Cyber risk is a growing concern for small businesses worldwide. Many companies are looking for ways to protect themselves from cyber threats, and Stoïk is offering a solution. The European cyber insurance startup recently raised $27 million to provide cyber insurance specifically tailored for small and medium-sized businesses.
Unlike other insurance companies that focus on U.S.-based companies, Stoïk is dedicated to serving European companies. With coverage for businesses with annual turnovers of €750 million or less, Stoïk offers up to €7.5 million in coverage. The company currently operates in France, Germany, and Austria.
Stoïk’s approach to cyber insurance is unique. The company has an in-house crisis management team to respond to incidents and assist with data recovery and crisis communication. This hands-on approach sets Stoïk apart from traditional insurance providers.
When businesses sign up for Stoïk’s insurance, they receive a detailed overview of their cyber risk exposure. The startup monitors DNS records, scans online databases for password leaks, and recommends changes to cloud and active directory configurations to enhance cybersecurity measures.
Stoïk’s goal is not only to insure companies but also to help them better protect themselves against cyber threats. By providing additional support and guidance, Stoïk aims to reduce the number of claims from policyholders.
As Stoïk expands its customer base, the company plans to partner with insurance brokers to reach small and medium-sized businesses. By working with third-party brokers, Stoïk has already attracted 1,000 partners and aims to have 5,000 policyholders by the end of 2024.
Tokio Marine HCC International is one of Stoïk’s key partners, providing support for the company’s insurance products. With a strong network of investors, including Alven, Andreessen Horowitz, Munich Re Ventures, and Anthemis, Stoïk is well-positioned for future growth.
Looking ahead, Stoïk plans to expand into new European markets, with the goal of entering a new country each year starting in late 2024 or early 2025. By expanding its reach and offerings, Stoïk aims to become a leading provider of cyber insurance for small and medium-sized businesses across Europe.
