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Cowbell Cyber
Adaptive Cyber Insurance
Cowbell is a cyber insurance company that leverages technology, data, and AI to provide small and medium-sized enterprises (SMEs) with Adaptive Cyber Insurance solutions. The company offers standalone, admitted, or surplus cyber insurance programs called Cowbell Prime. These policies are customized to align with each organization’s unique risk exposures, providing coverage that evolves with the global threat landscape.
What sets Cowbell apart is its closed-loop approach to risk management, which includes continuous risk assessment and underwriting and fast response to incidents. Cowbell’s approach to quantifying risk exposure includes Cowbell Factors™, developing custom-designed policies with brokers, providing immediate post-incident recovery services, and offering ongoing risk assessments and recommendations to mitigate risks and optimize premiums.
Additionally, Cowbell provides policyholders with incentives to improve their security posture and offers on-demand resources and educational materials through Cowbell Academy. With a team of security and insurance experts always on-call, Cowbell ensures immediate assistance with a full range of post-incident recovery services, making it a comprehensive cyber risk management and insurance solution.
Cowbell Cyber Insurance
Cowbell offers adaptive cyber insurance policies designed specifically for small and medium-sized enterprises (SMEs). The Cowbell standalone cyber insurance programs, known as Cowbell Prime, provide customized coverage aligned to each business’s unique risk exposures. Cowbell utilizes technology, data, and AI to offer continuous risk assessment, closed-loop risk management, and premium incentives for improved security postures.
Prime Tech E&O
John Hennessy, RVP of underwriting at Cowbell, introduces Prime Tech, the company’s primary technology Errors and Omissions (E&O) insurance offering. He explains that technology E&O insurance is designed for tech companies to cover risks like cyber liability, data protection, and software errors. Prime Tech combines Cowbell’s Prime 250 cyber offering with technology E&O in a single form. The product targets technology companies covering various exposures including negligence, product failures, and copyright infringement.
Adaptive Cyber Insurance
Cowbell Adaptive Cyber Insurance offers a comprehensive approach to cyber risk management for small and medium-sized enterprises (SMEs). Cowbell utilizes technology, data, and AI to provide customized cyber insurance solutions that evolve with the changing threat landscape. Cowbell’s closed-loop risk management system includes continuous risk assessment, underwriting, and fast response capabilities. The insurance coverage is designed to adapt to current and future cyber threats, offering policyholders incentives to improve their security posture.
Prime Tech Insurance
Cowbell Prime Tech is a cyber insurance offering that combines robust Prime 250 primary cyber coverage with Technology Errors & Omissions (E&O) on a single form—designed for technology business SMEs. The product caters to a wide range of technology businesses, including content management software providers, data analytics firms, IT consulting services, and SaaS providers. In addition to its core coverage, Prime Tech offers protection against various scenarios such as negligence, breach of warranty/contract, product failures, and copyright disputes. The policy also assists with associated costs like defense fees, settlements, privacy breach notifications, and cyber extortion.
Adaptive Cyber & CSIC
This interview with Trent Cooksley, COO and co-founder of Cowbell Cyber, discusses Cowbell’s recent announcement of adaptive insurance and the launch of Cowbell Specialty Insurance Company (CSIC). Trent explains that adaptive insurance is a dynamic approach to cyber insurance that continuously evaluates and adapts to changing risks, providing more accurate coverage and risk assessment for policyholders. The creation of CSIC allows Cowbell to become a full-stack carrier, offering more innovative and flexible insurance products while maintaining partnerships with existing carriers and reinsurers.
Value to Policyholders
This video focuses on the evolution and importance of cyber insurance for SMBs. Cyber insurance has transformed from a packaged policy protecting against data breaches to a standalone product addressing many cybersecurity risks. Cowbell Cyber CEO, Jack Kudale, explains that Cowbell offers tailored cyber insurance policies using AI and machine learning to assess risks continuously. Unlike traditional insurers requiring lengthy questionnaires, they can provide coverage in less than five minutes. Cowbell Cyber aims to make cyber insurance more accessible and affordable for small businesses. The company also helps policyholders improve their cybersecurity posture by offering insights, recommendations, and tools.
