Stoik wants to democratize cyber insurance for small businesses


but also SMB significantly underestimates the risk in the face of cyberattacksHowever, in addition, very few are covered by dedicated insurance. According to Bercy’s figures, less than 0.3% of companies with sales of € 10 million to € 15 million have cyber insurance. However, the risk of death is very high in the event of a cyberattack on these non-financial structures.

Unfortunately for small businesses, getting insurance is becoming more and more difficult. Insurers are reluctant because the available capacity is declining, the profitability of these products is very uncertain, the risk assessment is dangerous, or the prices are exorbitant and there are multiple exclusions. It is a target. In addition, they are now almost systematically calling for the implementation of appropriate protective equipment.

Offer for affordable prices for SMEs
In this context, Stoik was launched in March 2021. It is the first insurance company to combine cyber insurance and security software and is the only intermediary specializing in cyber insurance. The startup brings together four partners: Jules Beyrat, Alexander Andreini (formerly a black hat), Nicholas Sayre, and Philippe Mangematin, co-founder of new property and casualty insurance company Seina.

A Parisian start-up has announced funding of € 3.8 million from several business angels, including Alven, Anthemis Group, Kima Ventures, and the founder of new insurance company Luko... She launched the product three weeks ago. This product aims to be an affordable and easy-to-understand solution for small business managers who have lost in the face of this complex and technical problem.

Free vulnerability audit
Software bricks consist of monitoring tools that continuously audit your company’s vulnerabilities. It’s free and also acts as an adverse selection tool to avoid accepting companies with too high a risk level. “Cyber ​​hygiene in the long run”, Jules Veyrat, co-founder and president of Stoïk of L’Usine Digitale, explains. This software does not protect you from attacks and it is your responsibility to implement your own security solution. If Stoïk detects a significant vulnerability in an insured customer, Stoïk has a month and a half to fix it. Otherwise, you run the risk of terminating your contract.


Therefore, software is used, which, as a loss leader, is very smart as a tool for selecting and pricing insurance coverage according to risk and replaces the use of expertise. “Traditional insurers cannot avoid the worst risk of small businesses with sales of less than 50 million, which is our main goal. We just send experts to large groups or ETIs. Other insurers are usually based on declarative types and apply a lot by default. Exclusions. “Jules Veyrat comment.

Risk bearer Achill
The insurance portion of the integrated offer will be carried out by the new insurer Acheel and the reinsurance company, providing assistance in the event of a cyberattack (legal proceedings, 24/7 hotline, etc.), and the manager’s civil liability for data. Covers. Leaks, operational losses, and recovery costs up to € 1 million. It’s not a ransom payment, it’s intentional. Offers are distributed directly and through brokers.

Jules Veyrat shows that he already has dozens of insured customers, paying € 500-2500 per year, depending on sales and sector. Based on the file received, the rejection rate is 25-30% because it is not insured due to a serious vulnerability. Some very specific sectors, such as cryptocurrencies and pornography, are automatically excluded.

In North America, where the cyber insurance industry is more mature, this type of player is growing rapidly, with several major rounds recently taking place. Insurtech Coalition raised $ 205 million in Series E last September, surpassing 50,000 insured companies. You can also mention At-Bay, a Canadian company that raised $ 185 million in Series D in July 2021.