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European cyber insurance startup Stoïk secures $27M
Cyber risk has become an increasingly important issue for small companies around the world. While many companies try to avoid and mitigate cyber risks,
For instance, if a company needs to halt production or temporarily close due to a cyber incident, Stoïk can compensate for loss of revenue (gross operating margin) during that period. Stoïk acts as Managing General Agent (MGA), meaning that it works with insurance and reinsurance companies so that they cover the risks. In the future, the startup expects to expand into a new country every year starting with a first new European market in late 2024 or early 2025.
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