In the wake of Cybersecurity Awareness Month, Cowbell hosted its inaugural Cyber Insurance Day in Washington D.C., with speakers from federal agencies, non-profit organizations, and the private sector. Convening speakers from these backgrounds allowed for insightful discussions about opportunities to improve the cyber resilience of Small and Medium-sized Enterprises (SMEs) through cyber insurance and cyber incident preparedness. The in-person event was completely sold-out and took place on Nov. 2, 2022, at the National Union Building in Washington, D.C.
Those who are familiar with The Cowbell Factors podcast may view this event as a scaled-up podcast episode in real life. Cowbell’s Senior Director of Agency Marketing, Alexis Vaughn, is the host of The Cowbell Factors podcast and she was the emcee at Cowbell’s Cyber Insurance Day. In the same vein as the podcast, this event truly served to bridge the gap between cybersecurity and cyber insurance and share resources with the audience to increase awareness around cyber risk, cyber insurance, and cybersecurity for agents, brokers, and policyholders alike.
The event began with a fireside chat between Kiersten Todt, Chief of Staff at the Cybersecurity and Infrastructure Security Agency (CISA), and Jack Kudale, Founder and CEO at Cowbell. The discussion revolved around the importance of cyber resilience, especially for SMEs as they can be a gateway to larger organizations, including critical infrastructure. One common challenge is how to bring the awareness and resources needed by SMEs to build cyber resilience. One advancement in this area includes CISA’s recently released Cybersecurity Performance Goals which brings specific, tangible measures for organizations to put in place.
With a networking break in between, the evening continued with a panel titled “The Evolution of Cyber Threats: Today and Tomorrow,” moderated by Jennifer Coughlin, Founding Partner of Mullen Coughlin. Panelists included Michael Daniel, President, and CEO of Cyber Threat Alliance, Karen Evans, Managing Director of the Cyber Readiness Institute, Liz Fairchild, Executive Director of Business Forward, and Manu Singh, Director of Risk Engineering at Cowbell. Peppered with fascinating statistics about trends in cyber claims handled by Mullen Coughlin, panelists emphasized the wealth of resources (many low or no cost) available online. There are many free resources and accessible, easy-to-use tools that can improve one’s cyber risk profile significantly, such as password managers.
Cowbell’s policyholders have access to discounted cybersecurity products and free cybersecurity awareness training through Cowbell Rx as well as direct access to our dedicated risk engineers. Though Cowbell’s adaptive cyber insurance is an excellent step in the right direction, cyber insurance will not solve every single problem by itself. It is important to keep in mind that a cyber insurance policy needs to be supported and complemented by preventative cybersecurity measures, government action, and broad-based education.
After another lively networking break, the panel, “Closing the Insurability Gap through Policy and Partnership,” concluded the evening’s agenda. Moderated by Cowbell’s Content Marketing Lead, Marion Krueger, the panel featured the perspectives of Cassius Butts, Chief Strategy Officer and Managing Partner at Global Leader Group, and former SBA Regional Administrator, Vincent Voci, Vice President, Cyber Policy and Operations at the U.S. Chamber of Commerce, Phil Reitinger, President and CEO of Global Cyber Alliance, and Sean Kevelighan, CEO of Insurance Information Institute. Much of the discussion was focused on the importance of creating a culture of cybersecurity and how to accomplish that. The panel explored what actions and initiatives federal agencies are doing to contribute and what SMEs should keep in mind when making decisions with limited resources. Cowbell is making cybersecurity and cyber insurance more attractive; acquiring a cyber insurance policy is not just a financial decision, but also a way of life.
Cowbell’s Cyber Insurance Day in D.C. is an example of how we are truly making a difference in terms of educating SMEs and championing continuous risk improvement. Acknowledging that the cyber threat landscape is constantly evolving, Cowbell is pioneering adaptive cyber insurance, coverage for today’s and tomorrow’s threats. The relationship between Cowbell and our policyholders is a partnership: our closed-loop approach to risk management means that we are a resource invested in improving each policyholder’s security posture from the moment they seek insurance to post-incident recovery. This includes handling all cyber claims in-house through a team of cyber claim specialists. According to the 2022 Cowbell Q1 Cyber Round-Up report, 74% of policyholders reveal that they feel more prepared to respond to a cyber incident since purchasing cyber insurance, and 79% agree that cyber insurance is worth the cost.
Be sure to stay in touch with us as we plan next year’s Cyber Insurance Day in DC. You won’t want to miss it.