Cowbell Cyber, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced a new partnership with Swiss Re to bring expertly designed cyber insurance coverages to enterprises with up to USD 750 million in revenue who are building their digital footprint on Amazon Web Services (AWS).
Cloud adoption continues on its rapid adoption trajectory, fueled by the new reality of remote and hybrid work. As enterprises digitize their operations, embracing a cloud-first approach has become the new norm for any business that desires a competitive advantage at speed. With worldwide spending on public cloud services forecasted to grow more than 20 percent and reach USD 494.7 billion, Cowbell and Swiss Re have combined their respective cyber risk expertise – insurance provision by Cowbell and risk monitoring technology developed by Swiss Re – to bring tailored coverages to organizations running in cloud environments.
“The world is digitizing fast and cyber insurance needs to keep up. The partnership between Cowbell and Swiss Re is focused on bringing peace of mind to enterprises who are actively establishing their footprint in the cloud,” said Jack Kudale, founder and CEO at Cowbell. “Our partnership brings together a wealth of cyber risk expertise and enables us to make sure policyholders are well protected with accurate insurance coverages that are specifically tailored to cloud environments. “
The program grants customers access to Cowbell Factors which provide a relative rating of an organization’s risk profile against the company’s monitored risk pool of 25 million U.S. businesses which represents 78 percent of U.S. SMEs. The first-of-its-kind program also features Cyber Guardian, Swiss Re’s cyber risk technology platform, which leverages security configuration data directly from the customer’s AWS environment to allow risk monitoring and risk scoring used in underwriting. A credit towards a subscription to AWS Security Hub is included as part of this program.
“Cyber resilience is a topic of growing concern globally and an increasing share of the digital economy is now reliant on the cloud. That’s why Swiss Re is committed to closing the protection gap and driving innovation in the insurance industry,” said Pranav Pasricha, global head of P&C solutions at Swiss Re. “We are pleased to announce a new class of cyber insurance products and risk assessment platform for AWS customers. Our platform will offer active telemetry, continuous monitoring, and cloud security, giving our partners the ability to offer innovative insurance products to SMEs.”
In addition to providing robust cyber insurance protection, the program offers continuous guidance to policyholders on how to deploy cybersecurity best practices in a cloud environment. It also grants customers tools to monitor exposure to cyber threats. Cowbell’s in-house team of cyber claims experts handles all cyber incidents and a 24/7 incident response hotline is available to all policyholders.
Similar to other Cowbell insurance offerings, cyber insurance policies contained in this new program are distributed and available nationwide through Cowbell’s robust network of 17,000 brokers across 3,000 agencies, the largest cyber insurance distribution network in the U.S.
Cowbell continues to grow its business with a 260 percent year-over-year growth in written premium, 272 percent in revenues and 438 percent in policyholders for the first-half of 2022.