Cowbell Cyber Partners with Swiss Re on Cloud Cyber-Insurance Program

InsurTech Cowbell Cyber has partnered with Swiss Re to provide a cyber-insurance program designed for businesses whose operations rely on cloud-based activities.

The program is designed for businesses with up to $750 million in revenue that are building a digital footprint on Amazon Web Services, a Cowbell Cyber statement said.

The statement noted that businesses continue to rapidly adopt cloud technology, driven by the move to remote and hybrid work. "As enterprises digitize their operations, embracing a cloud-first approach has become the new norm for any business that desires a competitive advantage at speed," Cowbell Cyber said.

Through the partnership, Cowbell Cyber will provide cyber insurance and Swiss Re will provide risk-monitoring technology to provide tailored coverages to organizations operating in cloud environments.

"The world is digitizing fast and cyber insurance needs to keep up. The partnership between Cowbell and Swiss Re is focused on bringing peace of mind to enterprises who are actively establishing their footprint in the cloud," Jack Kudale, founder and CEO at Cowbell, said in the statement. "Our partnership brings together a wealth of cyber–risk expertise and enables us to make sure policyholders are well protected with accurate insurance coverages that are specifically tailored to cloud environments."

"Cyber resilience is a topic of growing concern globally and an increasing share of the digital economy is now reliant on the cloud. That's why Swiss Re is committed to closing the protection gap and driving innovation in the insurance industry," Pranav Pasricha, global head of property-casualty solutions at Swiss Re, said in the statement.

In addition to providing cyber-insurance protection, the new program offers policyholders continuous guidance on deploying best practices in a cloud environment.

Cowbell Cyber uses artificial intelligence to assist in risk selection and pricing as it underwrites cyber-insurance coverage for small-to-medium enterprises. Earlier this year, the company formed a Vermont-domiciled captive insurance company, Cowbell Re, to help the company meet the growing demand for cyber insurance.