UPDATED 09:00 EDT / SEPTEMBER 15 2021

SECURITY

Cowbell Cyber launches risk exchange to improve access to cybersecurity insurance

Artificial intelligence-powered cybersecurity insurance provider Cowbell Cyber Inc. has launched a risk exchange marketplace called Cowbell Rx with an aim of making it easier for companies to obtain that insurance.

In an age where cyberattacks continue to increase, the need for companies to have access to cyber insurance is an issue that has been discussed at a national level, especially since it was part of the agenda at the White House security summit in August.

With national attention given to cyber insurance, Cowbell Rx is claimed to close insurability gaps by providing cyber insurance applicants with the resources required to meet eligibility requirements. In doing so, it also enables active policyholders to improve their organization’s risk profile continuously.

Cowbell Rx is said to be the first marketplace provided by a cybersecurity insurer to help businesses gain access to recommended partners that offer solutions to organizations so they can meet the minimal criteria to get the insurance coverage.

The service offers preferred access to security services and vendors in the following categories:

  • Deployment of multifactor authentication and robust identity management solution
  • Endpoint protection
  • 24×7 security monitoring for threat detection and prevention
  • Backup and disaster recovery
  • Compliance consulting and services

“Cowbell Rx is a key component of Cowbell’s closed-loop risk management initiative to continuously improve an organization’s risk profile,” Isabelle Dumont, vice president of market engagement at Cowbell Cyber, said in a statement, adding that it’s working with 20 of cybersecurity’s top leaders. “Together with our partners, we are bringing streamlined access to today’s top cybersecurity services and solutions straight to current and future policyholders.”

Cowbell Cyber is a venture capital-backed startup that launched in 2019. According to Crunchbase, the company has raised $23.6 million from investors, including Avanta Ventures, Markel Corp., Holmes Murphy & Associates, Manchester Story Group and Tri-Valley Ventures.

Image: Cowbell Cyber/Facebook

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