• Innovation

#2 Stoïk X BNP Paribas, or how to help SMEs fight against cybercrime

Episode 2 of our "Let's Innovate series": interview with Jules Veyrat, co-founder of Stoïk and Audrey Bonneau, in charge of the BNP Paribas partnership, who give us some background on this start-up created in 2021. Their idea was to offer “cyber” insurance to SMEs and mid-sized companies following the digital assessment of their cyber risks. An offer that resonated within the BNP Paribas Group because it responds to the current concerns of its business customers and helps enhance the solutions offered to them.

Why create an insurance and protection product against cybercrime?

Jules Veyrat: Stoïk stemmed from a surprising realisation of just how many businesses remain vulnerable to a threat as devastating as cyberattacks. SMEs and mid-sized companies are currently both the most affected and the least well protected against what has become the number one risk in business. Yet, for a long time, cyber insurance products and cybersecurity tools were only aimed at large groups. This is why we decided to provide a solution for this market: cyber insurance adapted to the needs of SMEs and mid-sized companies and including cybersecurity tools. Simple insurance to take out, with comprehensive and transparent coverage.

40 %

VSEs, SMEs and mid-sized companies represented 40% of victims of ransomware attacks*. 60% of SMEs attacked go bankrupt within 18 months**

*Report from the ANSSI (France’s National Agency for Information Systems Security). **Anozr Way 2022.

How did the partnership between Stoïk and BNP Paribas came into being?

Audrey Bonneau: The figures speak for themselves: 77% of cyberattacks target SMEs (source: Syntec Numérique). It was therefore natural for BNP Paribas to offer these companies a solution to protect their business. In October 2022, following a market study, BNP Paribas chose Stoïk’s cyber insurance product. One year down the road, the Group’s entire French Retail Banking network distributes the Stoïk offer and raises customer awareness every day about this new risk, which is often difficult to grasp in structures that lack the means or resources internally.

Only 3% of small businesses and 10% of mid-sized companies are insured against cyber risks*.

*AMRAE(Association for Business Risk and Insurance Management)

What are the key aspects of the collaboration between Stoïk and BNP Paribas?

Audrey Bonneau: For us, it was an approach that tied in with our development model, since Stoïk chose to go through intermediaries to sell its solution: a faster, more efficient and less expensive model for a growing business like ours.BNP Paribas supports us in the development of our business. Its network has significant clout and covers the whole of France. Throughout the country, therefore, corporate business managers have become ambassadors for our product. For our part, we make our prevention tools available to all BNP Paribas customers to help them improve their positioning in the face of this risk. With this partnership, we benefit from an unrivalled “strike force” for our size and our fledgling nature!

"Beyond being a financial partner, BNP Paribas also plays an advisory role to its corporate customers. In a context of an increase in cyberattacks, our goal is to push ahead with our actions to help them protect themselves and reduce their exposure to cyber risk. This is the whole purpose of this partnership with Stoïk."

Xavier Chopard

BNP Paribas Marketing & Sales Director (BNP Paribas French Retail Banking)

What are Stoïk's development prospects?

Audrey Bonneau : BNP Paribas is an international banking player and the leading bank in the European Union, which means that the prospects are considerable and long term! Together, we are considering two major developments. The first relates to the size of our target: gradually move towards larger and larger companies. The second is geographical: set off to conquer the European market together!

How does the BNP Paribas network support Stoïk's growth?

Jules Veyrat: Above all, we have gained in legitimacy. For a young company like ours, being able to position ourselves alongside BNP Paribas is a guarantee of strength and reliability. Then there is the considerable commercial support. The distribution of our product takes place exclusively in an intermediated manner. Most of our distributors are insurance brokers and, given its sheer scale, the BNP Paribas network is gradually establishing itself as one of our largest business providers.

What stands out from this experience?

Jules Veyrat : On a personal level, I was surprised by how quickly the partnership came together. It is often said that large companies take a long time to launch innovations. However, in our case, only 6 months passed between the first meeting and the conclusion of our first business collaboration.

Learn more about Stoïk:

  • Created in 2021, Stoïk is the first MGA specializing in cyber risk in Europe for SMEs & mid-sized companies. Stoïk’s offer combines cyber insurance and cybersecurity tools (weekly scan of the IT infrastructure and phishing awareness tool) which make it possible to select, quantify and reduce cyber risk.
  • Its product, unique to the market, allows a simplified process to take out insurance thanks to automated tests which replace conventional questionnaires; continuous prevention thanks to integrated cybersecurity tools; as well as rapid and effective responses to incidents thanks to an in-house team of crisis management experts.
  • Stoïk has more than 2,000 policyholders, a turnover of 1.5 million euros in 2022, and is targeting 4,000 policyholders and 10 million euros in premiums by the end of 2023, thanks to its distribution partnership with BNP Paribas and its 1,500 partner brokers throughout France.
link to the Stoïk website

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