Cowbell launches ‘first-of-its-kind’ cyber risk exchange marketplace
Cowbell Cyber, a provider of artificial intelligence-powered cyber insurance to small and medium enterprises (SMEs), has launched a cyber risk exchange marketplace in a bid to close what it described as “insurability gaps”.
Cowbell Rx will provide cyber insurance applicants with resources to meet eligibility requirements and enables active policyholders to improve their organisation's risk profile.
Cowbell claims the exchange is “first-of-its-kind” in the cyber insurance industry.
The insurtech highlighted that cyberattacks continue to proliferate and damage business operations, with predictions that new attacks will happen every two seconds by 2031. However, cybersecurity and cyber insurance have traditionally operated in silos with insufficient coordination, resulting in a misalignment between cyber threats faced by an organization and the security measures to prevent them. It further explained that it is because of this, cyber insurers are tightening up insurability requirements for policyholders to obtain coverage or to renew existing cyber policies.
"Cybersecurity and cyber insurance must work in harmony to build an organisation's cyber resilience. We are working with more than 20 of cybersecurity's biggest leaders to make this happen," said Isabelle Dumont, vice president of market engagement at Cowbell Cyber.
" Cowbell Rx is a key component of Cowbell's closed-loop risk management initiative to continuously improve an organization's risk profile. Together with our partners, we are bringing streamlined access to today's top cybersecurity services and solutions straight to current and future policyholders."
Eric Skinner, vice president of market strategy at Trend Micro, added: " Cowbell is an innovator in the field of cyber insurance and we share their passion for data-driven risk assessment. We're pleased to be part of Cowbell's new marketplace."
Odin Olson, vice president of Alliances at Arctic Wolf, said: "True cyber risk management is the combination of cyber insurance and effective cybersecurity operations. Cowbell Rx is an excellent way to expose Cowbell's policyholders to some of the best cybersecurity service providers in the industry."
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