Cowbell Cyber, a cyber insurance provider for small to medium-sized enterprises, has announced that Cowbell Prime, its standalone cyber insurance program targeted at businesses with up to $100 million in revenue, is now admitted in New York state. The rollout into New York follows Cowbell Cyber’s recent announcement that it had raised $20 million in funding.
The spike in cyber incidents has put pressure on insurers to modernize their underwriting of cyber risk. In response to this need, the New York Department of Financial Services (DFS) recently introduced its Cyber Risk Framework guidance for insurers providing cyber coverage in the state. The DFS said in a statement that the framework – the first guidance by a US regulator on cyber insurance – “outlines industry best practices for New York-regulated property/casualty insurers that write cyber insurance to effectively manage their cyber insurance risk.”
“The framework introduced by the state of New York complements exactly what Cowbell Cyber has been doing from the start: providing data-driven cyber risk assessment and clarity within refined underwriting,” said Caroline Thompson, head of underwriting at Cowbell Cyber. “We are entering New York already meeting and exceeding the stipulations imposed on insurers. We are proud to offer New York businesses the cyber insurance underwriting they deserve, while also abiding to the guidance provided by the DFS.”