Cowbell Cyber, a startup pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), today announced the addition of social engineering coverage to its Cowbell Prime 100 cyber insurance product. With cyberattacks on the rise, the update mitigates financial losses from  phishing or fraudulent emails that prey on employees' naivety, thus leading to funds being transferred to a malicious third party. 

Cybercrime exploits fear and uncertainty, particularly during times of crisis, warns the World Economic Forum. People are more likely to engage in unsafe online behavior which can end up costing them dearly. An alarming 98 percent of cyberattacks deploy social engineering methods, revealing how cyber criminals excel at exploiting human weakness.

Social engineering coverage can be added as an endorsement to existing or new policies with a limit up to $250,000 and deductible as low as $10,000. This endorsement complements the Computer and Funds Transfer Fraud coverage which is available with a limit up to $5 million. 

"Businesses need more than ever insurance protection against all forms of social engineering threats," says Justina K. Julian, VP of Risk Placement at Capstone Risk Management & Insurance. "We applaud Cowbell Cyber for offering clarity and flexibility in the cyber coverages offered, keeping the unique needs of each policyholder in mind."

As of April 2020, Cowbell Cyber is also opening its platform to all non-policyholders at no cost, giving them direct access to Cowbell Factors and immediate insights into their security risk ratings along with peer and industry benchmarks.  

"We are seeing a rise in businesses who want to measure their cyber risks in light of the increase in social engineering incidents," added Caroline Thompson, Head of Underwriting at Cowbell Cyber. "Cowbell Cyber's new avenue for risk assessment helps SMBs benefit from understanding continuous, granular and tailored cyber risk assessment during a time that calls for unprecedented cyber resilience."

Businesses can sign up at  https://cowbell.insure/for-businesses/ to access a free comprehensive security risk assessment based on Cowbell Factors, Cowbell's proprietary multi-variant risk ratings factors. 

Cowbell Prime 100 provides standalone, admitted cyber insurance coverage to small and mid-size businesses and is distributed through a network of independent agencies with agents able to issue standalone, tailored coverage policies in less than 5 minutes. Agencies can visit https://cowbell.insure/for-agencies/ to get appointed.