Sophos and Cowbell Form Cyber Insurance Pact
Sophos customers have a new cyber insurance option through its new partnership with Cowbell, a cyber insurance provider serving small and medium-sized enterprises (SMEs) in the U.S., the companies announced in a prepared statement.
Sophos-Cowbell Partnership Examined
The partnership provides businesses with an easy way to access cyber insurance and will allow Sophos customers to directly share their security health information with Cowbell “to better facilitate optimal premium quotes and policies,” the companies said.
Explaining in inspiration behind the partnership Raja Patel, Sophos’ senior vice president of Products, said:
“Specifically with this partnership, Sophos endpoint customers will be able to ‘opt-in’ to share with Cowbell their endpoint security health status from the Sophos Central platform, using a new data connector. This easy-to-enable connection will streamline Cowbell’s risk assessment process, allowing assessors to efficiently evaluate Sophos customers’ defenses against the requirements needed for insurance policies.”
Patel explained that, ideally, the best cyber defense is to have proper protection, detection and response security already in place. But some organizations still need guidance on best practices.
“This partnership will enable Sophos and Cowbell to provide real-time feedback to our customers about how to improve their practices and risk profile, if needed,” he said. “We’re excited to work with Cowbell to help forge this path for our customers and other SMEs.”
Sophos will facilitate access to Cowbell insurance through the Sophos Marketplace. In addition, businesses can explore Sophos’ managed detection and response (MDR) offering via the Cowbell Marketplace, the companies said.
Sophos Cites Cyber Insurance Study
Sophos notes its recent research indicating that cyber insurance is a key factor when it comes to shoring up security. As such, 64% of U.S. organizations report that they implemented new technologies and/or services to improve their insurance position in the last year, and 57% increased staff training.
According to Sophos, 52% of respondents reported that they needed a higher level of cybersecurity to qualify for coverage. Meanwhile, 44% said policies are now more complex, and 37% have found that fewer insurance providers are offering them coverage.
Commenting on the survey, Rajeev Gupta, Cowbell’s chief product officer and co-founder, said:
“Cowbell is committed to making it easier for SMEs to obtain cyber insurance as part of their overall cybersecurity strategy, particularly with the non-stop evolution of cyberattacks. Our partnership with Sophos supports this commitment, and together we are providing easy, direct access to our cyber insurance services, opportunities for dynamic risk assessment, solutions for improving risk profiles, and optimized premiums. Our partnership with Sophos will expand access to cyber insurance to SMEs, plus provide flexible options based on the size of the company and the coverage needed.”