higher scores indicating better risk profiles (i.e., lower exposure).

Data Sources: The factors are compiled using thousands of data points from various sources, including:

• Public databases
• Third-party vendors
• Proprietary external scanners
• Dark web intelligence
• Compliance information

Advanced Analytics: Artificial intelligence and machine learning algorithms are applied to model risks and generate the Cowbell Factors.

Inside-out Data: Cowbell Factors can incorporate additional data when connectors to service providers or security vendors are activated for enhanced insights. For example, businesses using Microsoft 365 can activate a Microsoft connector for deeper insights and recommendations.

Continuous Risk Assessment

Given the dynamic nature of cyber threats, Cowbell Factors are continuously updated to provide up-to-date visibility into an organization’s relative risk exposures.

Aggregate Factors

Cowbell Factors show an organization’s risk ratings and industry aggregate factors (averages) based on the overall risk pool of the specific class of business. This comparison is crucial, as cybercriminals often target companies with lower cybersecurity standards than their peers.

Accessibility

Policyholders and non-policyholders can access their Cowbell Factors and Cowbell Insights for free.

Benefits of Cowbell Factors

Cowbell Factors help organizations answer critical questions about their cybersecurity posture:
1. How secure is the business compared to industry peers?
2. Where does the business have cyber exposure?
3. Are there any compromised data or credentials on the dark web?

By providing these insights, Cowbell Factors enable businesses to better understand their cyber risk profile, identify areas for improvement, and potentially enhance their insurability in the cyber insurance market.

Cowbell Cyber
Cybersecurity Recommendations for Business

In today’s digital landscape, the rising threat of cyberattacks makes it crucial for businesses to implement robust cybersecurity measures. This summary outlines key recommendations to enhance your business’s cyber resilience.

Cyber Hygiene Basics

Implementing good cyber hygiene practices is essential for protecting your business from cybercriminals. Some fundamental steps include:

• Utilizing VPNs and Multi-Factor Authentication (MFA) for employee logins
• Investing in cybersecurity tools to secure company and client data

Current Cyber Threat Landscape

Recent data from Verizon’s 2023 report highlights the evolving cyber threat landscape:

• Business Email Compromise (BEC) attacks have nearly doubled in the past year
• 74% of breaches involve human elements
• The primary attack vectors are stolen credentials, phishing, and vulnerability exploitation

Key Recommendations

1. Enable Multi-Factor Authentication (MFA): Implement MFA across all services, including payroll applications, CRM systems, online banking, and email services.

2. Regular Patching: Keep all devices, applications, and website tools updated with the latest software versions.

3. Avoid Public Wi-Fi: Never access sensitive data using public Wi-Fi without a secure VPN.

4. Use Secure Websites: Only visit websites with “https” in the address, and keep browsers updated.

5. Review Loss Mitigation Strategy: Assess your cyber insurance coverage, limits, and deductibles to ensure they align with your business needs.

6. Password Hygiene: Implement strong password practices, including unique passwords for each service and avoiding password sharing.

7. Cybersecurity Awareness Training: Develop a comprehensive training program for all employees to enhance their cybersecurity knowledge.

8. Seek Clarification: Don’t hesitate to ask questions about your Business Interruption/Business Income coverage.

By implementing these recommendations, businesses can significantly improve their cybersecurity posture and better protect themselves against the ever-evolving landscape of cyber threats. Regular review and updating of these practices are essential to maintain a strong defense against potential cyberattacks.

Cowbell Cyber
Claim Case Study: Social Engineering

Cowbell presents a case study detailing how they assisted a policyholder in recovering from a social engineering attack.

Incident Overview

The victim was an energy company in Ohio with 150-200 employees and revenue between $50-100 million. The company fell prey to a social engineering attack when they received a fraudulent message from a frequent supplier claiming to have changed their bank account details. Despite conducting normal checks, the policyholder updated the banking information and processed a payment to the fraudulent account.

Cowbell’s Response

Upon being notified, Cowbell’s claims team took swift action within one hour:

1. Acknowledged receipt and provided initial advice
2. Arranged a call with breach counsel and forensic teams
3. Conducted a preliminary coverage review

Thanks to Cowbell’s quick assistance and expert vendor connections, the policyholder was able to:

• Confirm the security of their environment
• Recover 80% of the fraudulently transferred funds
• Receive compensation from Cowbell for the remaining unrecovered funds

Aftermath and Prevention

Following the incident, the policyholder implemented a new verification procedure to prevent future social engineering attacks. Cowbell emphasizes the importance of preparedness and protection against cyber threats, noting that 75% of businesses consider social engineering the “most dangerous” threat.

Cowbell’s Cyber Insurance Offerings

Cowbell provides standalone and individualized cyber insurance for small and medium-sized enterprises (SMEs). Their policies include:

• Continuous risk assessment
• Access to risk engineers for advice
• Cybersecurity awareness training for employees
• Additional resources to help policyholders stay ahead of evolving threats

The case study underscores the value of Cowbell’s rapid response and comprehensive support in mitigating the impact of cyber incidents on their policyholders.

