Stoïk combines cyber insurance products with active security monitoring - TechCrunch

Stoïk combines cyber insurance products with active security monitoring - TechCrunch

Meet Stoïk, a new French startup that wants to protect small and medium companies against cybersecurity incidents. The company offers an insurance product as well as a service that monitors your attack surface.

The startup recently raised a $4.3 million (€3.8 million) seed round from Alven Capital, Anthemis Group, Kima Ventures as well as several business angels, such as Raphaël Vullierme, Emmanuel Schalit and Henry Kravis.

Stoïk targets SMEs specifically, as they are quite vulnerable when it comes to ransomware and other cyber attacks. And yet, small companies often aren’t doing enough to protect their software infrastructure.

“We’re going to insure you and protect you,” co-founder and CEO Jules Veyrat told me. “But what we’re going to sell is the insurance product. If you get attacked, you have a phone number that you can call 24/7 and all the cost implications are insured.”

At the same time, Stoïk is going to offer monitoring tools so that small companies can fix vulnerabilities in their infrastructure. In that case, incentives between Stoïk and Stoïk’s clients remain aligned.

The team of 15 have already signed partnerships with insurance companies to design the insurance products. Stoïk sells insurance products and charges its clients directly — it takes a cut on each contract. It works with a third-party company called Inquest to handle crisis management.

Stoïk works a bit like Coalition in the U.S., except that it doesn’t partner with brokers to distribute its insurance product. The French startup wants to build a direc ..

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