Cowbell Adaptive Cyber ​​Insurance Offers Dynamic Risk Protection and More News

Published by
Peter Kavinsky

Cyber ​​security insurance company Cowbell Cyber ​​Inc. today announced the launch of its new Adaptive Cyber ​​Insurance product and new subsidiary Cowbell Specialty Insurance Co.

Adaptive cyber insurance is positioned as a dynamic approach to insuring constantly changing risks. Cowbell argues that the dynamic nature of cyber risk requires insurance policies to evolve accordingly, so the new product transforms cyber insurance from a static offering into a dynamic one that adapts to current and future threats.

With adaptive cyber insurance, policies can be changed more than annually to stay aligned with the policyholder’s cyber vulnerability, avoid gaps in coverage, and provide full transparency on renewal terms throughout the life of the policy. The service is said to allow policyholders to improve their organization’s cyber risk profile to avoid potentially catastrophic financial loss or reputational damage.

The new offering brings together covered risk management tools and services to enable policyholders to continually respond to changes in the threat landscape. The engagement starts with a real-time cyber risk assessment as measured by Cowbell Factors and includes insider risk data. Continuous risk monitoring and risk engineering services then help policyholders mitigate newly identified risks and security deficiencies throughout the life of the policy.

Prior to launch, Adaptive Cyber ​​Insurance was tested by some existing policyholders who the company says achieved an overall 9% improvement in their risk profile compared to industry peers.

“Three years ago, we launched the industry’s first continuous underwriting platform that linked insurance threats to risk exposure to proactively mitigate losses after cyberattacks,” said Jack Cudail, founder and CEO of Cowbell. statement. “Today, our path has enabled us to lead the next wave of innovation in the cyber insurance industry.”

Created with Adaptive Cyber ​​Insurance, the new Cowbell Specialty Insurance Co. complements Cowbell’s current business model and joins the group of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs.

Cowbell Specialty, combined with Cowbell’s reinsurance service, offers added flexibility and control in serving the market with solutions such as adaptive cyber insurance while providing best-in-class underwriting for unit-based profitability.

“Adaptive cyber insurance is an important step in the evolution of cyber insurance, and with the launch of Cowbell Specialty along with Cowbell Re, we are gaining the insurance footprint of a high-tech, high-growth, full-stack insurance company, giving us the flexibility to expand our business. and innovate for the benefit of all our policyholders,” Kudale added.

Image: Cowbell Cyber

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Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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