Close Menu
TechBrunchTechBrunch
  • Home
  • AI
  • Apps
  • Crypto
  • Security
  • Startups
  • TechCrunch
  • Venture

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Why does ai eat McKinsey's lunch – not today

June 30, 2025

Trump says he found a buyer for Tiktok

June 29, 2025

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025
Facebook X (Twitter) Instagram
TechBrunchTechBrunch
  • Home
  • AI

    OpenAI seeks to extend human lifespans with the help of longevity startups

    January 17, 2025

    Farewell to the $200 million woolly mammoth and TikTok

    January 17, 2025

    Nord Security founder launches Nexos.ai to help enterprises move AI projects from pilot to production

    January 17, 2025

    Data proves it remains difficult for startups to raise capital, even though VCs invested $75 billion in the fourth quarter

    January 16, 2025

    Apple suspends AI notification summaries for news after generating false alerts

    January 16, 2025
  • Apps

    Trump says he found a buyer for Tiktok

    June 29, 2025

    YouTube mobile video editor is coming to iOS

    June 27, 2025

    Tiktok is testing its own version of Instagram's “broadcast channel”

    June 27, 2025

    Google launches DOPPL. This launches a new app that lets you visualize how your outfit looks to you

    June 26, 2025

    Apple updates rules for the EU App Store by adding more complicated pricing

    June 26, 2025
  • Crypto

    Vitalik Buterin reserves for Sam Altman's global project

    June 28, 2025

    Calci will close a $185 million round as rival Polymeruk reportedly seeks $200 million

    June 25, 2025

    Stablecoin Evangelist: Katie Haun's Battle of Digital Dollars

    June 22, 2025

    Hackers steal and destroy millions of Iran's biggest crypto exchanges

    June 18, 2025

    Unique, a new social media app

    June 17, 2025
  • Security

    FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

    June 28, 2025

    Prolific cybercrime gangs currently targeting the airline and transportation sector

    June 27, 2025

    US and French authorities confirm arrest of a violation form hacker

    June 26, 2025

    Homeland Security warns about Iran-backed cyberattacks targeting US networks

    June 26, 2025

    Ring cameras and doorbells now use AI to provide specific descriptions of motion activities

    June 25, 2025
  • Startups

    7 days left: Founders and VCs save over $300 on all stage passes

    March 24, 2025

    AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

    March 24, 2025

    20 Hottest Open Source Startups of 2024

    March 22, 2025

    Andrill may build a weapons factory in the UK

    March 21, 2025

    Startup Weekly: Wiz bets paid off at M&A Rich Week

    March 21, 2025
  • TechCrunch

    OpenSea takes a long-term view with a focus on UX despite NFT sales remaining low

    February 8, 2024

    AI will save software companies' growth dreams

    February 8, 2024

    B2B and B2C are not about who buys, but how you sell

    February 5, 2024

    It's time for venture capital to break away from fast fashion

    February 3, 2024

    a16z's Chris Dixon believes it's time to focus on blockchain use cases rather than speculation

    February 2, 2024
  • Venture

    Why does ai eat McKinsey's lunch – not today

    June 30, 2025

    Jesse Draper's Halogen Ventures closes $30 million Fund III to focus on the “future of a family”

    June 27, 2025

    Only 2 Exhibitor Tables to get grabs at TC at all stages – billed by June 29th

    June 27, 2025

    Founders of 01A share their playbook in 2025

    June 27, 2025

    TC All Stage regains early release prices for limited time

    June 27, 2025
TechBrunchTechBrunch

European cyber insurance startup Stoïk secures $27 million

TechBrunchBy TechBrunchOctober 15, 20244 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Telegram Email


Cyber ​​risk is an increasingly important issue for small and medium-sized businesses around the world. While many companies strive to avoid and mitigate cyber risk, they rarely discuss transferring that risk to third parties.

That's why Stoïk has launched a cyber insurance product specifically designed for small and medium-sized businesses. The French startup recently raised a Series B round of 25 million euros (approximately $27 million at current exchange rates).

