Uncomplicated Cyber Insurance Program Launched
September 23, 2020 Share

Uncomplicated Cyber Insurance Program Launched

Cowbell Cyber has announced the launch of a cyber insurance program designed to deliver coverage to address the diversity of incidents under the ‘cyber’ category.

Named Prime 250, Cowbell Cyber said this is intended to deliver “on the need for clarity, simplicity, speed and flexibility” in the space, especially as research has shown that “not understanding coverage” (63%) and “cost” (46%) remain obstacles to the adoption of cyber insurance.

“For years, policyholders have raised concerns about the complexity and opacity of cyber insurance. Meanwhile, cyber-incidents are becoming more frequent and diverse,” said Trent Cooksley, co-founder and COO at Cowbell Cyber. “We have created Prime 250 with the explicit intent to make cyber insurance easy and bring clarity to coverages and policy terms so that every business can benefit from the financial protection delivered by cyber insurance.”

In an email to Infosecurity, Caroline Thompson, head of underwriting at Cowbell Cyber, said the intention was to simplify the application process, so it is now 100% online and only requires the company name and its domain name. She said: “All quotes issued by Cowbell are bindable; this eliminates any delay. We see businesses in need of a Certificate of Insurance (COI) for contractual reasons. We can deliver policy and COI in minutes. Nobody else can do this in the market.

“There are side cases that might be automatically referred to our underwriting team, this is all online, triggered automatically with all information required to make a timely decision. This is what we call Prime 250, a Cyber Insurance 2.0 solution.”

In particular, Prime 250’s 25 cyber-specific coverages are organized to mirror the way businesses experience cyber-incidents: first party loss, first party expense and liability. Policyholders receive value from day one of their policy, with access to Cowbell Factors for risk rating and industry peer benchmarking, while Cowbell offers recommendations to remediate identified risk exposures.

Thompson said the intention was to close the gap “on immediate issues related to cyber being bundled with other commercial insurance policies such as a Property & Casualty policy or Business Owner Policy as an add-on (endorsement).”

“Most importantly, we are proud to bring transparency to policyholders,” she added. “With Cowbell Factors and Cowbell Insights, users get a view into their cyber-risk exposure and how to improve their security posture as they get a cyber insurance quote so they can understand how the quote and the policy are built. This provides value on day one and every day after.”

This post Uncomplicated Cyber Insurance Program Launched originally appeared on InfoSecurity Magazine.

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