Findings from Cowbell Cyber’s first ever cyber insurance report dedicated to small and medium sized enterprises (SMEs) – Cyber Round Up, highlighted that 79% of policyholders believe that cyber insurance is worth the cost.
In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue, to gain insight into their perceived value of cyber insurance.
The results from the report are based on Cowbell Factors, a data-driven, unbiased means to benchmark an enterprise against industry peers.
The quarterly report, which bases findings on Cowbell’s robust U.S policyholder base, highlights how Cowbell Factors are being utilised to inform better, more accurate underwriting, how SMEs perceive cyber insurance, and the ways in which cyber insurance premiums vary by industry.
Further findings of the report also showcased that 74% of policyholders agree that they have improved their cybersecurity awareness as a result of acquiring cyber insurance.
In addition, when asked what additional services policyholders would like to see from their cyber insurer, findings revealed that 71% of respondents want their cyber insurer to give recommendations to minimise risk exposure, and 48% would like cybersecurity awareness training for employees.
SVP of Marketing and Technology Partners at Cowbell Cyber, Isabelle Dumont, commented: “Cyber insurance has become a standard tool for businesses of any size to build cyber resiliency.
“The good news is that SMEs are, overall, aligned with the services Cowbell provides, such as our Cowbell Insights, Cowbell’s risk engineering team that provides guidance on incident preparedness and risk mitigation, and the ability to set up a cybersecurity awareness training program for employees. We’re continuously working to improve and add to these services, all to provide our policyholders with the best value.”
Dumont also added, “We are proud to bring transparency into the insurance process and give guidance to all businesses on how to optimize coverage based on their industry.”
However, based on Cowbell Cyber’s Supply Chain Factor – which provides insights into software supply chain risks, the findings show that at the industry level, industries with the highest risk exposure to software supply chain include hospitality and mining. This is likely due to either high dependency on software or weak controls.
Further findings showed that industries that stand out for weak controls over software supply chain overall includes education, public services and transportation (in addition to accommodation).
In addition, industries worth standing out for high dependencies on software, but with very strong controls, resulting in lower risk for software supply chain, includes financial services and entertainment (media).