Cowbell Cyber is partnering up with Swiss Re to bring insurance to firms using Amazon Web Services (AWS) and have revenues of up to $750m.
According to the two firms, the program grants customers access to Cowbell Factors which provide a relative rating of an organization’s risk profile against the company’s monitored risk pool of 25m US businesses, which represents 78% of U.S. SMEs.
The program also features Cyber Guardian, Swiss Re’s cyber risk technology platform, which leverages security configuration data directly from the customer’s AWS environment to allow risk monitoring and risk scoring used in underwriting. A credit towards a subscription to AWS Security Hub is included as part of this program.
Jack Kudale, founder and CEO at Cowbell, said: “The world is digitising fast and cyber insurance needs to keep up. The partnership between Cowbell and Swiss Re is focused on bringing peace of mind to enterprises who are actively establishing their footprint in the cloud. Our partnership brings together a wealth of cyber risk expertise and enables us to make sure policyholders are well protected with accurate insurance coverages that are specifically tailored to cloud environments.”
In addition to providing cyber insurance protection, the program offers continuous guidance to policyholders on how to deploy cybersecurity best practices in a cloud environment. It also grants customers tools to monitor exposure to cyber threats. Cowbell’s in-house team of cyber claims experts handles all cyber incidents, and a 24/7 incident response hotline is available to all policyholders.
Similar to other Cowbell insurance offerings, cyber insurance policies contained in this new program are distributed and available nationwide through Cowbell’s network of 17,000 brokers across 3,000 agencies, the largest cyber insurance distribution network in the US.
Pranav Pasricha, global head of P&C solutions at Swiss Re, said: “Cyber resilience is a topic of growing concern globally and an increasing share of the digital economy is now reliant on the cloud. That’s why Swiss Re is committed to closing the protection gap and driving innovation in the insurance industry. We are pleased to announce a new class of cyber insurance products and risk assessment platform for AWS customers. Our platform will offer active telemetry, continuous monitoring, and cloud security, giving our partners the ability to offer innovative insurance products to SMEs.”
Cowbell Cyber and Swiss Re have some history together. Back in January, the former hired Theresa Le from the latter where she had been employed as vice president and cyber claims expert at the reinsurance giant.
Other recent partnerships involving Cowbell Cyber include that from July with Palomar, with whom it was linking up with in order to increase its reinsurance capacity, and Smart Choice, with whom it signed up with to distribute coverage and risk monitoring services to 9,000 agency partners across 45 states.