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)
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New York Department of Financial Services Issues First-of-Its-Kind Cyber Insurance Risk Framework
On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2, which introduced a Cyber Insurance Risk Framework directed to New York-regulated property/casualty insurers that outlines best practices for managing cyber insurance risk. The framework is the first-ever guidance by a U.S. regulator on cyber insurance.
Background
In its introduction to the framework, DFS noted that as cybercrime continues to increase for all organizations, cyber insurance is playing an increasingly important role in managing and reducing cyber risk. While cybercrime in general is on the rise, DFS reported that the “biggest driver” of the increase was the frequency and cost of ransomware attacks. According to a 2020 DFS survey, from early 2018 to late 2019 the number of insurance claims that arose from ransomware increased by 180%, and the average cost of a ransom