Cowbell Cyber, a Pleasanton, California-based provider of cyber insurance for small and medium-sized businesses, has released a new research report suggesting that nearly three-fourths (75%) of its policyholders believe that cyber insurance is worth the cost, and that their companies have improved their cybersecurity awareness as a result of acquiring cyber insurance.
The report, is based on January findings from Cowbell’s U.S. policyholder base, aimed at supporting more accurate underwriting, and determining how SMBs perceive cyber insurance, and the ways in which cyber insurance premiums vary by industry.
The results also revealed that 71% of respondents want their cyber insurer to give recommendations to minimize risk exposure, and that 48% would like cybersecurity awareness training for employees.
“Cyber insurance has become a standard tool for businesses of any size to build cyber resiliency,” said Isabelle Dumont, SVP of Marketing and Technology Partners at Cowbell Cyber. “The good news is that SMEs are, overall, aligned with the services Cowbell provides, such as our Cowbell Insights, Cowbell’s risk engineering team that provides guidance on incident preparedness and risk mitigation, and the ability to set up a cybersecurity awareness training program for employees.”
The report points hospitality, mining, public services, education, financial services, entertainment, and transportation as some of the more vulnerable verticals.
The report offers various insights and rationales behind cyber insurance that could be useful to channel partners seeking to engage in this market.