In many ways, Stoick follows in the footsteps of the Coalition and At-Bay. However, rather than selling insurance products to US-based companies, Stoik focuses only on European companies.

With Stoïk insurance, businesses are protected in the event of a cybersecurity-related claim. For example, if a company has to halt production or temporarily close due to a cyber incident, Stoïk can compensate for lost revenue (gross profit margin) during that time.

Stoik currently covers companies with an annual turnover of less than 750 million euros, with a maximum coverage limit of 7.5 million euros. The company currently operates in France, Germany and Austria.

The startup chose this particular field because cyber insurance is more complex than other types of insurance products. For example, Stoick has built a small internal crisis management team to respond to incidents and assist with data recovery and crisis communications.

“Since the beginning of the week, there have been more than a dozen attacks against our portfolio, including some large-scale ones,” co-founder and CEO Jules Verratto told TechCrunch last week. “Ransomware attack mobilized personnel and brought industrial companies to a standstill in the Lyon region.”

When customers sign up, they receive an overview of their exposure to cyber risks. The startup monitors DNS records and scans online databases for compromised passwords related to this domain name. Stoïk can also perform internal scans and recommend changes to your cloud and Active Directory configurations.

“Our argument is that we provide insurance to businesses, and in addition to that, we help them better protect themselves from cyberattacks, so they are happy and get more for the same price.” And we are happy because we have policyholders who are well protected and therefore have fewer claims than other policyholders. ” Veirat said.

There are still some similarities with the insurance industry as a whole. Like other insurance companies, Stoic needs to avoid accepting too many defective products into its customers' portfolios. This is because this could have a significant impact on the company's loss ratio.

“Insurers' job is to select risks, so who should they let in and on what terms? How well do they understand cyber?” Veirat said. “In other words, am I willing to take on a 50 million euro industrial company that does not have an offline backup strategy? This is just one example, but these are questions we ask ourselves every day.”

Stoik acts as a Managing General Agent (MGA) and works with insurance and reinsurance companies to cover risks. Stoik can create its own rates, products and insurance, but outsources the risk to large insurance companies.

One such partner is Tokio Marine HCC International, the only new investor in the Series B funding round. The remaining round will be made up of existing investors. Alven is leading the Series B, with participation also from Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis.

Stoïk does not sell insurance products directly to customers. Instead, work with a third-party insurance broker that already has relationships with small businesses. To date, Stoik has attracted 1,000 insurance brokers.

By the end of 2024, Stoik should have 5,000 policyholders. The insurance premium is equivalent to 25 million euros. Stoick plans to enroll more customers in the future. In the future, the startup plans to expand into new countries every year, starting with the first new European market in late 2024 or early 2025.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

June 28, 2025

Prolific cybercrime gangs currently targeting the airline and transportation sector

June 27, 2025

US and French authorities confirm arrest of a violation form hacker

June 26, 2025

Homeland Security warns about Iran-backed cyberattacks targeting US networks

June 26, 2025

Ring cameras and doorbells now use AI to provide specific descriptions of motion activities

June 25, 2025

The US bans WhatsApp from House of Leprancatives Staff Devices

June 24, 2025

Leave A Reply Cancel Reply

Top Reviews
Editors Picks

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025
About Us
About Us

Welcome to Tech Brunch, your go-to destination for cutting-edge insights, news, and analysis in the fields of Artificial Intelligence (AI), Cryptocurrency, Technology, and Startups. At Tech Brunch, we are passionate about exploring the latest trends, innovations, and developments shaping the future of these dynamic industries.

Our Picks

Why does ai eat McKinsey's lunch – not today

June 30, 2025

Trump says he found a buyer for Tiktok

June 29, 2025

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

© 2025 TechBrunch. Designed by TechBrunch.
  • Home
  • About Tech Brunch
  • Advertise with Tech Brunch
  • Contact us
  • DMCA Notice
  • Privacy Policy
  • Terms of Use

Type above and press Enter to search. Press Esc to cancel.