Cowbell Cyber, a startup leveraging Artificial Intelligence (AI)-powered cyber insurance for SMBs, has added social engineering protection to its Cowbell Prime 100 cyber insurance solution.
According to Cowbell Cyber, a huge 98% of cyberattacks deploy social engineering methods, essentially exploiting human weaknesses and preying on naivety.
The company’s new social engineering product can be added as an endorsement to existing or new policies with a coverage limit of up to $250,000 and deductibles as low as $10,000. Cowbell Cyber states that this addition complements its Computer and Funds Transfer Fraud coverage, which is available with a limit of up to $5 million.
At the same time, the startup has today opened up its risk-rating platform to all non-policyholders free of charge. This provides free and direct access to Cowbell Factors, the firm’s proprietary multi-variant risk ratings factors, and immediate insights into their security risk ratings, featuring peer and industry benchmarks.
Caroline Thompson, Head of Underwriting at Cowbell Cyber, commented: “We are seeing a rise in businesses who want to measure their cyber risks in light of the increase in social engineering incidents. Cowbell Cyber’s new avenue for risk assessment helps SMBs benefit from understanding continuous, granular and tailored cyber risk assessment during a time that calls for unprecedented cyber resilience.”
The company highlights a warning from the World Economic Forum (WEF) that cybercrime exploits both fear and uncertainty, especially during a time of crisis. At such times, individuals are seen as more likely to engage in unsafe behaviour online, making them vulnerable to financial losses from phishing or fraudulent emails.
Of course, the world is currently in the midst of a global pandemic, with millions of individuals and businesses working remotely as social distancing efforts have accelerated and intensified in an effort to stop the spread of the COVID-19 coronavirus.
Cowbell Cyber’s Prime 100 offers standalone, admitted cyber insurance to small and mid-size businesses and is distributed via a network of independent agencies, able to provide bespoke protection in under five minutes.