Why a Cyber Insurance Company Needs a Cybersecurity Partner Referral Marketplace

by | Nov 29, 2021 | Innovation

“At the end of the day, cyber risk is now a core part of doing business”

Ian McShane, Field CTO, Arctic Wolf

On September 15, 2021, Cowbell Cyber launched Cowbell Rx, the first marketplace provided by a cyber insurer to help businesses gain access to recommended cybersecurity partners that offer solutions to organizations in order to meet the minimal criteria to get cyber insurance coverage or to help them remediate cybersecurity weaknesses during the insurance underwriting process.

Since its launch, we have seen our policyholders improve their organization’s risk profile by using security resources from willing partners eager to help them. Cowbell Rx now has 34 partners listed, and the momentum is only growing. 

Cyberattacks continue to proliferate and damage business operations, with predictions that a new attack will happen every 2 seconds by 2031. However, cybersecurity and cyber insurance have traditionally operated in silos with insufficient coordination, resulting in a misalignment between cyber threats faced by an organization and the security measures to prevent them. Because of this, cyber insurers are tightening up insurability requirements for policyholders to obtain coverage or to renew existing cyber policies.

Due to these new conditions for obtaining cyber insurance, many organizations seeking a new policy, or renewing an existing policy, have had to reprioritize their cybersecurity initiatives. New or improved cybersecurity implementation plans have moved to the front of the budget queue.  

“We see a positive trend in the cyber insurance market where organizations embrace the risk assessment process required by insurers as an opportunity to justify and accelerate cybersecurity initiatives, Many businesses welcome the resources provided by cyber insurance providers to help them achieve insurability.”

Chris Reese, Head of Insurance, Cowbell Cyber

These shifting priorities have left many organizations scrambling to find the right vendors to help them meet their cybersecurity goals. This is why having a referral marketplace of trusted partners has become a key part of bridging the cyber insurability gap.

If your organization needs to find a cybersecurity solution – quickly – you can discover vendors and service providers at Cowbell Rx in multiple different categories, including:

  • Deployment of Multi-Factor Authentication and robust identity management solutions
  • Endpoint protection
  • 24×7 security monitoring for threat detection and prevention
  • Backup and disaster recovery 
  • Compliance consulting and services

Cowbell Rx is public. All resources are available to businesses seeking cyber coverage for the first time or preparing for their coverage renewal.

We are welcoming additional partners to Cowbell Rx. Feel free to contact us at cnegaref@pbjoryyplore.nv if you would like to know more about how to apply. 

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