Cowbell Cyber’s goal is not only to enable easy access to customized and comprehensive cyber insurance but also to help our policyholders manage their cyber risk. Having a standalone, personalized cyber insurance policy is a critical piece of any company’s risk mitigation picture, but implementing effective cybersecurity measures is just as important and is oftentimes key in closing insurability gaps so common in today’s market.
That is why Cowbell now partners with leading cybersecurity providers like Cloudflare to improve access to cyber insurance for customers who are making meaningful investments in their cyber hygiene. Eligible Cloudflare customers will now be able to access insurance premium credits and other added benefits from Cowbell to protect any of their websites, applications, employees, and corporate networks.
The lack of accessible cyber insurance and proper coverage disproportionately impacts the small and medium enterprises that find themselves as the common target for these cyber attacks. Companies are also starting to understand that their size is no longer an indicator of whether or not they are a target for cybercriminals. According to a recent research report, 70% of ransomware attacks are aimed at organizations with less than 1,000 employees.
Further, the volume of cyberattacks continues to increase. As per a Treasury Department report, nearly $600 million in banking transactions were linked to possible ransomware payments in Suspicious Activity Reports (SARs) filed by financial services firms to the U.S. government for the first six months of 2021, a jump of more than 40% over the total transactions for all of 2020. This does not include the $5.2 billion in bitcoin transactions that the Treasury Department investigators identified as potential ransomware payments. The rise in cyberattacks has made businesses more cautious and realize that cyber coverage is just as important, if not more so, than typical insurance policies like flood or fire insurance.
“The complexity and frequency of cyberattacks continue to rise, and small and medium enterprises are increasingly becoming the center of these attacks. Through partners like Cloudflare, we want to encourage these businesses to adopt the best security standards and proactively address vulnerabilities, so they can benefit from savings on their cyber insurance policy premiums,” said Cowbell’s Founder and CEO, Jack Kudale.
This partnership enhances Cowbell’s ability to enable closed-loop risk management for its policyholders, as Cowbell and Cloudflare will be able to provide their mutual customers with actionable real-time insights. Oftentimes, establishing and maintaining basic security hygiene is all it takes to drastically decrease the possibility of being targeted. When you leave your house, do you make sure your front door is locked? The same, simple principle applies to cybersecurity. Take the step to help your organization benefit from Cowbell’s continuous risk assessment capabilities and get in touch with us today: visit cowbell.insure/cloudflare.
