Cowbell Cyber Inc., a US-domiciled cyber insurer, has recently extended its cyber insurance coverage to mid-market businesses in the UK.
This expansion is particularly aimed at businesses with an annual turnover of up to £1 billion. This move is a significant step beyond Cowbell’s existing focus on small and medium-sized enterprises (SMEs).
The company’s decision to expand its cyber insurance coverage is driven by the increasing demand for advanced cybersecurity solutions in the mid-market segment, where traditional InsurTech offerings often fall short.
The extension of services is in response to the growing challenges of cyber threats that are becoming more frequent and sophisticated, not only in the UK but globally.
Cowbell’s approach is unique in leveraging its large and continuously monitored risk pool, which includes 35 million SMEs in the US and 4.5 million SMEs and mid-market businesses in the UK.
This extensive data, along with their educational tools, are shared with brokers in both regions, enabling more informed discussions with clients and facilitating a better understanding and assessment of cyber risk scenarios.
A key aspect of Cowbell’s offering is its patented risk rating factors, known as Cowbell Factors. These factors analyze and leverage real-time threats from their extensive risk pool to develop insights for businesses.
This allows businesses to benchmark their IT risk against industry peers, catering specifically to the needs of mid-market buyers. Cowbell Factors is an exclusive offering not available from any other cyber insurance provider.
The expansion of Cowbell’s cyber insurance coverage in the UK market follows significant growth since its launch in the region in August.
The company has added key team members, including a UK Sales Director, a UK Underwriting Director, and a Vice President and General Manager for Cowbell UK, which has helped propel its success in engaging with hundreds of brokers across the country.
This expansion by Cowbell is expected to contribute positively to the resilience of the UK’s business landscape, ensuring that a significant portion of the private sector is equipped with advanced cybersecurity tools.
by Peter Sonner