Stoïk, a French startup, has been making waves in the cyber insurance sector by offering specialized products to small and medium-sized enterprises (SMEs). Recognizing the success and potential in France, the company has now set its sights on Germany, marking its second country of operation. This expansion is spearheaded by Franziska Geier. To fuel its growth, Stoïk recently secured a funding of $10.7 million.
- Funding and Investors:
Stoïk’s recent funding round amassed $10.7 million (€10 million). This round was led by Munich Re Ventures, the venture fund of a renowned insurance giant. Opera Tech Ventures also participated in this round. Notably, existing investors like Andreessen Horowitz and Alven reinvested, showcasing their continued faith in Stoïk’s vision.
- Target Audience – SMEs:
Stoïk’s primary focus remains on SMEs. These small companies often find themselves at the receiving end of cyber threats, including ransomware attacks. Stoïk’s services are tailored to address these vulnerabilities, offering a dedicated hotline for clients during cyber incidents.
- Compensation and Monitoring:
In the unfortunate event of a cyber incident, Stoïk compensates for the loss of revenue during the incident. They also cover third-party liability in the aftermath of a data breach. Additionally, Stoïk actively monitors DNS records and scans online databases to detect potential password leaks linked to a domain name.
- Cybersecurity Awareness:
Beyond insurance, Stoïk is committed to proactive cybersecurity. They’ve developed a cybersecurity awareness program that educates employees through phishing simulations and tutorials.
- Collaboration with Brokers:
Stoïk has pivoted from selling insurance products directly on its website. Instead, they’ve partnered with third-party insurance brokers. Currently, around 1,500 brokers offer Stoïk products to their clientele.
Stoïk’s expansion into Germany and its recent funding round underscore the growing importance of cyber insurance in today’s digital age. With SMEs increasingly at risk, solutions like Stoïk’s are not just essential but also timely. As the company grows, it will be interesting to see how it further innovates to protect and educate businesses against cyber threats.
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