Cowbell Cyber, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has partnered with Swiss Re to offer cyber coverage to enterprises running their business on Amazon Web Services (AWS).
Founded in 2019, Cowbell offers an AI-supported continuous underwriting platform aimed at SMEs. The firm claims it has created the largest cyber insurance distribution network in the US.
The partnership will bring cyber insurance coverages to enterprises with up to $750m in revenue who are building their digital footprint on Amazon Web Services (AWS).
According to Cowbell Cyber, cloud adoption is on a “rapid adoption trajectory”, fuelled by the new reality of remote and hybrid work. The company said as enterprises digitise their operations, embracing a cloud-first approach has become the new norm for any business that desires a competitive advantage at speed.
Moreover, with worldwide spending on public cloud services forecasted to grow more than 20% and reach $494.7bn, Cowbell said the combination of expertise with Swiss Re to bring tailored coverages to organisations running in cloud environments.
The programme grants customers access to Cowbell Factors which provide a relative rating of an organisation’s risk profile against the company’s monitored risk pool of 25 million U.S. businesses which represents 78% of U.S. SMEs.
The programme 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.
Jack Kudale, founder and CEO at Cowbell, said, “The world is digitizing 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.”
Earlier this year, Cowbell raised $100m in Series B funding.
Copyright © 2022 FinTech Global
Copyright © 2018 RegTech Analyst