Cowbell Cyber
Claim Case Study: Ransomware

Cowbell Cyber presents a case study of a ransomware incident it handled. The case study demonstrates how Cowbell assisted a policyholder in recovering from a ransomware attack with minimal loss and business interruption.

Incident Overview

The victim was a professional services company based in Pennsylvania with 150-200 employees and an annual revenue of $70 million. The incident began when the company’s firewall detected a suspicious IP address accessing their system. Shortly after, employees lost access to the system, followed by a ransom demand of $1.5 million from an aggressive hacking group.

Cowbell’s Response

Upon being contacted by the policyholder, Cowbell took swift action:

1. Within an hour, they assembled a team of trusted incident response vendors.
2. The claims team worked closely with the policyholder to:

• Review data backup status
• Recover data and operations
• Suggest and review necessary workstreams
• Assign vendors for after-hours and on-site support

Negotiation and Resolution

The policyholder’s primary concern was the potential release of client proprietary information, which could damage business relationships. Cowbell collaborated with experienced ransom negotiators to reduce the initial ransom amount by nearly 70%. After obtaining the decryptor, Cowbell actively assisted in restoring the company’s operations, minimizing business interruption.

Post-Incident Support

Following the incident resolution, Cowbell’s Risk Engineering team reviewed the policyholder’s cybersecurity configuration to prevent future incidents. This proactive approach demonstrates Cowbell’s commitment to ongoing risk management and prevention.

Cowbell’s Cyber Insurance Offerings

The case study highlights Cowbell’s comprehensive approach to cyber insurance for SMEs:

• Standalone and individualized cyber insurance policies
• Continuous risk assessment
• Access to risk engineers for advice
• Cybersecurity awareness training for employees
• Additional resources to help policyholders stay ahead of evolving threats

By showcasing their rapid response, effective negotiation, and comprehensive support throughout the incident, Cowbell emphasizes the value of their cyber insurance services in mitigating the impact of cyber attacks on SMEs.

Cowbell Cyber
5 Steps to Address Ransomware Threats

Ransomware threats pose a significant risk to businesses across all industries. To help organizations proactively address these threats, Cowbell Cyber outlines five critical steps for maintaining secure business operations online:

1. Understand Third-Party Risk

Organizations should thoroughly vet the cybersecurity measures of their third-party partners and supply chain. This includes:

• Conducting regular cybersecurity assessments
• Revalidating security measures periodically
• Gaining visibility into fourth-party suppliers

2. Deploy Multi-Factor Authentication (MFA)

MFA serves as the first line of defense against unauthorized access, even when credentials are compromised. Key considerations include:

• Requiring MFA for all employees, contractors, and third-party service providers
• Implementing MFA across all systems, including email, cloud services, SaaS applications, and remote access tools

3. Prepare an Incident Response Plan

Having a well-defined plan in place before an attack occurs is crucial for rapid recovery. This plan should:

• Identify key personnel and their responsibilities
• Outline specific steps to take during a ransomware event
• Provide clear leadership and direction during crises

4. Implement Network Segmentation

Isolating segments of the network using firewall rules or air-gapped measures offers several benefits:

• Limiting the scope of potential ransomware attacks
• Protecting critical systems and sensitive data
• Improving regulatory compliance and insurability

5. Maintain and Verify Backups

Having reliable backups provides negotiating power and alternatives to paying ransoms. Organizations should ensure:

• Backups are encrypted, tested, and separated from the main network
• Cloud-based or offline/air-gapped storage is used for backups
• Third-party applications also have proper backup measures in place

By following these steps, organizations can significantly improve their resilience against ransomware threats and better protect their digital assets. 

Cowbell Cyber
After a Cyber Incident

Cowbell Cyber outlines the steps after discovering a cyber incident, specifically focusing on a ransomware attack scenario.

Scenario

The document presents a scenario in which an employee inadvertently clicks on a malicious email link, resulting in malware installation and data encryption. The attacker demands a $100,000 Bitcoin ransom within 48 hours and threatens to publish sensitive data if not paid.

Immediate Actions

1. Report to Cowbell

The first step is to immediately report the incident to Cowbell and the organization’s broker. The document emphasizes not resolveving the issue independently or engaging with the threat actor. Cowbell’s incident response team is available 24/7, 365 days a year.

2. Prepare for the Scoping Call

Organizations should create a brief summary of potentially impacted systems or data. Company leadership should be ready to participate in a scoping call with Cowbell’s incident response experts.

Claims Process

Cowbell outlines a three-step claims process:

1. Report: Upon claim filing, Cowbell deploys an appropriate incident response team for immediate assistance.
2. Review: A policy review and coverage investigation is conducted, informing the organization of available resources.
3. Respond: Cowbell’s vetted incident response team, including breach counsel, digital forensic investigators, ransom negotiators, and public relations experts, addresses the incident to minimize impact.

Cowbell’s Commitment

The document emphasizes Cowbell’s dedication to supporting organizations through cyber incidents, which can be extremely challenging. Their experienced claims team is prepared to handle various situations, and their incident response team aims to restore normal operations as quickly as possible.

The document concludes with a disclaimer stating that the provided examples and descriptions are for general informational purposes only and do not cover all possible scenarios. Policyholders are advised to refer to their specific policy for terms and definitions.