The Cowbell team is honored that our podcast “The Cowbell Factors Podcast” has been picked up by iHeartRadio after just six months and two seasons – a record time.
Now, iHeart interviewed Cowbell’s founder and CEO, Jack Kudale, for iHeart’s series “CEOs you should know”, where Jack got to share his interesting life story, as well as how Cowbell came to be.
Jack was born and raised in India. He moved to the US when he was 18 years old to find his passion and make a career. “I’m an Engineer, turned to Marketeer, turned to Sales exec, turned to CEO, and now founder of this company.”
Jack has had experience in cybersecurity and software and saw a unique opportunity that needed to be addressed. “Cyber insurance isn’t just a big market. It addresses a complex problem that needs to be solved. Especially when the pandemic started, the cyber threat landscape was escalating every day.
Starting his own company in a field as quickly evolving as cyber insurance turned out to be just what American businesses needed at the time – and still do, more than ever.
Cyber incidents have been on the rise. An increasing number of small and medium-sized enterprises (SMEs) are falling victim, which can have detrimental effects since they oftentimes lack the experience and resources needed for a quick recovery. This is where Cowbell wants to make a difference.
“If a business with a Cowbell cyber insurance policy gets hacked Friday night, we want the victim to be able to open Monday morning. Our cyber insurance policies can cover costs of a potential ransom, forensics, notifications, credit monitoring, public relations expenses, and more, as well as drastically decrease the time of business interruption.”
“With Cowbell, you are not just getting a policy. We provide risk management services to businesses and expert recommendations on how to improve your cybersecurity best practices. We also have a cybersecurity marketplace with outside cybersecurity vendors that are happy to work for a discount with our policyholders. It is a very different model than what the commercial insurance industry has seen in the past.”
Smaller enterprises are finally realizing that they are just as much at risk to fall victim to a cyber attack as big corporations. But now that awareness has finally caught up, the market is experiencing a supply shortage. “4 out of 5 SMEs remain uninsured. It is the biggest organically growing market in the commercial insurance industry. Now, the supply has problems keeping up with growing demand.”
Nonetheless, Cowbell wants to protect as many businesses as possible from the consequences of a cyber attack through a standalone policy. Not being insured can’t be an option anymore, since the cyber threat landscape is evolving at an alarming rate. “Businesses are less secure tomorrow than they are today without doing anything in particular.” No businesses or industries are safe. Combined with the increasing use of cloud computing and remote work, almost any business can fall victim at any time.”
Cowbell wants to be there for agents, brokers, and businesses. If you are interested in getting appointed with Cowbell Cyber, reach out to us ng [email protected]. If you are a business in need of cyber insurance, ask your broker about obtaining a Cowbell cyber insurance policy.
If you want to learn more about Jack’s and Cowbell’s story, including the story of how Cowbell got its name, you can listen to the full episode on iHeart.