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Today, cyber insurance provider Cowbell Cyber announced that it had closed a Series B funding round of $100 million for its continuous underwriting platform. The solution uses AI to assess risks in the environments of small to midsized enterprises and then offers coverage against those vulnerabilities.
By continuously monitoring for threats, the solution provides the companies flexible insurance coverage that can keep up with the evolving risks of a dynamic enterprise environment.
This means enterprise and decision makers can monitor their exposure to cyber threats 24/7, and scale their coverage to ensure they’re financially prepared to mitigate security incidents and breaches.
A dynamic way to mitigate cyber risk
Cowbell Cyber’s announcement comes as data breaches and cyberattacks become increasingly difficult to prevent, and organizations look to cyber insurance solutions to protect themselves from financial impact of data breaches.
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With research finding that the average total cost of a data breach is $4.24 million, many organizations are recognizing that a lack of preparation could put their business under serious financial strain, or out of action altogether.
Fortunately, continuous cyber insurance provides enterprises with a solution that can decrease the amount they spend on remediating cyber threats.
“The past two years have seen a rapid increase in cyber incidents, led by ransomware attacks and in general evolving threat landscape due to the COVID-19 pandemic and, more recently, the Russia-Ukraine war. The attack surface has also broadened as a result of migration to cloud and offline-online initiatives,” said the founder and CEO of Cowbell Cyber, Jack Kudale, in an exclusive interview.
“Today we use more than 1,000 data points and risk signals on each account to benchmark their risk profile against our risk pool of 23 million businesses, or about 70% of the SME market in the U.S. This is exactly how we bring more transparency – brokers, policyholders work off of the same data – in underwriting for cyber and help policyholders understand how their cyber policy is designed,” Kudale said.
The fight to offer scalable cyber insurance
Cowbell Cyber is part of the cybersecurity Insurance market, which was valued at $9.29 billion in 2021, and is estimated to reach $28.25 billion by 2027 as the advancement of digitalization and cloud computing makes it more difficult for security teams to secure their environments.
Today, the provider is competing with a range of traditional cyber insurance carriers and insurtech companies. One of the organization’s main competitors is Cyber insurance provider Coalition, currently valued at $3.5 billion, which offers an active insurance solution with real-time risk assessments and continuous underwriting.
Another is Resilience, a cyber insurance company which recently closed $80 million in a Series C funding round to cater to mid-market organizations with holistic cyber insurance packages, loss mitigation services and incident response planning.
In the future, Kudale argues that Cowbell will differentiate itself from other providers by offering the definitive end-to-end cyber insurance management in one place.
“Our vertically integrated platform combines, in one system, every insurance process: application, risk rating, underwriting, policy management, claims management, risk aggregation, broker portal and more. Every stakeholder has access to the same information,” he said.
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