2021 has just started, and the past year has drastically changed the way we look at cyber insurance. People are becoming aware that cyber insurance is not just necessary for fortune 500 companies – it protects all kinds of companies, of all sizes.
In a new article from NU Property Casual 360, Cowbell’s co-founder and COO, Trent Cooksley discusses the three most important trends for the new year:
1..Education on cyber insurance will increase.
Policyholders need to be made aware of the risk that they are exposed to when it comes to protecting their digital assets, and how they can protect themselves from incidents. That’s why Cowbell Cyber is actively working with insurance agents and brokers to help them educate policyholders about cybersecurity and the kind of coverages that are most suited for their individual needs. Clarity of coverage and education on cyber risk has always been of the highest significance for us.
2. The cybersecurity and cyber insurance industry will partner up to protect policyholders.
Even though they are linked to one another, cybersecurity and cyber insurance are often managed separately. Now, business owners, financial officers, risk managers, and security professionals are starting to work together in an effort to offer a 360° view of the business cyber risk profile; from taking steps to avoid incidents in the first place to offering support during and after a breach. Our Cowbell Factors offer a transparent view of a company’s cyber risk, as well as advice on how to decrease said risk.
3. The insurance language will become more transparent.
Most policyholders are intimidated by the jargon of the cyber insurance and cybersecurity industries. According to a recent study, not understanding exposures and coverages is one of the main reasons why smaller companies decide against a policy. That makes the importance evident to phrase coverages and terms in a way that can be understood by people without a background in cyber or in insurance.
Cowbell Cyber wants to make cyber insurance easy; easy to understand, easy to acquire, and easy to maintain. That is our mission, and by lifting the veil of uncertainty and misunderstanding around the lingo of the cyber insurance industry, we have made the first steps in realizing it.