French startup Stoïk affords a cyber insurance coverage product to small and medium corporations — a bit like Coalition within the U.S. And issues have been working nicely in France. So the corporate simply introduced that it plans to develop to Germany as its second nation with Franziska Geier heading the staff there.
The corporate additionally raised one other $10.7 million (€10 million) to assist with this market enlargement. Munich Re Ventures, the company enterprise fund of the insurance coverage big, is main the spherical with Opera Tech Ventures additionally taking part. Present traders Andreessen Horowitz and Alven are placing more cash within the firm as nicely.
Stoïk focuses particularly on SMEs as small corporations are fairly susceptible in terms of cyber assaults, equivalent to ransomware. It supplies a hotline that clients can contact each time they’re going through a cyber incident.
The corporate can compensate for lack of income (gross working margin) throughout an incident. It may well additionally present third-party legal responsibility in case of a knowledge breach declare.
There’s a little bit of lively monitoring in addition to Stoïk displays DNS data and scans on-line databases for password leaks related to this area identify. Like Riot, Stoïk has additionally created a cybersecurity consciousness program for workers with phishing simulations and tutorials.
To this point, 2,000 corporations have signed as much as Stoïk. The corporate doesn’t promote its insurance coverage product on its web site anymore. As an alternative, it really works with third-party insurance coverage brokers. Round 1,500 brokers supply Soïk merchandise to their purchasers.