Cowbell, Swiss Re partner on cyber coverage for cloud businesses | Insurance Business America
Cowbell Cyber has announced a partnership with Swiss Re to bring cyber insurance coverage to enterprises with up to $750 million in revenue that are building their digital footprint on Amazon Web Services (AWS).
Cloud adoption continues to grow, spurred by the increase in remote and hybrid work. As companies digitize their operations, worldwide spending on public cloud services is predicted to grow more than 20% and reach $494.7 billion this year. With that in mind, Cowbell and Swiss Re have combined their respective cyber risk expertise – insurance provision by Cowbell and risk monitoring technology developed by Swiss Re – to offer customized coverages to organizations running in cloud environments.
“The world is digitizing fast, and cyber insurance needs to keep up,” said Jack Kudale, founder and CEO of Cowbell. “The partnership between Cowbell and Swiss Re is focused on bringing peace of mind to enterprises who are actively establishing their footprint in the cloud. Our partnership brings together a wealth of cyber risk expertise and enables us to make sure policyholders are well-protected with accurate insurance coverages that are specifically tailored to cloud environments.”
The partnership grants customers access to Cowbell Factors, which provides a relative rating of an organization’s risk profile against a monitored pool of 25 million US businesses, which represents 78% of US SMEs. The program also features Cyber Guardian, Swiss Re’s cyber risk technology platform, which utilizes security configuration data directly from the customer’s AWS environment to allow risk monitoring and risk scoring used in underwriting. A credit toward a subscription to AWS Security Hub is also included as part of the program.
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“Cyber resilience is a topic of growing concern globally, and an increasing share of the digital economy is now reliant on the cloud,” said Pranav Pasricha, global head of P&C solutions at Swiss Re. “That’s why Swiss Re is committed to closing the protection gap and driving innovation in the insurance industry. We are pleased to announce a new class of cyber insurance products and risk assessment platform for AWS customers. Our platform will offer active telemetry, continuous monitoring, and cloud sensitivity, giving our partners the ability to offer innovative insurance products to SMEs.”
In addition to offering cyber insurance coverage, the program offers continuous guidance to customers on how to deploy cybersecurity best practices in a cloud environment and provides tools to monitor exposure to cyber threats. Cowbell’s in-house team of cyber claims experts will handle all cyber incidents, and a 24/7 incident response hotline is available to all policyholders.