Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme.
In 2022, 54% of SMEs across the UK experienced some form of cyber-attack, a massive increase from 39% in 2020. This clearly demonstrates that the need for businesses in the UK to prioritize cyber resilience is urgent.
Backed by A+ rated re/insurers, Cowbell officially launched in the UK in the second quarter of 2023, an operation led by Simon Hughes, VP and General Manager for the UK.
Now entering into the third quarter, Cowbell’s ongoing expansion continues with the launch of its standalone cyber insurance programme – Cowbell Prime One.
According to Cowbell, this new program is designed specifically for SMEs and mid-market businesses. The data-driven technology offers underwriting at speed, therefore allowing brokers to customise robust cyber policies for unique risk exposures. The program will cover a variety of cyber incidents, which includes email scams, ransomware, and social engineering.
At the same time, Cowbell has also appointed Catherine Aleppo as Sales Director, who brings more than 18 years of insurance industry experience to the table.
In her most recent role, she led the cyber department at UK-based insurance brokers Aston Lark.
Reflecting on the recent updates within the UK arm, Hughes commented: “We are thrilled to welcome Catherine to our team and launch Prime One in the UK. Cowbell is committed to addressing cyber risk challenges on a global scale and our expansion into the UK is a testament to this.”
Meanwhile, Cowbell’s recent success across the US has been underscored by its substantial funding achievements, totalling $123.3 million over three funding rounds. Throughout this time, the company has expanded its continuously monitored risk pool to 36 million SMEs across the US, with 5 million of those SMEs located in the UK, representing almost 90% of SMEs across the two regions.
The company’s extensive data is also shared with brokers, empowering them to engage in more informed discussions with their clients, and facilitate better understanding and assessment of cyber risk scenarios. This pool of data will now be available to UK brokers.
In addition, Aleppo highlights how important it is for SMEs to recognise their vulnerabilities and take proactive steps to improve their cybersecurity posture.
She said: “Both the UK and US are technologically advanced nations with highly developed digital infrastructures and as a result, they can be attractive targets for cybercriminals. Despite this, in general, UK-based SME businesses have been slower to adopt cyber insurance than their US counterparts, due to a lack of awareness and understanding of their cyber exposures.
“With this in mind, addressing the urgent need to protect UK SMEs sits at the heart of the Cowbell proposition, and I am delighted to be playing an instrumental role in realising this ambition, alongside a truly remarkable team. By utilising our vast risk pool and educating UK brokers, we will raise critical awareness of cyber vulnerabilities and safeguard the UK’s SMEs who form the backbone of the UK economy.”
