Cowbell Cyber and Advisen have announced a data partnership to incorporate a collection of publicly referenceable Cyber Loss events into the former’s continuous underwriting insurance platform.

The machine learning algorithms of Cowbell incorporate Advisen cyber loss data to compile the flagship offering’s risk-ratings factors, Cowbell Factors and help address gaps in existing cyber coverage.

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Cowbell Cyber founder and CEO Jack Kudale said: “As damages inflicted by cyberattacks increase, coverage must be aligned precisely to a company’s cyber risk to effectively mitigate losses and stem the after-effects of an incident.

“Cowbell Cyber’s unique approach to risk selection and pricing is enhanced by the addition of Advisen’s loss events dataset, and the result yields a more effective early warning system and accurate underwriting.”

Cowbell Cyber offers ongoing, dynamic cyber risk assessments by using an inside-out approach and offers real-time insights to customers into insurable risks.

Cowbell Factors enable standalone and customised cyber coverage that matches the requirements of policyholders as they change.

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Advisen Client Solutions executive vice-president Jim Blinn said: “Applying machine-learning to our vast collection of loss event data enables companies like Cowbell Cyber to compensate for the lack of observability into the real cyber risk profile of companies.

“Advisen is proud to work with companies like Cowbell Cyber who are exploring the boundaries of the cyber risk frontier to apply and learn from our giant treasure trove of loss events.”

In January this year, Cowbell Cyber launched its cyber insurance policy, Cowbell Prime and is appointing agencies in six US states.