Connect with us

Technology

European cyber insurance startup Stoïk secures $27 million

Published

on

Photo of Stoïk's office

Cyber risk has become an increasingly important issue for small companies around the world. While many companies try to avoid and mitigate cyber risks, they rarely discuss transferring those risks to a third party.

That’s why Stoïk is stepping in with a cyber insurance product specifically designed for small and medium-sized businesses. The French startup recently raised a €25 million Series B round (around $27 million at current exchange rates).

In many ways, Stoïk follows in the footsteps of Coalition or At-Bay. However, instead of selling its insurance products to U.S.-based companies, Stoïk focuses exclusively on European companies.

Once insured by Stoïk, businesses receive coverage in the event of a cybersecurity-related claim. 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.

Advertisement

Stoïk currently covers companies with an annual turnover of €750 million or less with coverage limits of €7.5 million. At present, the company operates in France, Germany and Austria.

The startup chose this particular vertical because cyber insurance is more complex than other types of insurance products. For instance, Stoïk has built a small in-house crisis management team to respond to incidents and assist with data recovery and crisis communication.

“Since the beginning of the week, we’ve had a dozen attacks on our portfolio, including a major one,” co-founder and CEO Jules Veyrat told TechCrunch last week. “We have people mobilized in the Lyon region for a ransomware attack that brought an industrial company to a standstill.”

When customers sign up, they receive an overview of their cyber risk exposure. The startup monitors DNS records and scans online databases for password leaks associated with this domain name. Stoïk can also perform internal scans to recommend changes to cloud and active directory configurations.

Advertisement

“Our thesis is that we’re going to insure companies. On top of that, we’re going to help them better protect themselves against cyberattacks. That way, they’re happy, they get more for the same price. And we’re happy, because we have policyholders who are well protected, and therefore have fewer claims than others,” Veyrat said.

There are still some similarities with the insurance industry at large. Like other insurance companies, Stoïk has to ensure it doesn’t accept too many bad apples in its portfolio of clients, as this could significantly impact the company’s loss ratio.

“The insurers’ job is to select the risk. So, who do I accept and under what conditions? How well do they understand cyber?” Veyrat said. “In other words, am I willing to take on a €50 million industrial company that has no offline backup strategy? This is just an example, but these are the questions we ask ourselves every day.”

Stoïk acts as Managing General Agent (MGA), meaning that it works with insurance and reinsurance companies so that they cover the risks. Stoïk gets to create its own rates, products and policies — but it outsources the risk to bigger insurance companies.

Advertisement

One such partner is Tokio Marine HCC International, which is the only new investor in the Series B funding round. The rest of the round is made of existing investors. Alven is leading the Series B with Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures and Anthemis also participating.

Stoïk doesn’t sell its insurance products to its customers directly. Instead, it works with third-party insurance brokers that already have a relationship with SMBs. So far, Stoïk has attracted 1,000 insurance brokers.

By the end of 2024, Stoïk should have 5,000 policyholders. It represents €25 million in premiums. Stoïk plans to ramp up customer signups in the future. 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.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Technology

League of Legends World Championship will air in IMAX Wanda theaters in China

Published

on

League of Legends World Championship will air in IMAX Wanda theaters in China

The League of Legends 2024 World Championship will be shown via IMAX in the Wanda chain of theaters in China.

Yes, gaming is going everywhere. Here’s another example. IMAX will broadcast the tournament in up to 200 Wanda locations across China over the next three weeks, including this weekend’s quarterfinals (October 17 to October 20), the semifinals (October 26 to October 27), and finals (November 2).

The events will be shown in exclusively in IMAX in Wanda theatres — the largest cinema chain in China. Four Chinese teams—Bilibili Gaming, LNG, Top Esports, and Weibo Gaming—have advanced to the quarterfinals, which is expected to spur interest among local audiences.

The release in IMAX locations was overseen by IMAX’s Streaming and Consumer Technology division. The group continues to test new technologies to expand the company’s connected theaters with new live experiences, including its sellout presentation of the NBA Finals in Hong Kong and Taiwan earlier this year.

Advertisement

IMAX China Holding, TJ Sports and Wanda Film teamed up on the deal. It’s going to be the first-ever esports event presented live in IMAX. The League of Legends World Championship will be available in up to 200 Wanda IMAX locations across China.

Powered by IMAX Live, the broader visual perspective, heart-pounding audio, and razor-sharp details of all the in-game action will take audiences to the edge of their seats and beyond, delivering an immersive viewing experience for esports fans.

This major new offering comes as the latest in a series of moves by IMAX to widen the aperture of its content offerings to cinema audiences. Combining the appeal of the globally popular esports IP, Wanda’s robust theater network, and IMAX’s stunning audiovisuals, the collaboration is set to attract a new and passionate audience group to theaters.

