Stoik combines cyber insurance products with active security monitoring – TechCrunch

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

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

Stoïk specifically targets SMEs, as they are quite vulnerable to ransomware and other cyberattacks. And yet, small businesses often don’t do enough to protect their software infrastructure.

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

At the same time, Stoik will offer monitoring tools so that small businesses can correct vulnerabilities in their infrastructure. In this case, the incentives between Stoik and Stoik’s customers remain aligned.

The team of 15 people has already signed partnerships with insurance companies to design insurance products. Stoik sells insurance products and invoices its customers directly — it takes a commission on each contract. It works with a third-party company called Inquest to handle crisis management.

Stoik operates much like Coalition in the United States, except that it does not partner with brokers to distribute its insurance product. The French startup wants to build a direct relationship with its customers.

As for the technology product, when you sign up for the service, you enter your domain name and run a scan. Stoik examines DNS records, finds IP addresses, and scans online databases for leaked passwords associated with that domain name.

You get a score and several tips to improve this score. For example, Stoik may tell you that certain services are exposed to the outside when they shouldn’t be. If your score is above a certain threshold and if you generate less than 50 million euros in annual turnover, you can subscribe to the insurance product.

The company is currently in the pre-launch phase with contracts ranging from €50 to €400 per month. Next, it plans to add more features to its monitoring service. For example, Stoik wants to scan internal accounts. You can imagine scanning your Amazon Web Services configuration for certain vulnerabilities. And it should also help when it comes to closing new deals with potential customers.

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