CyberContract is acquired by Stoïk, extending cyber insurance possibilities in Belgium

Stoïk, the leading cyber insurance player in Europe
Founded in 2021, Stoïk is the first insurance company specializing in cyber risk for European companies. Its mission is to strengthen Europe's economic network in the face of the increasing assault of cyber threats.
Already present in France, Monaco, Germany, Austria, Spain, and Luxembourg, Stoïk employs 110 employees and covers more than 8,000 businesses with a comprehensive solution combining insurance, integrated cybersecurity tools, and in-house incident response management.

A shared DNA, a natural alliance
CyberContract was founded in 2014 by Katrien Dom, Koen Druyts, Koen Van Hees en Maarten Dom with the aim of insuring Belgian SMEs against the -often harsh- consequences of a cyber incident. 
With strong insurance partners, Euromex but also security specialist Nynox (which will soon continue under the name ACEN) and IT legal experts from Affluo behind it, CyberContract grew into a mature player with a network of more than 150 independent insurance brokers and 1,000 companies in its portfolio.
Like Stoïk, CyberContract is committed to a combination of insurance solutions, prevention and rapid incident -response. This shared vision made an acquisition by European-operating Stoïk a logical step for CyberContract.

"We immediately recognised a common DNA with CyberContract. By combining our expertise and resources, we will be able to go even further and offer a stronger service to the Belgian brokers and their customers", Jules Veyrat, CEO and co-founder of Stoïk.

The creation of the best cyber insurance offer in the Belgian market

By leveraging their expertise and capabilities, CyberContract and Stoïk have designed the most comprehensive cyber insurance product available to insurance brokers in the Belgian market:

• Broad insurance coverage
  • Thanks to this acquisition, CyberContract's insurance possibilities have been significantly expanded: the maximum guarantee increases from €3m to €10m, and the insurable revenue ceiling increases from €150m to €1bn. CyberContract will benefit from Stoïk’s long-term partnership with capacity carriers like Tokio Marine HCC and Swiss Re.
    The cyber insurance coverage proposed to the market will also be improved thanks to this operation, with the addition of new guarantees including: CEO fraud, Cloud overbilling, PCI sanctions, IT Equipment replacement costs... Last but not least, as Stoïk insures companies internationally, the onboarding of subsidiaries will be greatly facilitated.
• Focus on prevention
  CyberContract’s customers will also now benefit from the two assets Stoïk has built over the years: 
  • Stoïk Protect: a free of charge prevention platform available to customers which, via active monitoring, aims to detect human & technological vulnerabilities before malicious actors can exploit them
  • Stoïk incident response: a team of specialised professionals ready to provide customers (throughout all Europe) with immediate support if they become the victim of a cyber incident, 24/7

"This is a decisive step for CyberContract and our partner brokers. By joining Stoïk, we strengthen our ability to serve the market with broader insurance possibilities and a more comprehensive service, while staying true to what has always made CyberContract successful: proximity and trust with brokers," , Stef Vermeulen, CEO at CyberContract.

Powered by this new offering, CyberContract expects to at least triple its Belgian cyber insurance portfolio over the coming 18 months.
Stef Vermeulen  takes on the role of Country Manager for Stoïk in Belgium, and out of confidence in the joint future, the founders of CyberContract have joined as co-shareholders of Stoïk.

About Stoïk

Launched in early 2021 by Jules Veyrat, Alexandre Andreini, Nicolas Sayer en Philippe Mangematin, Stoïk is now the leading player in cyber insurance for small and mid-sized companies in continental Europe.
Its aim is to enable insurance brokers to insure and protect their customers against cyberattacks. To achieve this, Stoïk has designed an active insurance product combining comprehensive cover, ongoing risk prevention and controlled incident response, thanks to an in-house team of crisis management experts. 
This simple, innovative formula has allowed Stoïk to build up a profitable portfolio of over 8,000 policyholders in France, Monaco, Germany, Austria, Belgium, Spain, and Luxembourg.
The company plans to pursue its expansion in continental Europe and launch new cybersecurity and insurance products in order to fulfil its mission of strengthening the European economic fabric in the face of the threat of cyberattacks.
More information: Stoïk.com, LinkedIn