Cowbell, the four-year-old company formerly known as “Cowbell Cyber,” has experienced impressive growth in recent years. Offering cyber threat monitoring and insurance, Cowbell has reported a staggering 49% growth year-over-year. Today, the company announced that it has raised an additional $25 million in funding from Prosperity7 Ventures, a subsidiary of Saudi Arabian oil giant Aramco.
What makes this investment particularly notable is that Aramco itself has been a target of major cyber attacks in the past. This endorsement from a VC fund connected to one of the largest and most enticing targets for cyber attackers speaks to the efficacy of Cowbell’s technology.
Cowbell’s Adaptive Cyber Insurance
Cowbell offers a range of products tailored to the evolving needs of businesses of all sizes. One of its key offerings is adaptive cyber insurance, which aligns coverage and pricing with an organization’s unique cyber risk profile. Through continuous, automated risk assessment, incentives for risk reduction, and closed-loop risk management, Cowbell ensures that businesses have the appropriate coverage for their specific needs.
Cowbell’s adaptive cyber insurance comes in three broad flavors:
- Essential Coverage
- Enhanced Coverage
- Premium Coverage
By employing AI and machine learning algorithms, Cowbell is able to monitor its customers for cyber intrusions and test their networks’ readiness. These algorithms analyze over 1000 qualities about the customer’s networks and software, providing comprehensive insights into potential vulnerabilities.
“The platform monitors 38 Million small and medium-sized enterprises (SMEs), processes 15 TB of normalized data, and 12B+ cumulative signals.”
– Jack Kudale, Cowbell co-founder and CEO
In April, Cowbell introduced MooGPT, a GPT-powered generative AI conversational assistant that provides customers with quick answers to their questions about their Cowbell cyber insurance policies and risk assessments.
“New generative AI models are now assisting with submission intake, underwriting co-pilot, and MooGPT for customer service.”
– Jack Kudale, Cowbell co-founder and CEO
Furthermore, Cowbell’s AI/ML platform assigns scores from 1-100 in eight categories of customers’ cyber systems that could be targeted in an attack. These scores, known as Cowbell Factors, contribute to the evaluation of an organization’s cyber risk and determine the appropriate insurance coverage.
Cowbell also provides a visual representation of these scores and recommendations for improvement through its Cowbell Insights dashboard.
Combatting the Rise of Ransomware
Ransomware attacks have seen a significant increase, with a 153% rise from the previous year. Small and medium businesses (SMBs) in industries like healthcare and manufacturing are particularly vulnerable to these attacks.
“Cowbell’s dedicated risk engineering and claims management service has prevented extortion payments over 74% of the time, and when a ransom must be paid, it’s reduced to an average of 26% of the initial demand.”
– Jack Kudale, Cowbell co-founder and CEO
Cowbell stands out by actively working to reduce the costs of ransom payments for businesses. Through close collaboration with ransomware negotiation and forensic teams, Cowbell’s experts leverage their expertise and insights to identify efficient strategies that result in more favorable outcomes.
While the rise of ransomware may seem daunting, Cowbell strives to provide businesses with the means to mitigate the financial impact.
Expanding into New Markets
Cowbell’s main priority now is to use its recent investment to further drive profitability. As CEO Jack Kudale stated:
“Cowbell is on a path to operating profitability. We are executing our profitable growth strategy, focusing on our chosen markets in the US and the UK, serving upmarket customers and enhancing our market differentiation.”
– Jack Kudale, Cowbell co-founder and CEO
In the UK, Cowbell has already launched a new version of its cyber insurance product called Prime One, which offers coverage for businesses with an annual turnover up to £250 million. The company plans to expand its coverage options in the UK market in the future.
With its innovative approach to cyber insurance and its commitment to helping businesses navigate the evolving threat landscape, Cowbell is well-positioned for continued success.
As the cybersecurity landscape evolves, businesses need comprehensive protection against cyber threats. Cowbell Cyber provides adaptive cyber insurance coverage that meets the unique needs of organizations. By leveraging AI and machine learning, Cowbell continuously assesses risks, incentivizes risk reduction, and offers closed-loop risk management. Stay one step ahead of cyber threats with Cowbell Cyber.
Note: This article was independently written by an AI journalist and has been professional rewritten and expanded. The views and opinions expressed in this article do not necessarily reflect the official policy or position of Cowbell Cyber.
