Cyber Insurance Policyholders Report Seeing Value
April 13, 2022
from a quarterly report which based findings on Cowbell’s robust U.S.
policyholder base, highlights how Cowbell Factors are being utilized to
inform better, more accurate underwriting, how SMEs perceive cyber
insurance, and the ways in which cyber insurance premiums vary by
74% of policyholders agree that they have improved their cybersecurity awareness as a result of acquiring cyber insurance
When asked what additional services policyholders would like to see from
their cyber insurer, findings revealed that:
And 48% would like cybersecurity awareness training for employees
“Cyber insurance has become a standard tool for businesses of any size to build
cyber resiliency,” said Isabelle Dumont, SVP of Marketing and Technology
Partners at Cowbell Cyber. “The good news is that SMEs are, overall, aligned
with the services Cowbell provides, such as our Cowbell Insights, Cowbell’s risk
engineering team that provides guidance on incident preparedness and risk
mitigation, and the ability to set up a cybersecurity awareness training program
for employees. We’re continuously working to improve and add to these services,
all to provide our policyholders with the best value.”
Industries that stand out for weak controls over software supply chain overall include public services, education, and transportation (in addition to accommodation)
Industries worth standing out for high dependencies on software but with very strong controls, resulting overall in lower risk for software supply chain, include financial services and entertainment (media).
“We are proud to bring transparency into the insurance process and give guidance to all businesses on how to optimize coverage based on their industry,” added Dumont.
As the leader in cyber insurance for the SME market, Cowbell focuses on understanding the unique adoption drivers of cyber insurance in this underserved market. Cowbell aims to bring clarity and transparency into the process with data, measurement, and benchmarks that set expectations.