Increased Threat Levels
This video discusses the increased threat level for SMBs due to the COVID-19 pandemic, with a significant rise in phishing attacks and other cyber threats. The conversation highlights the shift from offline to online business models and the challenges this presents for insurance agencies. They also delve into the complexities of underwriting cyber insurance, including the lack of traditional actuarial tables and the need for more sophisticated risk assessment methods. The speakers touch on the potential for business interruption coverage to become more prominent, the challenges of admitted filings for cyber insurance, and how smaller, innovative companies like Cowbell Cyber can compete with larger insurers.
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Cowbell Cyber
Cyber Insurance
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
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
Cybersecurity Guide
Cowbell Cyber
Cybersecurity Resource Guide
This document is a comprehensive Cybersecurity Resource Guide created by Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs). The guide aims to help SMEs implement effective cybersecurity practices to protect their infrastructure and data from increasing cyber threats.
Key Cybersecurity Recommendations
1. Multi-Factor Authentication (MFA): Implementing MFA can prevent 99.9% of attacks on accounts. It’s recommended for all mission-critical systems, email, remote access, and admin-level users.
2. Password Policy: Enforce strong password policies, including length, complexity, and regular updates. Consider using password managers to help employees maintain unique passwords for multiple accounts.
3. Acceptable Use Policy (AUP): Create and enforce an AUP to outline rules for employee use of company technology and data.
4. Cybersecurity Awareness Training: Invest in regular training for employees, as 88% of data breaches result from employee mistakes.
5. Email Hygiene: Adopt good email practices to prevent Business Email Compromise (BEC) attacks, which resulted in $2.4 billion in losses in 2021.
6. Email Protection: Implement email authentication measures like SPF, DKIM, and DMARC to protect against spoofing and phishing.
7. Patch Management: Regularly update software and hardware to address vulnerabilities that hackers could exploit.
8. Backup Strategy: Implement a strong backup strategy, including the 3-2-1 rule and regular backup testing.
9. Network Infrastructure Security: Pay attention to operational technology (OT) systems security, especially in industries like manufacturing, utilities, and transportation.
10. Incident Response Plan (IRP): Develop and regularly test an IRP to efficiently respond to security incidents.
11. Business Continuity/Disaster Recovery Plan (BCDR): Create and maintain a BCDR plan to ensure business continuity in case of disasters.
12. Remote Access Security: Be cautious with Remote Desktop Protocol (RDP) and implement secure remote access practices.
Cowbell Cyber also emphasizes the importance of cyber insurance in mitigating financial losses from cyber incidents and providing expert services for quick recovery. Cowbell offers various tools and services to help SMEs assess and improve their cybersecurity posture, including risk ratings, security gap reviews, and access to cybersecurity resources.
What is Cyber Insurance
Cyber insurance is a specialized insurance product designed to protect businesses against the financial losses and disruptions that can arise from cyber-related incidents, such as data breaches, ransomware attacks, and other cyber threats. This type of insurance typically covers costs related to data recovery, legal fees, notification of affected parties, regulatory fines, and business interruption losses. Businesses need cyber insurance to mitigate the financial impact of cyber-attacks, ensuring they can quickly recover and continue operations while minimizing the potential damage to their reputation and customer trust.
What does cyber insurance cover?
Cyber insurance typically covers costs related to data breaches, including data recovery, legal fees, notification of affected parties, and regulatory fines. It may also cover business interruption losses and expenses related to restoring business operations.
Why is cyber insurance important for SMBs?
Small businesses, often with potentially weaker security measures, are prime targets for cyber attacks. Cyber insurance is a crucial tool in managing the financial burden of such attacks, ensuring they can recover quickly and sustain minimal operational disruption.
How is the cost of cyber insurance determined?
Factors such as the size of the business, the industry, the amount and type of data handled, and the company’s existing cybersecurity measures influence the cost of cyber insurance. Higher-risk businesses or those with poor security practices may face higher premiums.
What are the exclusions in a cyber insurance policy?
Standard exclusions in cyber insurance policies include claims related to pre-existing breaches, acts of war or terrorism, and the failure to maintain minimum security standards. It’s essential for businesses to review policy details to understand specific exclusions and limitations.