The French start-up Stoik offers a cyber insurance product to small and medium-sized businesses, similar to Coalition in United States. And things have been going well in France. That's why the company just announced that it plans to expand to Germany as its second country with Franziska Geier leading the team there.
The company also raised another $10,7 million (€10 million) to help with this market expansion. Munich Re Ventures, the insurance giant's corporate venture fund, is leading the round and Opera Tech Ventures is also participating. Existing investors Andreessen Horowitz and Alven are also investing more in the company.
Stoïk focuses specifically on SMEs, as small businesses are quite vulnerable to cyberattacks, such as ransomware. It provides a hotline that customers can contact whenever they face a cyber incident.
La company can compensate for lost revenue (gross operating margin) during an incident. It may also provide third-party liability in the event of a data breach claim.
There is some active monitoring and Stoïk monitors DNS records and scans online databases for password leaks associated with this domain name. As Riot Stoïk has also created a cybersecurity awareness program for employees with phishing simulations and tutorials.
So far, 2.000 companies have joined Stoïk. The company no longer sells its insurance products on its website. Instead, it works with third-party insurance brokers. Around 1.500 brokers offer Soïk products to their clients.
