Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), recently announced that it has closed $20 Million in Series A funding to scale its game-changing offering for continuous underwriting and closed-loop risk management.
We sat down with Jack Kudale, founder and CEO of Cowbell Cyber to discuss the company's mission, how cyber insurance has changed in the wake of SolarWinds and the Microsoft Exchange Attacks, and aspirations for the company in 2021:
Congrats on the funding. What is the company's mission?
Cowbell’s mission is to demystify cyber insurance and make cyber coverage accessible to all businesses regardless of size. Cowbell makes cyber insurance easy!
What problems do you aim to solve and how?
The adoption of cyber insurance has been hindered by the complexity of the application process (lengthy and paper-based), opaque policy forms and coverage descriptions, and lack of education on cyber in insurance distribution channels.
Cowbell brings innovations on all fronts using technology and AI. We simplify the application process by moving it 100% online. We expedite quoting and binding using massive amounts of data and AI. Our coverages and policies are designed with the policyholders in mind, and eliminate ambiguity about what’s covered.
Agents and brokers can issue policies customized to the unique risk of each business in minutes.
How has cyber insurance changed since the mass SolarWinds and Microsoft Exchange attacks?
These massive attacks have raised awareness about the need for all businesses to be better protected and prepared. Deploying cybersecurity tools is an imperative but the risk is never zero. Cyber insurance helps businesses recover from a cyber incident faster and at a lower cost.
We are also pleased to see the NY Department of Financial Services put forward specific requirements for insurers to offer cyber. This falls directly in line with what we want to achieve.
What are your aspirations for the company in 2021?
With this new funding, we will double our workforce by the end of 2021.
The goal is to accelerate innovation so that we can offer relevant coverage options while increasing the precision of our underwriting. We also want to build a different kind of insurance company, one that not only enables businesses to transfer risks but also offers education and resources to policyholders so that they can minimize and avoid cyber incidents. We are taking a closed-loop approach to risk management.