Cowbell Factor for Supply Chain Debuts
November 22, 2021
Cyber has expanded its continuous cyber risk assessment with the
introduction of a new Cowbell Factor to quantify risk exposures related
to the software supply chain. With Cowbell Factor for Supply Chain,
Cowbell gains visibility into individual and aggregated risk attached to
specific software. This results in further precision in Cowbell’s
continuous risk assessment and AI-assisted underwriting process.
The accelerated digitization of business processes has created hidden
dependencies on software and systems used to run operations online,
resulting in a significant increase in risks related to the software
supply. With the SolarWinds attack resulting in nearly 18,000
compromised customers and the Microsoft Exchange breach potentially
infiltrating nearly 400,000 servers, these numbers showcase just how
many accounts can be impacted during a supply chain attack.
With Cowbell Factor for Supply Chain, Cowbell brings visibility and
insights into supply chain risk by comparing it to the company’s robust
risk pool of more than 17 million U.S. businesses. Cowbell provides
individual businesses with a relative indication of their risk exposure
during the underwriting process and immediately notify and rate accounts
for past, current and future attacks on the software supply chain.
“Cowbell Factor for Supply Chain is automatically used in risk selection
and made available for underwriting,” said Rajeev Gupta, co-founder and
CPO at Cowbell Cyber. “Underwriters no longer have to wait for damages
from an exploited vulnerability to be visible in the market to adjust
guidelines or understand the ripple effects on covered risks.”
immediate visibility into an organization’s exposure to software supply
chain risks brings another degree of precision to underwriting,” said
Caroline Thompson, Head of Underwriting at Cowbell Cyber. “The
additional insights drive better risk selection, allow us to work with
policyholders to remediate security weaknesses and also do it with speed
as we scale up our client base.”
Cowbell Factors is a set of proprietary multivariate risk ratings based
on inside-out and outside-in data, libraries of insurable threats, and
artificial intelligence that contribute to the evaluation of an
organization’s cyber risk—and appropriate insurance coverage. The
Cowbell Cyber platform automatically presents brokers and policyholders
with the most relevant coverages and policy configuration that match an
organization’s insurable cyber risks. Unlike traditional methods,
Cowbell Factors apply continuous observation to map exposure and impact.
Current factors include assessments on network security, cloud security,
endpoint security, funds transfer fraud, cyber extortion, dark
intelligence, compliance and supply chain.
Continuous risk assessment and instant quoting with precise AI-assisted
underwriting, bring unmatched efficiencies in the distribution of cyber
insurance and has allowed Cowbell to grow its policyholder base 40 times
since the beginning of the year while reported claims remained under 1%.