We tried to do something similar at BrownGlock a few years ago for the UK insurance market. At the time, the insurance companies were not ready to offer flexible premiums. I’ll be interested to see if this takes off in the US…:
[…] Cowbell’s approach combines data from external sources — such as that pertaining to loss costs, business interruption, regulatory compliance, and the Dark Web — with internal data about an organization’s current and ongoing security posture. It uses artificial intelligence and machine learning techniques to derive a risk score — or Cowbell Factor — for various insurable threats that organizations can then use to select appropriate insurance coverage.
The company says its approach allows organizations to get customized coverage against data breach expenses, extortion threats, loss of business, data replacement losses, fraudulent wire transfers, public relations costs, and other specific insurable risk exposures.
Unlike insurance policies that are based on a static assessment of an organization’s risk exposures, Cowbell’s continuous underwriting platform allows for policies that are based on an understanding of an organization’s specific and ongoing security posture.