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Cowbell Cyber Emerges from Stealth w/ $3.3M Seed Funding
September 2019 by Marc Jacob
Cowbell Cyber introduced the industry’s first continuous underwriting platform that aligns insurable threats to risk exposures to identify cyber risks and proactively mitigate losses in the aftermath of cyberattacks. The company has secured $3.3M in seed funding from leading insurance, cybersecurity and artificial intelligence venture funds including ManchesterStory Group, Holmes Murphy & Associates, Tri-Valley Ventures and the Global Insurance Accelerator. This investment will help accelerate the go-to-market and development of its continuous risk assessment, underwriting, and comprehensive cyber liability insurance platform.
The cyber insurance market has experienced a boom in recent years with high-profile breaches making weekly headlines and is forecasted to reach $14B globally by 2022. However, the lack of observability into the real risk profile of cyber insurance has challenged insurance distribution, underwriting, and claims. Cowbell Cyber uses an inside-out approach to offer ongoing, dynamic, automated, insurable cyber risk assessments, providing customers with real-time insights into insurable risks. It’s flagship continuous risk-ratings factor, Cowbell Factor™, enables customized protection and recommendations to provide a policy that matches the customers’ needs as they evolve. Coverage is specifically designed for cyber risk exposure — not entwined with other lines of coverage.
Founded by some of the industry’s leading minds in cybersecurity, insurance, and engineering, the Cowbell Cyber executive team brings a unique perspective, perfect for a business that focuses on an organization’s individual insurance requirements. Together, these individuals, along with the full Cowbell Cyber team, are bringing long-needed innovation to the cyber insurance marketplace. Key members of the executive team include:
• Jack Kudale, Founder and Chief Executive Officer
• Rajeev Gupta, Co-founder and Chief Product Officer
• Trent Cooksley, Co-founder and Chief Operating Officer
• Prab Reddy, Co-founder and Vice President of Engineering
Cowbell Cyber plans to initially make its cyber insurance policy, Cowbell Prime™, available in the State of California for businesses up to $250M via a retail broker distribution channel during the first quarter of 2020.
Cowbell Cyber will be participating at InsureTech Connect (Kiosk K40), held in Las Vegas, Nevada, through September 25, 2019. The company has been selected as one of three finalists in the prestigious Resiliency Innovation Challenge, hosted by InsureTech Connect and the Insurance Information Institute, which honors the development of innovative technologies to assist the insurance industry in managing growing catastrophic risks. Join Cowbell Cyber on Wednesday, September 25 at 2 p.m. (PT) at Sagebrush (Room 369/370) to hear more about the company and see who will be crowned the winner.
