Zurich launches cyber insurance product for Australian business

Zurich Financial Services Australia (Zurich) has launched a new cyber insurance product for Australian businesses in collaboration with Cowbell, a company specialising in adaptive cyber and specialty insurance solutions.

The product, ‘Prime One’, utilises AI to underwrite, quote and bind applications in less than five minutes.

Customers are provided with ongoing AI-driven risk ratings and tailored insights, which use millions of data points to benchmark an organisation’s cyber posture and vulnerabilities, as well as Cowbell’s cyber resiliency services, including micro penetration testing, training and vendor risk management.

Alex Morgan, Zurich's head of general insurance, said as the threat and complexity of cyber risk continues to grow, it is now more important than ever for business owners have access to insights, expertise and tools to improve their protection and resilience in a simple and efficient way.

“This launch builds upon an existing partnership between Zurich and Cowbell in the United Kingdom and United States, which has seen thousands of businesses protected against key cyber risks," he said.

"We look forward to extending the success and learnings from these markets to businesses in Australia."

The product is available through licensed insurance brokers for Australian businesses with up to $100 million in annual turnover.