“From esports to sports to music, our content portfolio in China is more diverse than ever — as demand for IMAX grows and we become a destination for awe-inspiring experiences of all kinds,” said Daniel Manwaring, CEO of IMAX China, in a statement. “We are excited to achieve this groundbreaking cooperation with TJ Sports and Wanda and advance our live strategy in China, launching the world’s first IMAX esports live event with the famed League of Legends.”

Advertisement

In June, the 2024 NBA Finals were shown live for the first time in selected IMAX theaters in Hong Kong and Taiwan, allowing cinemagoers to witness the thrill of the games together with their fellow fans. In July, over 150 IMAX theaters in North America live-streamed the opening ceremony of the 2024 Paris Olympics, presenting an immersive experience to viewers half a world away from the action.

Beyond the excitement of major sports events, IMAX brought a unique experience to music lovers at the start of the year, with the music documentary “Taylor Swift: The Eras Tour” creating a concert-like atmosphere resulting in the best New Year’s Eve box office in IMAX China’s history.

The upcoming screening of the League of Legends championships will once again expand the scope of immersive experiences available to cinemagoers at IMAX, allowing an even wider range of audience groups to celebrate their passion together with fellow fans.


Source link
Continue Reading

Technology

Adobe Max 2024: All the major announcements around design and AI

Published

on

Adobe Max 2024: All the major announcements around design and AI

The latest version of Frame.io, Adobe’s review and collaboration platform for Video and photography, is rolling today, making it easier to manage sprawling creative projects in a single app. Available for all users on web, iPhone, and iPad, Frame.io V4 is the biggest update to the platform since it was launched in 2015, according to Adobe, and adds new tagging and collaboration features that make it feel more like a workflow management tool, such as Trello and Asana.

It includes the “metadata” tagging model that was introduced in beta earlier this year, which allows users to assign custom tags like media type, assignee, due date, social media platform, and more to their files, making them easier to manage and review. Projects can also be broken down into new “Collections” folders that automatically update to reflect any changes or comments made to work, creating a smoother collaboration process for teams or multiple users.

Source link

Continue Reading

Technology

Data centers must set standards for net zero commitments

Published

on

Data center racks with cables and servers

Climate change is top of mind across the world. Carbon emissions—acting as greenhouse gases—trap the sun’s heat, which leads to global warming. The world now warms faster than at any point in recorded history. As the warmer temperatures change weather patterns, they pose risks to humans.

The fossil fuels that generate carbon emissions—coal, oil, and gas—contribute significantly to climate change. They account for more than 75 percent of global greenhouse gas emissions and nearly 90 percent of all carbon dioxide emissions.

Source link

Continue Reading

Technology

Redbox kiosks are disappearing, but where are they going?

Published

on

Redbox kiosks are disappearing, but where are they going?

Redbox kiosks have been a familiar sight across the country since the first ones went into operation some 20 years ago.

But changing technology and the expansion of streaming services like Netflix and Disney+ have seen the DVD vending machines fall out of favor, and earlier this year Redbox’s parent company filed for Chapter 11 bankruptcy.

While some of Redbox’s 34,000 or so kiosks are still operational at places like CVS, Walgreens, Walmart, and Kroger, those businesses are now making plans to switch them off for good and get rid of them, the Wall Street Journal reported.

But the removal process isn’t as straightforward as you might imagine as the machines weigh a hefty 890 pounds and are often anchored onto a concrete base.

Still, that didn’t stop North Carolina resident Jacob Helton from acquiring his very own Redbox machine after he struck a deal with a contractor that had come to clear it from outside his local drugstore.

Advertisement

Helton told the Journal that he wanted the kiosk because “Redbox is important in the history of American media. Its collapse marks the end of the video rental era.”

Each Redbox kiosk can hold around 600 movie DVDs (they also offered games until 2019) and Helton plans to give away the ones in his machine and replace them with his own DVD collection.

Whether the kiosks are sent to the scrap yard or snapped up by enthusiasts like Helton, retailers will be keen to offload them at the earliest opportunity. Walgreens, for example, spends around $184,000 a month to power nearly 5,400 of the machines, and they’re taking up space that can be used for other facilities.

One removal company based in Alabama said it’s so far taken away nearly 50 of the kiosks and gathered around 20,000 DVDs for recycling, collecting up to $200 per removal and up to $70 for the scrap metal.

Advertisement

With so many machines still dotted around the country, and the removal process set to take some time, it’ll be a while yet before the iconic Redbox machines disappear entirely from the urban landscape.






Source link

Continue Reading

Technology

What is enabling the online entertainment wave

Published

on

What is enabling the online entertainment wave

Entertainment has moved sphere from being in-person to largely taking place in the online sphere due to the digital transformation the world has undergone in the past decade. This has reshaped how many industries engage with consumers, showcasing various ways to embrace technology. One sector which stands as a glorious example of embracing technological advancement is the online gaming sector. Since the early step of basic desktop software in the late 1900s, this sector has evolved into a highly advanced ecosystem of mobile apps, websites, live dealer environments, and immersive virtual worlds.

