Stoïk combines cyber insurance products with active security monitoring

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

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

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

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

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

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The team of 15 people has already partnered with insurance companies to design insurance products. Stoïk sells insurance products and charges its customers directly – it takes a deductible on each contract. It works with a third-party company called . is called legal investigation To handle crisis management.

Stoïk works like this alliance In the US, 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.

For a tech product, when you sign up for the service, you enter your domain name and start a scan. Stoïk looks at DNS records, finds IP addresses, and scans online databases for password leaks associated with this domain name.

You get one point and several tips to improve that score. For example, Stoïk may tell you that some services are exposed externally, even though they shouldn’t be. If your score is above a certain threshold and if you generate less than €50 million in annual revenue, you can subscribe to an insurance product.

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

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