New Report Offers Insights and Rational Behind #Cyber Insurance for SMEs
PLEASANTON, Calif. – April 7, 2022 – Cowbell Cyber, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced the findings from its first ever cyber insurance report dedicated to SMEs, Cyber Round-Up. The quarterly report, which bases findings on Cowbell’s robust U.S. policyholder base, highlights how Cowbell Factors are being utilized to inform better, more accurate underwriting, how SMEs perceive cyber insurance and the ways in which cyber insurance premiums vary by industry.
In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue – to gain insight into their perceived value of cyber insurance. The results are based on Cowbell Factors, a data-driven, unbiased means to benchmark an enterprise against industry peers.
The results found that:
- 79% of policyholders believe cyber insurance is worth the cost
- 74% of policyholders agree that they have improved their cybersecurity awareness as a result of acquiring cyber insurance
When asked what additional services policyholders would like to see from their cyber insurer, findings revealed that:
- 71% of respondents want their cyber insurer to give recommendations to minimize risk exposure
- And 48% would like cybersecurity awareness training for employees
“Cyber insurance has become a standard tool for businesses of any size to build cyber resiliency,” said Isabelle Dumont, SVP of Marketing and Technology Partners at Cowbell Cyber. “The good news is that SMEs are, overall, aligned with the services Cowbell provides, such as our Cowbell Insights, Cowbell’s risk engineering team that provides guidance on incident preparedness and risk mitigation, and the ability to set up a cybersecurity awareness training program for employees. We’re continuously working to improve and add to these services, all to provide our policyholders with the best value.”
Based on Cowbell Cyber’s Supply Chain Factor, the findings show that at the industry level:
- Industries with the highest risk exposure to Software Supply Chain include hospitality and mining. This is likely due to either high dependency on software or weak controls, or both.
- Industries that stand out for weak controls over software supply chain overall include public services, education, and transportation (in addition to accommodation)
- Industries worth standing out for high dependencies on software but with very strong controls, resulting overall into lower risk for software supply chain, include financial services and entertainment (media).
“We are proud to bring transparency into the insurance process and give guidance to all businesses on how to optimize coverage based on their industry,” added Dumont.
As the leader in cyber insurance for the SME market, Cowbell focuses on understanding the unique adoption drivers of cyber insurance in this underserved market. Cowbell aims to bring clarity and transparency into the process with data, measurement and benchmarks that set expectations.
SMEs that want to understand whether they represent a bigger insurance risk than industry peers are invited to request their organization’s Cowbell Factors at https://cowbell.insure/for-businesses/
About Cowbell Cyber
Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and medium-sized enterprises (SMEs). In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont. For more information, please visit www.cowbell.insure.