New offering aims to simplify cyber insurance for small and medium businesses
With cyberattacks increasing in volume and new types of incidents occurring, businesses need protection for everything from network intrusion to ransomware and all the things in between.
Many organizations are turning to cyber insurance to provide cover for dealing with incidents and their aftermath, but a recent report shows that many are put off by not understanding levels of exposure, amount of cover, and by cost.
In a new offering aimed at delivering coverage that address the diversity of incidents under the cyber category, specialist insurer Cowbell Cyber is launching Prime 250 which delivers clarity, simplicity, speed and flexibility. The product is in partnership with Benchmark Insurance Company and Obsidian Insurance Company and backed by a panel of prominent global re-insurers.
Prime 250's 25 cyber-specific coverage areas are organized to mirror the way businesses experience cyber incidents: first party loss, first party expense and liability. It offers three levels of pre-configured industry-specific coverage packages -- Basic, Popular and Elite -- to help maintain simplicity and speed, agents and brokers can tailor quotes to each policyholder's risk appetite.
From the policyholder's side there's access to Cowbell Factors for risk rating and industry peer benchmarking, while Cowbell Insights offers recommendations to remediate identified risk exposures. Cowbell Factors data, a key part of the underwriting process, is accessible to both policyholders and agents in real-time for full transparency.
"For years, policyholders have raised concerns about the complexity and opacity of cyber insurance. Meanwhile, cyber incidents are becoming more frequent and diverse," says Trent Cooksley, co-founder and COO at Cowbell Cyber. "We have created Prime 250 with the explicit intent to make cyber insurance easy and bring clarity to coverages and policy terms so that every business can benefit from the financial protection delivered by cyber insurance."
You can find out more on the Cowbell Cyber site.