Cyber insurance coverage supplier Cowbell reels in $60M to develop its product portfolio

Cowbell Cyber Inc., a startup that insures companies towards cyberattack-related losses, has raised $60 million in a Sequence C funding.

The corporate introduced the funding at this time. It disclosed that the capital was supplied by Zurich Insurance coverage Group Ltd., one of many world’s largest insurers. The money infusion brings Cowbell’s complete outdoors funding to $202 million.

Corporations usually buy not one however a number of insurance coverage insurance policies to guard towards potential losses. In lots of instances, a type of insurance policies is a so-called cyber insurance coverage plan designed to mitigate the monetary influence of a cyberattack. Pleasanton, California-based Cowbell competes on this market with a set of cyber insurance policies geared in direction of small and midsize companies.

The corporate’s plans cowl the prices related to detecting and remediating a breach. Relying on the coverage, Cowbell may shoulder a number of associated bills. It gives insurance policies that cowl gadgets resembling breach-related authorized charges and the price of changing {hardware} rendered inoperable by ransomware.

Cowbell’s entry-level plan, Prime 100, is geared in direction of companies that generate as much as $100 million in income. It additionally gives insurance policies for bigger organizations, in addition to numerous specialised insurance coverage choices. A kind of specialised insurance policies is designed for tech companies, whereas one other targets companies within the UK with annual gross sales of as much as £1 billion.

Corporations that join a Cowbell coverage obtain a so-called Cowbell Issue with their buy. This can be a rating that measures the effectiveness of a corporation’s breach prevention program. Based on Cowbell, it calculates the rating based mostly on greater than 1,000 information factors together with details about the safety of an organization’s worker gadgets and cloud surroundings.

A cloud-based dashboard shows the weak factors that the corporate identifies in a buyer’s cybersecurity posture. Cowbell can, for instance, level out if backups of a cloud software might be accessed over the open internet with no password. Cybersecurity points are ranked based mostly on their severity to assist corporations repair essentially the most pressing vulnerabilities first.

Based on Cowbell, companies can acquire extra favorable insurance coverage phrases by fixing weak factors of their infrastructure. In some instances, cybersecurity enhancements unlock decrease deductibles when a coverage is up for renewal. Cowbell may prolong an insurance coverage plan’s scope to cowl extra kinds of breaches.

The corporate will use the proceeds from its newest funding spherical to maneuver nearer towards profitability. “We’ve got been on a mission to realize near-term working profitability over the past 12 months and can proceed our quest for the remainder of the 12 months and into 2025,” Chief Govt Officer Jack Kudale detailed in a weblog publish.

In conjunction, the corporate plans to develop its worldwide presence and develop new insurance coverage merchandise. The event effort will place an emphasis on discovering extra methods of utilizing synthetic intelligence to enhance its choices. Cowbell has already constructed an inner AI assistant, Cowbell Copilot, to hurry up the method of issuing new insurance coverage insurance policy. 

Photograph: Cowbell