French cyber insurance startup Stoïk has announced its plans to enter the German market, following its success in France. The company aims to cater specifically to small and medium-sized enterprises (SMEs) who are vulnerable to cyber attacks such as ransomware. Stoïk offers a hotline for customers to contact in case of a cyber incident, and provides compensation for loss of revenue and third-party liability in the event of a data breach claim.
Key Takeaway
French cyber insurance startup Stoïk has raised
0.7 million in funding and is expanding to Germany to provide specialized cyber insurance coverage for SMEs. With a focus on proactive monitoring and cybersecurity awareness, Stoïk aims to protect small businesses from the increasing risk of cyber attacks.
Expanding to Germany
With the appointment of Franziska Geier as the head of its German team, Stoïk is set to expand its cyber insurance services to German SMEs. Geier will lead the company’s efforts to penetrate the German market and provide SMEs with the necessary protection against cyber threats.
Raising $10.7 Million in Funding
Stoïk has raised $10.7 million (€10 million) in its latest funding round to support its market expansion and product development. Leading the round is Munich Re Ventures, a corporate venture fund of the insurance giant Munich Re. Opera Tech Ventures is also participating in the round, along with existing investors Andreessen Horowitz and Alven.
Focusing on SMEs
Stoïk’s cyber insurance product is tailored to address the unique needs of SMEs, who often lack the resources and expertise to protect themselves against cyber threats. The company’s hotline offers immediate assistance to clients facing a cyber incident, ensuring that they receive timely support to minimize the impact on their business.
Active Monitoring and Cybersecurity Awareness
In addition to its insurance coverage, Stoïk offers active monitoring services that scan DNS records and online databases for potential vulnerabilities. The company also provides a cybersecurity awareness program for employees, including phishing simulations and tutorials, to educate and empower them to protect against cyber threats.
Expanding through Insurance Brokers
To reach its target audience of SMEs, Stoïk has adopted a partnership model and no longer sells its insurance product directly on its website. Instead, it collaborates with third-party insurance brokers who offer Stoïk products to their clients. Currently, around 1,500 brokers have partnered with Stoïk, enabling broader access to its specialized cyber insurance coverage.
