PLEASANTON, Calif., Feb. 4, 2025 /PRNewswire/ — Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, has launched a new Cowbell Resiliency Services (CRS) unit in response to a rise in the frequency, severity, and diversity of cyber threats as a complement to its existing risk management program.
Driven by AI advances and an increasingly complex geopolitical landscape, recent reports show the average global cost of a data breach has reached $4.88m—a 10% increase over last year and the highest total ever. The average in the U.S. is even higher, amounting to $9.36m. Tech giants, such as Microsoft, say their clients now face 600 million attacks daily from cybercriminals and nation-state threat actors.
Recognizing these challenges, Cowbell has strengthened its risk management offering to policyholders. CRS leverages existing AI learning tools with advanced cybersecurity services to provide businesses with the most up-to-date insights and learning needed to defend against emerging threats while minimizing financial and operational risks.
CRS expands Cowbell’s risk management portfolio with four new subscription-based cyber resiliency services:
Available to U.S.-based policyholders, Cowbell has also announced enhancements to existing advisory services, offered at no additional cost.
Rajeev Gupta, co-founder and chief product officer, at Cowbell, shares his thoughts on CRS: “U.S. businesses are encountering a huge rise in sophisticated cyber threats. AI has empowered cybercriminals to execute more adaptive and scalable attacks, such as advanced malware and automated phishing attempts, while at the same time, geopolitical conflicts are increasingly manifesting in cyberspace, amplifying risks to critical U.S. infrastructure and national security.”
“Through CRS, we’re able to provide our policyholders with consistent and cost-effective access to an MDR service, Identity Monitoring, Penetration testing, and Cybersecurity training; all of which offer advanced capabilities that will significantly enhance their cybersecurity posture, without requiring costly in-house resources.”
Enhanced Cyber Coverage with MDR Endorsement
Cowbell has integrated its Cowbell MDR solution into select Cyber and Tech E&O policies, providing policyholders with advanced cybersecurity defenses and the added benefits of enhanced coverage through a Cowbell MDR endorsement. Eligible policyholders may qualify for a deductible waiver for the Cowbell Breach Fund when MDR SOC is implemented across all endpoints before an incident. The Cowbell Breach Fund provides comprehensive coverage for critical incident response services such as breach counsel, forensics, notifications, identity and credit monitoring, and crisis communications.
Cowbell Rx Marketplace for Expanded Choice
Cowbell will continue to offer complimentary discounts on partner solutions through Cowbell Rx Marketplace, providing expanded choice and protection to policyholders. Cowbell Rx Marketplace features 40+ partners and includes the newly announced CRS solutions.
For more information about Cowbell Resiliency Services, visit cowbell.ai. Policyholders should consult with their agent or broker regarding services that may apply to their policy.
Notes to Editor
About Cowbell
Cowbell is a pioneer of Adaptive Cyber Insurance, leading the way in providing small and medium-sized enterprises (SMEs) and middle-market businesses with coverage adaptable to today’s and tomorrow’s threats and the advanced warning of cyber risk exposures. With its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Backed by 25 prominent global (re)insurance partners, Cowbell serves SMEs across 50 U.S. states, the District of Columbia, and the United Kingdom, assessing businesses with revenues up to $1B globally. Cowbell offers subscription-based cybersecurity services via its dedicated and independent Cowbell Resilience Services (CRS) unit. Founded in 2019, Cowbell is based in the San Francisco Bay Area and has employees across the U.S., Canada, India, and the U.K.
For more information, please visit https://cowbell.insure/.
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SOURCE Cowbell
