Complements Nation’s First Official Regulations on Cyber Insurance Underwriting
PLEASANTON, Calif. – April 6, 2021 – Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), today announced that Cowbell Prime, its standalone cyber insurance program targeted at businesses with up to $100 million in revenue is now admitted in the state of New York. The latest roll-out into New York follows Cowbell Cyber’s recent $20M funding announcement, further highlighting the company’s aggressive momentum to deliver standalone cyber insurance across the nation.
The dramatic rise in cyber incidents has put real pressure on insurers to modernize how they underwrite cyber risk and inject technology and AI to bring speed, precision, and scale into the process. In fact, the New York State Department of Financial Services (DFS) recently introduced the Cyber Insurance Risk Framework, an overall guidance for insurers providing cyber insurance in the state. According to a statement from the DFS, the Framework – the first guidance by a U.S. regulator on cyber insurance – “outlines industry best practices for New York-regulated property/casualty insurers that write cyber insurance to effectively manage their cyber insurance risk.”
“The Framework introduced by the State of New York complements exactly what Cowbell Cyber has been doing from the start: providing data-driven cyber risk assessment and clarity within refined underwriting,” said Caroline Thompson, Head of Underwriting, Cowbell Cyber. “We are entering New York already meeting and exceeding the stipulations imposed on insurers. We are proud to offer New York businesses the cyber insurance underwriting they deserve, while also abiding to the guidance provided by the DFS.”
All Cowbell cyber insurance policies include complimentary cyber risk management services including continuous risk assessment, recommendations for risk reduction and cybersecurity awareness training for employees such as phishing simulations. Agencies can visit https://cowbell.insure/for-agencies/ to learn more and get appointed.
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted individualized, and easy-to-understand cyber insurance for businesses with up to $1 Billion in revenue. In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia and provides SMEs with admitted cyber insurance on AM Best “A” rated paper with up to $15 Million in coverage. For more information, please visit www.cowbell.insure
Lumina Communications for Cowbell Cyber