Technology is the heart of the online gaming experience, which is what is enabling the fully immersive online entertainment experience through interactive design of games and security frameworks for fairness and transparency. Technology will continue to reshape the online gaming platforms, evolving this innovative sector into a sector with more and more opportunities for consumers.

The building blocks of online gaming platforms

This article will delve into the building block of online gaming platforms, specifically focusing on online casino platforms, which relies on technological advancements to enable a smooth and satisfying experience for consumers. However, most of the technologies presented in this article are not only specific for online casino platforms but are used for other types of online gaming platforms as well.

Another building block of online gaming platforms, which is sometimes overlooked, is online reviews. Because even though technology is advanced and integrated into for example online casino platforms, the variety of platforms available is overwhelming and continuously increasing. This is why online casino reviews such as Snabbare Casino is crucial for consumers looking for the right platform. This site allows players to compare casinos based on features such as game selection, promotions, consumer reviews, etc. This is all useful information for players, to ensure that the site one chooses is not just based on the right technology, but also have an overall customer satisfactory profile.

Advertisement

Random Number Generations ensuring fairness

For online casinos, Random Number Generator (RNG) technology is at the heart. This technology ensures fairness and unpredictability in games, allowing games like slots, roulette, poker, and blackjack to be conducted without any cheating. RNGs are built on complex algorithms producing sequences of numbers corresponding to game outcomes. This can for example be for a spin of the reel in a slot game, or the deal of a card in a poker hand.

RNG is trying to mimic the sources of randomness from traditional casinos, where physical dice, cards, and spinning wheels are the tangible sources of randomness. This is why online gaming platforms rely on software-based RNGs to add the element of unpredictability which traditional casinos have. According to the Global Quantum Random Number Generator Market Report, the global RNG market size is projected to increase massively towards 2029, driven by the rising demand from the gaming sector. Due to the high demand for verifiable randomness and fairness, independent audits from organizations have increased, which certifies the RNG systems are tamper-proof and genuinely random.

Blockchain technology for transparency and security

The latest powerful force in the realm of online casinos is blockchain technology ensuring transparency and security. Online casino platforms can provide immutable, transparent record of transactions by using distributed ledger technology (DLT), and the record includes information such as deposits, withdrawals, and in-game outcomes. This fosters a high level of trust between operators and players.

The decentralized nature of blockchain technology makes it possible to eliminate vulnerabilities in gaming systems. Since the system is no longer built around a central point of control, the risk of hacking and tampering has been diminished, which increases the integrity of online casino platforms. Many online casino platforms have already incorporated blockchain technology to create provably fair games, which allows players to verify each game outcome.

Advertisement

Artificial Intelligence and Machine Learning for personalized user experiences

Both Artificial Intelligence (AI) and Machine Learning (ML) are redefining how online gaming platforms can interact with users. Such technologies analyze vast amounts of data, personalizing the user experience in various ways, from customizing gaming recommendations to offering personalized promotions. Customer service for online casino platforms has also been enhanced by leveraging AI-driven chatbots. This provides customers with instant round-the-clock support. Furthermore, AI algorithms are leveraged to identify patterns of behavior among customers, which can help detect fraud and problem gaming.

ML models are being used to assess a player’s activity, which makes it possible for online casino platforms to quickly identify unusual patterns. Sites can then flag potential issues and ensure compliance with responsible gaming regulations.

Cloud gaming and remote servers enhances scalability and performance

As more and more users join online casino platforms, scalability has become a buzzword of consideration. This is where cloud gaming has entered the picture: Cloud gaming offers gaming experienced without the need for high-end hardware, by offloading game computations to powerful remote servers. This means that consumers can play and enjoy a smooth gameplay with minimal lag, making the online casino experience smoother.

Online casino operators are also leveraging cloud infrastructure for the flexibility to scale up operations based on user demand, which results in more stable services during peak hours. Many large tech companies are supporting online casino operators to host operations on the cloud, which ensures both fast and reliable performance across geographic locations.

Advertisement

HTML5 is revolutionizing cross-platform compatibility

A major revolution within the online casino world has been the migration from computer-based services to mobile app services. Gone are the days when online gambling was restricted to desktop devices, or where it required downloads of heavy software. HTML5 technology has made it possible for game developers to create responsive cross-platform games, which can work seamlessly on any device.

