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In the present day, cyber insurance coverage supplier Cowbell Cyber introduced that it had closed a Collection B funding spherical of $100 million for its steady underwriting platform. The answer makes use of AI to evaluate dangers within the environments of small to midsized enterprises after which presents protection towards these vulnerabilities.
By repeatedly monitoring for threats, the answer supplies the businesses versatile insurance coverage protection that may sustain with the evolving dangers of a dynamic enterprise atmosphere.
This implies enterprise and resolution makers can monitor their publicity to cyber threats 24/7, and scale their protection to make sure they’re financially ready to mitigate safety incidents and breaches.
A dynamic option to mitigate cyber threat
Cowbell Cyber’s announcement comes as information breaches and cyberattacks turn into more and more troublesome to stop, and organizations look to cyber insurance coverage options to guard themselves from monetary affect of information breaches.
With research discovering that the typical whole price of an information breach is $4.24 million, many organizations are recognizing {that a} lack of preparation might put their enterprise beneath severe monetary pressure, or out of motion altogether.
Thankfully, steady cyber insurance coverage supplies enterprises with an answer that may lower the quantity they spend on remediating cyber threats.
“The previous two years have seen a speedy improve in cyber incidents, led by ransomware assaults and basically evolving risk panorama as a result of COVID-19 pandemic and, extra lately, the Russia-Ukraine battle. The assault floor has additionally broadened because of migration to cloud and offline-online initiatives,” mentioned the founder and CEO of Cowbell Cyber, Jack Kudale, in an unique interview.
“In the present day we use greater than 1,000 information factors and threat indicators on every account to benchmark their threat profile towards our threat pool of 23 million companies, or about 70% of the SME market within the U.S. That is precisely how we carry extra transparency – brokers, policyholders work off of the identical information – in underwriting for cyber and assist policyholders perceive how their cyber coverage is designed,” Kudale mentioned.
The battle to supply scalable cyber insurance coverage
Cowbell Cyber is a part of the cybersecurity Insurance market, which was valued at $9.29 billion in 2021, and is estimated to succeed in $28.25 billion by 2027 because the development of digitalization and cloud computing makes it harder for safety groups to safe their environments.
In the present day, the supplier is competing with a variety of conventional cyber insurance coverage carriers and insurtech firms. One of many group’s foremost opponents is Cyber insurance coverage supplier Coalition, presently valued at $3.5 billion, which presents an energetic insurance coverage resolution with real-time threat assessments and steady underwriting.
One other is Resilience, a cyber insurance coverage firm which lately closed $80 million in a Collection C funding spherical to cater to mid-market organizations with holistic cyber insurance coverage packages, loss mitigation companies and incident response planning.
Sooner or later, Kudale argues that Cowbell will differentiate itself from different suppliers by providing the definitive end-to-end cyber insurance coverage administration in a single place.
“Our vertically built-in platform combines, in a single system, each insurance coverage course of: utility, threat score, underwriting, coverage administration, claims administration, threat aggregation, dealer portal and extra. Each stakeholder has entry to the identical info,” he mentioned.
