Security monitoring

Stoïk combines cyber insurance products with active security oversight – TechCrunch

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 monitoring service for your attack surface.

The startup recently raised a funding round of 4.3 million dollars (3.8 million euros) with 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 because they are quite vulnerable to ransomware and other cyber attacks. And yet, small businesses often don’t do enough to protect their software infrastructure.

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

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

The 15-person team has already signed partnerships with insurance companies to design insurance products. Stoïk sells insurance products and invoices its customers directly – he takes a share from each contract. He works with a third party company called Inquest to handle crisis management.

Stoïk 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.

Regarding the technology product, when you sign up for the service, you enter your domain name and run a scan. Stoïk checks DNS records, finds IP addresses, and scans online databases for password leaks associated with this domain name.

You get a score and several tips to improve this score. For example, Stoik can tell you that some services are exposed to the outside when they shouldn’t be. If your score exceeds 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. Then it plans to add more features to its monitoring service. For example, Stoïk wants to scan internal accounts. You might imagine scanning your Amazon Web Services configuration for certain vulnerabilities. And that should also help when it comes to making new deals with potential customers.