According to reports, 54% of UK-based SMEs suffered from some form of cyber-attack in 2022 – a massive 39% rise since 2020.
Cowbell launched in the UK in mid 2023, and is supported by A+ rated re/insurers. The UK operation is led by Simon Hughes, VP and General Manager for the UK.
Now entering into the third quarter, Cowbell’s ongoing expansion continues with the launch of its standalone cyber insurance programme – Cowbell Prime One.
Cowbell says the new programme is created specifically with SMEs and mid-market businesses in mind. The data-driven technology solution provides swift underwriting and enables brokers to tailor cyber policies that cover unique risk exposures. Cowbell Prime One programme will also cover a range of cyber incidents, including email scams, ransomware, and social engineering.
To drive the Cowbell has also appointed a new Director of Sales, Catherine Aleppo, who has worked in the insurance industry for almost two decades.
Aleppo’s previous role saw her lead the cyber department at UK-based insurance brokers Aston Lark.
Speaking about the recent UK launch and expansion, Simon Hughes: “We are thrilled to welcome Catherine to our team and launch Prime One in the UK. Cowbell is committed to addressing cyber risk challenges on a global scale and our expansion into the UK is a testament to this.”
Cowbell has also enjoyed significant success in the investment space. The insurtech has raised US$123.3 million across three funding rounds and since its launch, it has grown its continuously monitored risk pool to 36 million SMEs across the US, five million of which are UK-based. This represents almost 90% of SMEs across the two regions.
Aleppo said: “Both the UK and US are technologically advanced nations with highly developed digital infrastructures and as a result, they can be attractive targets for cybercriminals. Despite this, in general, UK-based SME businesses have been slower to adopt cyber insurance than their US counterparts, due to a lack of awareness and understanding of their cyber exposures.
She added: “With this in mind, addressing the urgent need to protect UK SMEs sits at the heart of the Cowbell proposition, and I am delighted to be playing an instrumental role in realising this ambition, alongside a truly remarkable team. By utilising our vast risk pool and educating UK brokers, we will raise critical awareness of cyber vulnerabilities and safeguard the UK’s SMEs who form the backbone of the UK economy.”
