Cowbell, the San Francisco-based cyber insurer which is rapidly expanding across the UK marketplace has today announced the launch of its first UK-specialty product - Cowbell Prime One. In a Press release, the provider which officially launched in the UK in Q2 of this year, revealed that the standalone cyber insurance programme is tailored for SMEs and mid-market businesses.
The product launch accompanies the appointment of Catherine Aleppo as sales director as she moves across from leading the cyber department at Aston Lark. Hailed as a “trusted and committed advisor”, Aleppo brings 18-plus years of experience to the role which will see her educate brokers and UK SMEs on identifying cyber threats and vulnerabilities, and ensuring effective risk management.
Discussing the appointment, Simon Huges who was named general manager for Cowbell’s UK operations in April of this year, said: "We are thrilled to welcome Catherine to our team and launch Prime One in the UK. Cowbell is committed to addressing cyber risk challenges on a global scale and our expansion into the UK is a testament to this.”
To date, Cowbell has commanded three successful funding rounds in the US, totalling $123.3 million and expanded its continuously monitored risk pool to 36 million SMEs in the US - with five million of those SMEs located in the UK. The firm shares its extensive data with brokers in the US to enable them to engage in more informed client conversations and facilitate better understanding and assessment of cyber risk scenarios. The insurer noted that this pool of data will now be available to UK brokers.
Commenting on the cyber risk facing SMEs – of which there are 5.5. million in the UK – Aleppo highlighted the need for these organisations to recognise and proactively mitigate their cyber exposures.
“Both the UK and US are technologically advanced nations with highly developed digital infrastructures and as a result, they can be attractive targets for cybercriminals,” she said, “Despite this, in general, UK-based SME businesses have been slower to adopt cyber insurance than their US counterparts, due to a lack of awareness and understanding of their cyber exposures.
“With this in mind, addressing the urgent need to protect UK SMEs sits at the heart of the Cowbell proposition, and I am delighted to be playing an instrumental role in realising this ambition, alongside a truly remarkable team. By utilising our vast risk pool and educating UK brokers, we will raise critical awareness of cyber vulnerabilities and safeguard the UK’s SMEs who form the backbone of the UK economy.”
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