HTML5-based games are also eliminating the need for plug-ins which used to be prone for security issues and compatibility problems. HTML5 ensures faster loading times, smoother animations, and a more secure gaming environment. Instead, this technology now offers a seamless transition between desktop and mobile gaming, which caters to the growing consumer demand for mobile-based entertainment. According to Newzoo, mobile gaming accounts for 49% of the 2024 global revenue of console game revenues, and a report by Statista found that mobile gaming revenue will reach USD 98.74 billion in 2024 worldwide. This increasing trend is especially a product of the flexibility and performance enhancement offered by HTML5 technology.

Future technological trends for online casinos to watch

The online casino sector, and the online gaming sector altogether, has already come far in technological advancements. However, the future looks even more promising with some interesting technological trends to watch out for.

Virtual Reality and Augmented Reality for immersive experiences

Online casino platforms have already come a long way when it comes to immersive experiences. However, both Virtual Reality (VR) and Augmented Reality (AR) technologies is a new frontier offering more opportunities. These technologies have the possibility to take immersion to a whole new level, where players can step into fully realized virtual environments.

Advertisement

Where VR can bring users into virtual environments as if they were physically present through invention such as VR headsets, AR can overlay game elements onto the real world. Adopting VR and AR by online casinos is still in the early stages, but this integration is projected to get more enhanced as the VR and AR market is expected to increase massively on a global scale.

Cryptocurrencies and Decentralized Finance

Many online casinos utilizing cryptocurrencies have already emerged, giving birth to the notion of ‘crypto casinos’. Here, cryptocurrencies like Bitcoin and Ethereum are accepted as payment methods, giving players an alternative to traditional fiat currencies. The more blockchain technology is being integrated into the gaming ecosystem, the more it is expected to see the rise of Decentralized Finance (DeFi) solutions, paving the way for smart contracts and tokenized assets to redefine the economics of online casino platforms and online gaming in general.

Decentralized gaming platforms make it possible for players to control and trade in-game assets across various games and platforms. It is cryptocurrency transactions that facilitate these movements. Such solutions would democratize gaming ecosystems even more, since players are incentivized to participate in the platform’s economy.

5G connectivity enhances mobile gaming

5G is a given in some regions of the world, but it is still an out-rolling connectivity source becoming more and more available to more people on a global scale. This is a hen-and-the-egg situation, as mobile gaming is on the rise, creating a higher demand for connectivity, while the increased connectivity from 5G is increasing the number of players engaging in mobile gaming. 5G is expected to grow even further, as it offers faster data transfer speeds, lower latency, and improved connectivity all around. As a result, the overall experience for mobile gamers will be enhanced.

Advertisement

The high quality of 5G is especially beneficial for high-definition game streaming, real-time multiplayer games, and live dealer games on the mobile, as all these formats rely on stable, fast, and seamless connectivity. According to a report by Qualcomm, the growth trajectory of sales enabled by 5G is projected to reach USD 13.1 trillion by 2035, in which the mobile gaming market will make up a significant portion of this number.

Concluding remarks

With rapid technological advancements, the online gaming industry, and the online casino sector specifically, has seen great changes and enhanced user experiences. RNG technology, blockchain technology, AI, cloud gaming, and HTML5 are all important technological features enabling the online entertainment wave that is covering the world.

The technological future is also looking bright with emerging technologies such as VR, AR, 5G, and DeFi showing potential to being integrated into the online casino sector for even more immersive experiences for players.

Featured image source

Advertisement

Source link

Continue Reading

Technology

Craig Duncan to succeed Alan Hartman as Xbox Game Studios head

Published

on

Craig Duncan to succeed Alan Hartman as Xbox Game Studios head

The head of Xbox Game Studios Alan Hartman is set to retire at the end of November, marking an end to 30 years working at Microsoft. Appointed to succeed him is Craig Duncan, the studio head of Rare, which was acquired by Microsoft in 2002. To fill in for Duncan’s eventual departure from the studio, Joe Neate and Jim Horth will take over as co-leads of Rare, as seen in an internal memo seen by The Verge:

In his new role, Craig will continue to focus on helping our studios deliver high-quality, differentiated game experiences that can grow into successful franchises and reach more players by investing in new IP. Craig will report to me and join the Game Content and Studios leadership team, working closely with Alan during the transition. The existing XGS leadership team Alan established will remain intact and report to Craig.

I am also pleased to announce that Joe Neate and Jim Horth will take over as co-leads of Rare. Their leadership has played a crucial role in Rare’s growth, and I am confident they will elevate the studio and its games to even greater heights.

Interestingly, Hartman had only had his job as head of Xbox Game Studios for less than a year. Hartman led Forza Motorsport developer Turn 10 for almost two decades before being last year. His retirement is somewhat surprising, but since it’s not due to any controversies in the company, it’s likely just a case of him wanting to retire from 30 years at Microsoft.

This change of heads comes about a month after Microsoft . These layoffs are related to its decision in 2022 to acquire . While no games are canceled, this change of heads may signify a shift in Xbox Game Studios’ future plans.

Advertisement

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com