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Cowbell Cyber Now Admitted in State of New York
Complements Nation s First Official Regulations on Cyber Insurance Underwriting
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PLEASANTON, Calif., April 6, 2021 /PRNewswire/
Cowbell Cyber, the industry s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), today announced that Cowbell Prime, its standalone cyber insurance program targeted at businesses with up to $100 million in revenue is now admitted in the state of New York. The latest roll-out into New York follows Cowbell Cyber s recent
$20M funding announcement, further highlighting the company s aggressive momentum to deliver standalone cyber insurance across the nation.
The dramatic rise in cyber incidents has put real pressure on insurers to modernize how they underwrite cyber risk and inject technology and AI to bring speed, precision, and scale into the process. In fact, the New York State Department of Financial Services (DFS)
Insurers Beware: Potential Impacts of New York’s Cyber Insurance Risk Framework By Matthew G. White and Alexander F. Koskey | April 6, 2021
During its current legislative session, New York is considering a proposed privacy bill that would greatly enhance consumer privacy rights, increase business obligations and create new litigation/enforcement exposure.
The Framework applies directly to all property/casualty insurers registered with the NYDFS. The stated goals of the framework are to facilitate the continued growth of a sustainable and sound cyber insurance market by outlining best practices for managing cyber insurance risks.
Not only are insurers writing cyber insurance obligated to follow the framework’s guidance, but all insurers need to evaluate their silent risk – or the risk that an insurer must cover losses from a cyber incident under a policy that does not explicitly grant or exclude cyber coverage – and take steps to reduce
NY’s Cyber Guidance Could Boost Risk Management for Insurers, Insureds Across U.S. By Yakir Golan and Visesh Gosrani | April 5, 2021
The Cyber Insurance Risk Framework, launched recently by the New York State Department of Financial Services, is a positive step for both insurers and insureds because it calls on insurers to consider more explicitly how they measure their cyber risk exposures, thereby ensuring appropriate focus on quantification methods to rate insureds and also to manage accumulation of systemic risks, which can be significant.
For insureds, on the other hand, the guidance encourages a framework that rewards them for improving their cyber risk posture. This also acts as another source of feedback insureds can act upon by using the education provided from insurers in an number of areas, including the value of cyber-security measures, to reduce the risk of the insureds suffering from cyber events that might result in harm and dis
New York s DFS Publishes A Cyber Insurance Risk Framework - Insurance mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.