Cowbell raises $100M to provide organizations with continuous cyber insurance

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Today, cyber insurer Cowbell Cyber ​​announced it has closed a $100 million Series B financing round for its continuous underwriting platform. The solution uses AI to assess risks in SMB environments and then provides coverage against those vulnerabilities.

By continuously monitoring for threats, the solution provides companies with flexible insurance coverage that can keep pace with the evolving risks of a dynamic business environment.

This means enterprises and decision makers can monitor their exposure to cyber threats 24/7 and scale their coverage to ensure they are financially prepared to mitigate security incidents and breaches.

A dynamic way to mitigate cyber risk

The Cowbell Cyber ​​announcement comes at a time when data breaches and cyber-attacks are becoming increasingly difficult to prevent and organizations are looking for cyber insurance solutions to protect themselves from the financial impact of data breaches.

With research showing the average total cost of a data breach is $4.24 million, many organizations are recognizing that a lack of preparation could put their business under severe financial strain, or even shut it down altogether.

Fortunately, comprehensive cyber insurance offers businesses a solution that can reduce the amount they spend on countering cyber threats.

“Over the past two years, we have seen a rapid increase in cyber incidents, led by ransomware attacks and the general evolving threat landscape due to the COVID-19 pandemic and, more recently, the war between Russia and Ukraine. The attack surface has also expanded as a result of cloud migration and offline-online initiatives,” Cowbell Cyber ​​founder and CEO Jack Kudale said in an exclusive interview.

“Today, we use more than 1,000 data points and risk signals on each account to compare their risk profile against our risk pool of 23 million companies, or approximately 70% of the US SMB market. This is exactly how we bring greater transparency — brokers, policyholders work from the same data — to cyber underwriting and help policyholders understand how their cyber policy is designed,” Kudale said.

The battle to offer scalable cyber insurance

Cowbell Cyber ​​is part of the cybersecurity insurance market, valued at $9.29 billion in 2021, and estimated to reach $28.25 billion by 2027 as advances in digitalization and cloud computing make it harder for security teams to secure their environments.

Today, the provider competes with a range of traditional cyber insurance companies and insurtech companies. One of the company’s main competitors is cyber insurer Coalition, currently valued at $3.5 billion, offering an active insurance solution with real-time risk assessments and continuous underwriting.

Another example is Resilience, a cyber insurance company that recently closed $80 million in a Series C financing round to cater to midsize organizations with holistic cyber insurance packages, loss mitigation services and incident response planning.

Kudale states that in the future Cowbell will differentiate itself from other providers by offering the definitive end-to-end cyber insurance management in one place.

“Our vertically integrated platform combines every insurance process in one system: application, risk assessment, underwriting, policy management, claims management, risk aggregation, broker portal and more. Every stakeholder has access to the same information,” he said.

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