Startup Cowbell Cyber wants to give small and midsize businesses (SMBs) a better way to get insurance coverage against cybersecurity threats.
The company formally launched on Tuesday with a continuous underwriting platform that it says will enable SMBs to get cyber insurance tailored to their specific cyber-risks and exposures.
Cowbell's announcement is one of two cyber insurance-related developments this week targeted at small and midsize organizations. The other is a partnership between security-as-a-service provider Coronet and Slice Labs that offers Coronet's SMB customers a potential discount for Slice's on-demand cyber insurance offerings.
The two new offerings are among a growing number of cyber insurance policies targeting organizations of different sizes. A report from A.M. Best this year described premiums for stand-alone and packaged cyber policies as growing 12% from $1.8 billion to just over $2 billion in 2018. Organizations looking to minimize cyber and reputation risk are driving much of the growth. The fact that many insurers have removed cyber coverage from traditional insurance coverage is another factor driving growth of stand-alone cyber insurance, A.M. Best said.
Cowbell's approach combines data from external sources — such as that pertaining to loss costs, business interruption, regulatory compliance, and the Dark Web — with internal data about an organization's current and ongoing security posture. It uses artificial intelligence and machine learning techniques to derive a risk score — or Cowbell Factor — for various insurable threats that organizations can then use to select appropriate insurance coverage.
The company says its ..
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