Cowbell Cyber has entered into a partnership with FICO to add the FICO Cyber Risk Score to its multivariate risk rating factors, Cowbell Factors.
The addition of FICO Cyber Risk Score enables Cowbell Cyber to deliver its continuous risk assessment and underwriting offering to cyber insurance agents to speed up the delivery of standalone cyber policies.
Go deeper with GlobalData
FICO Cyber Risk Score is said to boost the company’s ability to compile risk indicators for each class of business.
Additionally, it will help deliver risk ratings for individual businesses requesting coverage, in real-time and at scale.
Cowbell Cyber co-founder and chief product officer Rajeev Gupta said: “Since day one, FICO has been instrumental in our ability to accelerate our go-to-market execution and produce Cowbell Factors at scale with accuracy for our underwriting efforts.
“As we roll out our product offering in other states, it is critical we have a stable and clear risk score, along with the supporting risk data to determine the insurability of our clients.”
Cowbell Factors captures the complexity of the risk exposure faced by companies of comparable size. The solution, combined with FICO’s Cyber Risk Score, deliver accurate risk selection and pricing utilising the latest machine learning techniques.
FICO Cybersecurity Solutions vice-president Julie May said: “FICO’s Cyber Risk Score provides underwriting teams with a clear and accurate measure of the cyber risk of an organization.
“We are excited to strategically partner with Cowbell Cyber and its team to deliver a differentiated cyber offering to the SMB marketplace.”
