Cowbell: 91% of US SME cyber insurance policyholders helped
In its Cyber Round-up: Q2 2023 report, the insurtech Cowbell reveals that 91% of small and medium businesses (SMEs) in the US with cyber insurance policies received help from their policy provider to avoid cyber incidents.
Coming from a survey contributed to by 500 SME leaders in the US, Cowbell’s report covers details from cyber security insurance holders for February 2023 alone. Its report also found that 77% of US SMEs with a cybersecurity strategy had an insurance policy for cybersecurity and were more prepared to deal with a cyber incident.
The importance of cyber insurance policies
In the outcome of its report, Cowbell states that the high rates of support provided to SMEs by insurers points to the critical importance of cyber insurance in a well-rounded cyber risk management strategy.
This is especially true – according to Cowbell’s data – for computer hardware or software SMEs, which have a 68% likelihood of being a target for cyber-attacks. Also high on the list of potential targets are utilities, telecom, water and energy companies, with a 61% chance of being targeted. Financial services and other insurance companies were also found to be at high risk of cyber-attacks at 60%.
Cowbell’s SVP of Marketing and Technology Partners, Isabelle Dumont, says of the report findings: “The SME market is vast and dynamic. With 33 million US organisations having revenue under US$1bn, this large segment is critically important to the health of the US economy. As shown by this research, there is an opportunity to educate SMEs and insurance agents about the value of cyber insurance and accelerate adoption.”
Based in Silicon Valley, Cowbell’s latest Cyber Round-Up for Q2 2023 was supported by 20 of its global reinsurance partners. The insurtech offers a continuous underwriting platform, supposedly compressing the insurance process to five minutes, from submission to issue.
