Cybersecurity insurance provider Cowbell has officially entered the Australian market, unveiling a new program aimed at bolstering digital defenses for small and medium-sized enterprises (SMEs). The launch introduces Prime One, a dedicated cyber insurance offering tailored for businesses with annual revenues of up to A$100 million.

As noted in the update from Cowbell, this initiative is supported by Zurich Australian Insurance Ltd, merging global expertise with local reliability to address the growing threat of cyber incidents.

Prime One stands out for its efficiency and accessibility, enabling insurance brokers to generate quotes, bind policies, and issue coverage in under five minutes.

With coverage limits reaching A$5 million per claim, the program is designed to align with the operational needs of Australian companies.

At its core is an advanced AI platform that evaluates organizational vulnerabilities in real time, offering transparent insights into risks and coverage options.

This technology-driven approach ensures that businesses can make informed decisions without navigating overly complex terms.

Policyholders gain access to a suite of resilience-enhancing tools integrated into every plan.

These include Cowbell Factors, an AI-based system for ongoing risk scoring; Cowbell Insights, which delivers personalized risk mitigation advice; and Cowbell Resiliency Services, providing hands-on support like targeted penetration testing, employee training on cybersecurity best practices, vendor risk assessments, and connections to trusted third-party experts through the Cowbell Rx platform.

Such features emphasize proactive risk management, helping SMEs not just recover from attacks but prevent them altogether.

The collaboration with Zurich represents a long-term, exclusive agreement that delegates authority to Cowbell while leveraging Zurich’s strong financial foundation and established presence in Australia.

This partnership aims to deliver adaptable protection amid an evolving threat landscape, where cyber attacks can disrupt operations and finances unpredictably.

By combining Cowbell’s underwriting and claims handling with Zurich’s backing, the program seeks to instill greater confidence in policyholders.

Australian SMEs have historically shown low adoption rates for standalone cyber insurance, with only about 20% currently covered.

Prime One addresses this gap by offering straightforward, broker-friendly solutions that simplify explanations and sales processes.

Brokers can now more effectively target the underserved 80% of the market, equipping clients with tools to enhance their overall cyber posture and reduce exposure to threats like ransomware or data breaches.