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        Stoik, a French cyber insurance startup, has raised EUR 10 million (~USD 10.7 million) in funding in a round led by Munich Re Ventures, with participation from Opera Tech Ventures and existing investors Andreessen Horowitz and Alven.
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        The funds will be directed into the startup&rsquo;s market expansion efforts, with plans to expand into Germany.
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        Stoik provides cyber insurance products for small and medium enterprises (SMEs), covering loss of revenue during an incident and third-party liability claims for data breach incidents. The firm sells its products exclusively through third-party insurance brokers and currently works with 1,500 partners. The company also reported that 2,000 SMEs have signed up for its coverage.
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    <a href="https://techcrunch.com/2023/09/18/european-cyber-insurance-startup-stoik-raises-107-million-and-expands-to-germany/">
      TechCrunch
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Cyber Insurance

French cyber insurance startup, Stoik, has raised €10 million in funding to support its market expansion efforts, particularly in Germany. The round was led by Munich Re Ventures, with participation from Opera Tech Ventures, Andreessen Horowitz, and Alven. Stoik offers cyber insurance products for small and medium enterprises (SMEs), providing coverage for loss of revenue and third-party liability claims in the event of a data breach. The company currently works with 1,500 insurance brokers and has already signed up 2,000 SMEs for its coverage.

Stoik raises EUR 10 million in funding

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DISRUPTOR_PRESENT

PROMINENT_CATEGORY

Risk assessment firm SecurityScorecard, in partnership with Measured Analytics and Insurance, is offering cyber policyholders a discount on insurance premiums if they achieve a high score in a cybersecurity assessment. SecurityScorecard assigns a security rating by scanning an organization's attack surface for threat exposure and correlations with cyber incidents. Measured Insurance can then offer accurate cyber coverage and rates. The incentive program also includes a complimentary cyber risk assessment, an action plan to reduce exposure, cybersecurity investment advice, and free security ratings throughout the policy period. This program aims to encourage organizations to invest in cybersecurity, reducing the risk of breaches and insurance claims.

SecurityScorecard collaborates with Measured on cyber insurance incentive

Envelop Risk has launched the Cyber Partnership Platforms, a partner program that aims to help cedents enter or expand their participation in the cyber reinsurance market. The program provides access to Envelop's underwriting, insights, and analytics, allowing partners to write customizable cyber insurance policies with A-rated reinsurance capacity. Partners will also receive claims and incident response support, treaty structuring, pricing and underwriting tools, and advisory services. In addition, Envelop has partnered with Lloyd's reinsurer, Apollo, to launch a cyber reinsurance special purpose arrangement from January 2024. This comes amid increasing capacity requirements in the cyber insurance market due to rising threat activity.

Envelop Risk launches partner program for cyber reinsurance

At-Bay, a cyber insurance and technology firm, has laid off around 10% of its workforce, which amounts to 27 employees. The decision to downsize is part of a restructuring effort aimed at ensuring the company's success. The affected employees are primarily in support roles, particularly recruiting. However, further details about the reasons for the layoffs or any potential impact on the company's future plans were not provided in the given passage.

At-Bay lays off 10% of workforce

Full-stack cyber insurer, Coalition, is planning to launch a cyber reinsurance managing general agent (MGA) as part of its diversification strategy. The MGA will write unaffiliated, third-party treaty business and offer various reinsurance products for insurers on a local, regional, and global scale. These products will include quota share, excess of loss, and aggregate of stop loss coverage.

Coalition to launch cyber reinsurance MGA

Cowbell has introduced its AI-powered cyber insurance product, Cowbell Prime One, in the UK. The company aims to target SMEs and mid-market companies by offering fast underwriting and customizable policies to address the individual cyber risks of each business.

Cowbell launches adaptive insurance in UK

Cyber risk company Axio has teamed up with research firm Cyentia to integrate IRIS data into its platform. This collaboration will enhance Axio's cyber risk management platform by providing more accurate risk quantification.

Axio partners Cyentia for data-driven cyber risk quantification

INCUMBENTS_PRESENT

AXA XL has chosen Jeremy Gittler as the head of cyber and technology for the Americas. In his new role, Gittler will be responsible for managing AXA XL's cyber offering, underwriting strategy, and product innovation in the region. Gittler previously headed AXA XL's cyber claims team for nine years and has also worked in cyber claims at AIG.

All Updates