Cowbell raises $100M to offer organizations continuous cyber insurance

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Today, cybersecurity provider Cowbel Cyber ​​announced that it has closed the B 100 million Series B funding round for its ongoing underwriting platform. Solution AI is used to assess the risks in the environment of small to medium-sized enterprises and then provide coverage against vulnerabilities.

By monitoring for threats, the solution provides companies with flexible insurance coverage that can keep up with the ever-evolving risks of a dynamic enterprise environment.

This means that enterprise and decision makers can monitor their exposure to cyber threats 24/7 and measure their coverage to ensure they are financially prepared to minimize security incidents and breaches.

A dynamic way to reduce cyber risk

Cowbell’s announcement comes as data breaches and cyber attacks are becoming increasingly difficult to prevent, and organizations are turning to cyber insurance solutions to protect themselves from the financial impact of data breaches.

Research has found that while the average total cost of data breaches is $ 4.24 million, many organizations find that a lack of preparedness can put their business in serious financial strain or completely shut down.

Fortunately, persistent cyber insurance provides enterprises with a solution that can reduce the amount they spend on countering cyber threats.

“The last two years have seen a rapid increase in cyber incidents, led by ransomware attacks and the Kovid-19 epidemic in general, and the recent war between Russia and Ukraine, which has created a dangerous landscape. The migration to the cloud and the offline-online initiative have also expanded the scope of the attack, “said Jack Cudale, founder and CEO of Cowbell Cyber, in an exclusive interview.

“Today we use more than 1,000 data points and risk signals on each account to bring more transparency in this way to benchmark our risk profile of 23 million businesses or about 70% of the SME market in the US – brokers. , Policyholders work with the same data – in underwriting for cyber and help policyholders understand how their cyber policy is designed, ”Kudley said.

The fight to offer scalable cyber insurance

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

Today, the provider is competing with a range of traditional cyber insurance carriers and insuretech companies. One of the organization’s main competitors is the Cyber ​​Insurance Providers Coalition, currently valued at $ 3.5 billion, which provides active insurance solutions with real-time risk assessment and continuous insurance.

Another is Resilience, a cyber insurance company that recently closed $ 80 million in a Series C funding round to cater to mid-market organizations with comprehensive cyber insurance packages, loss reduction services and event response planning.

In the future, Cudale argues, Cowbell will differentiate itself from other providers by offering specific end-to-end cyber insurance management in one place.

“Our vertically integrated platform, in a system, integrates every insurance process: application, risk rating, underwriting, policy management, claims management, risk consolidation, broker portal and more. Every stakeholder has access to the same information, “he said.

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