Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced its plans to expand further in the UK market. The company will achieve this through a new senior appointment and the launch of its AI-powered cyber insurance program.
According to recent statistics, more than half of SMEs in the UK have experienced some form of cyber-attack in 2022, which is an increase from the previous year. This highlights the urgent need for businesses in the UK to prioritize cyber resilience.
Backed by A+ rated (re)insurers, Cowbell officially launched its operations in the UK in Q2 this year. The expansion is spearheaded by Simon Hughes, the VP and General Manager for the UK. As the company enters Q3, it continues to expand with the launch of its standalone cyber insurance program, Cowbell Prime One.
Cowbell’s data-driven technology offers quick underwriting, allowing brokers to customize robust cyber policies for unique risk exposures. This includes coverage for various cyber incidents such as email scams, ransomware, and social engineering. The program is tailored specifically for SMEs and mid-market businesses.
In addition to the product innovation, Cowbell has appointed Catherine Aleppo as the Sales Director. With more than 18 years of experience in the insurance industry, Aleppo specializes in cyber risk insurance. She previously led the cyber department at UK-based insurance brokers Aston Lark. Aleppo will educate brokers and UK SMEs on identifying cyber threats and vulnerabilities, ensuring effective risk management.
Simon Hughes commented on the recent updates, expressing excitement about Aleppo joining the team and the launch of Prime One in the UK. He emphasized Cowbell’s commitment to addressing cyber risk challenges globally and stated that the expansion into the UK is a testament to this commitment.
Cowbell has seen significant success in the US, raising a total of $123.3 million in three funding rounds. The company’s continuously monitored risk pool includes 36 million SMEs in the US, with 5 million SMEs located in the UK, representing almost 90% of SMEs in both regions. Cowbell provides cyber insurance to tens of thousands of policyholders in the US and shares its extensive data with brokers, enabling them to have informed discussions with clients and better understand and assess cyber risk scenarios. This data pool will now be available to UK brokers.
SMEs are often targeted by cybercriminals due to limited resources, lack of awareness, and being perceived as easier targets than larger organizations. Catherine Aleppo emphasizes the importance for SMEs to recognize their vulnerabilities and take proactive steps to improve their cybersecurity posture.
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