Artificial Intelligence Awards 2021

Nov21499 Best Cyber Risk Analysis Solution 2021: Cowbell Factors™ Every industry has the potential to benefit from the wonders of artificial intelligence, and the insurance sector is no exception. With products designed to serve small to mid-size enterprises, Cowbell Cyber has grown into a leading cyber insurance provider. In Corporate Vision’s Artificial Intelligence Awards 2021, the team achieved astonishing success. We dig a little deeper into how they’ve pushed the boundaries for the insurance industry. Dedicated to changing the world of cyber insurance, the team at Cowbell Cyber has made its name by focusing on an often underserved sector in cyber insurance. For small to mid-size enterprises, the work that this company does is vital to their continued success, allowing them access to tailored cyber insurance policies that match the unique risk exposure of their organization. The team’s leading product is Cowbell Prime, a cyber insurance offering anchored in Cowbell Factors, a set of proprietary risk ratings. Cowbell Factors allow the team to massively accelerate the process of providing accurate quotes for clients by analyzing and quantifying cyber risk on a continuous basis using 750 outside-in and inside-out data points. This provides an instant benchmark of an organization’s risk profile against Cowbell’s growing risk pool of 22 million U.S. accounts. The use of AI is a major differentiator for Cowbell Cyber, allowing the company to power its next-generation of cyber insurance with continuous risk assessment and continuous underwriting. Unlike policies that simply address currently known cyber risks, turning to Cowbell Cyber ensures that clients are always protected from the challenges of the day. With technology and cyber threats in a state of constant evolution, it pays to have this high level of responsive risk management. The team is also active when it comes to supporting clients manage cyber risk, helping them to build resilience through pre- and post- breach services such as education and incident response preparedness. This approach reflects a deliberate decision not simply to focus on the challenges of the day, but on the challenges facing businesses. Through a collaborative mindset, Cowbell Cyber has gone a long way to ensuring that their clients won’t fall victim to a cyber incident in the first place. The success of the team’s work has seen Cowbell Cyber become the fastest- growing cyber insurance company, as more and more companies demand financial protection from cyber threats through cyber insurance. With so many employees working from home, there has been less control over basic cybersecurity hygiene and cybercriminals are even more actively attacking smaller businesses. The changing attitudes both from companies and from cybercriminals have forced businesses to alter the way in which they see cyber security. The secret of Cowbell Cyber has been to make a point of educating insurance agents and businesses so they understand precisely the coverages that they are signing up to. Looking ahead, the team at Cowbell Cyber intend to continue their innovative streak in a variety of different directions. Their main ambition is to expand internationally, but more generally it is to work on a range of innovative insurance products which will strengthen the cyber resilience of businesses. The team has, for example, recently added a Cowbell Factor to measure an organization’s exposure to the Software Supply Chain, which is an emerging risk that has inflicted significant damages to organizations. There are currently eight Cowbell Factors that provide insights in the unique cyber risk profile of a company. The team is also working closely with commonly used IT infrastructure and security vendors such as AWS, Microsoft, Qualys and Google to ensure that their solutions are seamlessly part of the risk assessment captured in Cowbell Factors. Innovation is a key part of what pushes Cowbell Cyber forward, but the team’s ability to work closely with systems that are already in place is the reason that so many turn to the team for support. When it comes to elevating businesses to the next level of cyber resilience, there are few better than the team from Cowbell Cyber. Their use of AI has positioned this impressive team at the cusp of a new trend where cyber insurance, policyholders, and their cybersecurity resources collaborate allowing for much more secure organizations. We celebrate the way in which they are using this state-of-the-art technology for the benefit of so many. Company: Cowbell Cyber Name: Jack Kudale Email: [email protected] Web Address: https://cowbell.insure/ Corporate Coaching & Recruitment Awards 2021 23