French startup Stoick It offers a cyber insurance product for SMEs – a bit like it Coalition In the United States things were going well in France. So the company has just announced that it plans to expand into Germany as its second country with Franziska Geier heading up the team there.
The company has also raised another $10.7 million (€10 million) to help with this market expansion. Munich Re Ventures, the insurance giant’s venture fund, is leading the round, with Opera Tech Ventures also participating. Existing investors Andreessen Horowitz and Alvin are investing more money in the company as well.
Stoïk particularly focuses on SMEs as small businesses are quite vulnerable when it comes to cyber attacks, such as ransomware. It provides a hotline that customers can call when they experience a cyber incident.
The company can compensate for loss of revenue (gross operating margin) during an accident. It can also provide third-party liability in the event of a data breach claim.
There is a bit of active monitoring in addition to Stoïk monitoring DNS records and scanning online databases for password leaks associated with this domain name. Likes Riot controlStoïk also created a cybersecurity awareness program for employees through phishing simulations and educational programs.
To date, 2,000 companies have registered with Stoïk. The company no longer sells its insurance product on its website anymore. Instead, it works with third-party insurance brokers. About 1,500 brokers offer Soïk products to their clients.