Cowbell Cyber, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), announced a new partnership with Swiss Re to provide expertly designed cyber insurance coverage for businesses generating up to $750 million in revenues that build their digital footprint on Amazon Web Services (AWS).
Cloud adoption continues its rapid adoption trajectory, fueled by the new reality of remote and hybrid working. As businesses digitize their operations, adopting a cloud-first approach has become the new norm for any business that wants a quick competitive advantage. As global spending on public cloud services is expected to rise more than 20% to $494.7 billion, Cowbell and Swiss Re have combined their respective expertise in cyber risk – insurance provision by Cowbell and technology risk monitoring tool developed by Swiss Re – to offer tailor-made coverage to organisations. running in cloud environments.
The program grants clients access to Cowbell Factors which provides a relative assessment of an organization’s risk profile against the company’s monitored risk pool of 25 million U.S. companies, representing 78% of SMBs Americans. The program, the first of its kind, also includes Cyber Guardian, Swiss Re’s cyber risk technology platform, which leverages security configuration data directly from the customer’s AWS environment to enable monitoring risk and risk rating used in underwriting. A credit for an AWS Security Hub subscription is included as part of this program.
In addition to providing robust cyber insurance protection, the program offers ongoing guidance to policyholders on how to deploy cybersecurity best practices in a cloud environment. It also provides customers with tools to monitor exposure to cyber threats. Cowbell’s in-house team of IT claims adjusters handle all cyber incidents and a 24/7 incident response hotline is available to all policyholders.
Similar to other Cowbell insurance offerings, the cyber insurance policies contained in this new program are distributed and available nationwide through Cowbell’s strong network of 17,000 brokers in 3,000 branches, the largest distribution network cyber insurance in the United States.
Cowbell continues to grow its business with 260% year-over-year growth in premiums written, 272% in revenue and 438% in insured for the first half of 2022.