Cowbell announced Cowbell 365
February 2023 by Marc Jacob
Cowbell announced Cowbell 365, an around-the-clock service that offers policyholders comprehensive support for risk improvement and incident response. Cowbell 365 provides 24-hour availability every day of the week, 365 days of the year, bringing unprecedented levels of expertise and responsiveness from its in-house team of dedicated cyber claims specialists and cyber risk engineers.
Risk remediation and incident preparedness make the difference between low- and high-impact incidents that can lead to weeks of business interruption, reputational harm, and other losses. The World Economic Forum’s 2023 Global Cyber Security Outlook reports, “smaller organizations do not often have the capacity to respond to incidents and are more likely to be economically paralyzed by a major attack. This should make preparation for cyberattacks on suppliers a part of cyber-resilience measures and business continuity planning.”
Through Cowbell 365, policyholders have a trusted partner on constant watch and ready to respond in an instant, so the moment there is a cyber incident, Cowbell’s resources are immediately deployed.
Cowbell has redefined cyber insurance through its unique claims and risk engineering servicing. An entire team of in-house cyber professionals is behind the policy, including experienced cyber claims counsel and specialists, a cyber claims operations team dedicated to swift payments and claims processing, and best-in-class incident response vendors. In addition, risk engineers monitor the threat landscape and proactively assist policyholders in adopting industry best cybersecurity practices.
In all ransom claims reported to Cowbell, a ransom payment is necessary less than 25% of the time, demonstrating the vast majority of Cowbell policyholders have viable backups, effective business continuity and recovery plans, and strategies to recover from ransomware that do not involve paying the threat actor.
The company has maintained a lower ratio of reported claims under 3% since inception, thanks to its underwriting discipline and risk engineering expertise to mitigate risks and exposures. Cowbell increased policyholders by 2.5x during 2022 and expects to double it during 2023.
Cowbell 365 underscores Cowbell’s dedication to providing the best service and expertise to guide its policyholders throughout the policy period.