Cyber insurance is one of the hottest topics in the industry, and for a good reason. Cybercrime is up and the cost of a data breach has never been higher with new regulations and the risk of reputational damage from media that have increasingly become more cyber-informed.
We spoke with Jack Kudale, Co-Founder & CEO of Cowbell Cyber, to discuss the changing role of cyber insurance in the time of advanced threats and ransomware.
Why is cyber insurance important in today’s threat landscape? How is Cowbell addressing the current gap in cyber insurance?
Nobody is immune to cyber incidents. Cybersecurity can be effective at avoiding and detecting cyber events early. But once an incident occurs, cyber insurance brings the resources needed for businesses to recover quickly and at a lower cost.
Insurability gaps have been common in the small and midsize market. The adoption of cyber insurance has been hindered by a lack of coverage clarity and relevance of policy options combined with a cumbersome application process.