Cowbell Cyber is launching what it bills as the first-of-its-kind cyber risk exchange marketplace.
The marketplace, dubbed Cowbell Rx, is designed to close insurability gaps by providing cyber insurance applicants with resources to meet eligibility requirements, and also enable active policyholders to continuously improve their organization’s risk profile. The California-based InsurTech and MGA provides cyber insurance driven by artificial intelligence to small and medium-sized businesses.
Cowbell Cyber claims that the marketplace and its comprehensive list of partners is the first provided by a cyber insurer to help businesses gain access to recommended partners that offer products and services to organizations in order to meet the minimal criteria to get cyber insurance coverage. There are at lest 24, including Arctic Wolf, Trend Micro, Secureworks, Qualys, Wizer, Cobalt and more.
“Cybersecurity and cyber insurance must work in harmony to build an organization’s cyber resilience. We are working with [some] of cybersecurity’s biggest leaders to make this happen,” Isabelle Dumont, vice president of market engagement at Cowbell Cyber, said in prepared remarks.
Cowbell Rx offers preferred access to security services and vendors in the following categories:
- Deployment of Multi-Factor Authentication and robust identity management solution.
- Endpoint protection.
- 24×7 security monitoring for threat detection and prevention.
- Backup and disaster recovery.
- Compliance consulting and services.
Cowbell Rx’s targeted audience is Cowbell active policyholders that have gaps in their cyber defenses and need quick access to the right resources, the company said. As well it is designed for businesses seeking cyber coverage, so they can have access to the right resources to address critical missing controls as easily as possible. Additionally, Cowbell envisions agents and brokers using Cowbell Rx to advise clients and point them to relevant resources before applying for cyber insurance.
New cyber insurance products and resources are emerging elsewhere as well.
Last week another cyber-focused InsurTech – Corvus Insurance – debuted its Risk Aggregation Platform, a data-fueled system that helps reinsurers and program managers gain access to crucial insurance metrics, aggregate exposure data, ransomware scores and information regarding emerging threats.
Source: Cowbell Cyber