New capability enhances proactive protection against cybercrime to reduce the financial impact from incidents
Toronto, ON (Feb. 21, 2024) – Resilience, a leading cyber risk management firm, is pleased to announce it has strategically expanded its capabilities through the acquisition of BreachQuest, an innovative incident response technology solution. This move is set against the backdrop of an evolving digital workspace and cloud-based productivity applications, highlighting the critical challenge of securing these environments amidst escalating risks. The integration aims to bolster incident response mechanisms against Business Email Compromise (BEC) attacks, a rapidly growing concern within the digital domain.
In 2022, the U.S. Government’s Internet Crime Complaint Center (IC3) reported that BEC attacks accounted for losses exceeding $2.7 billion, highlighting them as a significant threat. BEC incidents also represented the second leading cause of financial loss for Resilience clients in 2023, according to the company’s 2023 Mid-Year Claims Report. As enterprises grapple with the increasing sophistication, complexity, and frequency of BEC attacks, it’s becoming necessary to adopt more innovative risk management and mitigation strategies than traditional incident response.
“At its core, Resilience is built around using all forms of data to stay ahead of the bad guys. Cybercriminals are becoming smarter and faster in how they execute business email compromise, and with the addition of tools like generative AI being added to their arsenal, the threat is only growing,” said Vishaal “V8” Hariprasad, co-founder and CEO at Resilience. “BreachQuest helps us address this and so much more. Their team and technology have been proven to reduce the financial impact of one of the largest areas of cyber risk facing our clients and I’m excited to welcome them to Resilience.”
The BreachQuest platform integrates seamlessly into cloud office systems, providing an invaluable look back for incident forensics and helping speed incident response efforts, reduce containment time, and lower incident costs. The addition of BreachQuest’s capabilities will also support Resilience’s world-class Claims Management team as they proactively address cyber incidents with greater efficacy.
“Resilience shares our mission in helping improve a client’s cyber resilience and lowering the impact of costly cyber incidents,” said Shaun Gordon, BreachQuest co-founder and CEO. “I’m incredibly proud of all the work our team has put in to support our clients in fighting back against new and evolving cyber threats. Now I’m excited to further scale our mission by integrating BreachQuest’s tech into Resilience’s cyber risk management software and their overall incident management solution.”
“The synergy between BreachQuest’s cutting-edge platform and Resilience’s proactive approach to incident management offers our clients the speed, skill, and automation they need to reduce the financial impact of these costly threats,” said Tim Riley, SVP of Business Development.
For Resilience, this strategic acquisition underscores the importance of adapting to the speed and scale of how cyber threats continue to evolve, emphasizing the need for integrated cyber risk management and better incident preparedness, all in service of helping clients be resilient to material losses. It also follows a robust period of expansion, including broadening its insurance underwriting authority to serve clients up to $10 billion in revenue and achieving an industry-leading loss ratio.
- Learn more about Resilience in the InsurTech Spotlight.
About Resilience
Resilience is the cyber risk solution company that’s on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities and augmented by prominent leaders and innovators from the insurance and technology industries; Resilience helps financial, risk, and information security leaders continuously improve their organizations’ cyber resilience by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce actionable cyber hygiene.
Resilience is proud to be backed by leading technology investment firms including General Catalyst, Lightspeed Venture Partners, Intact Ventures, Founders Fund, CRV, and Shield Capital. With headquarters in San Francisco, Resilience’s team is globally dispersed, with offices in New York, Chicago, Baltimore, Toronto, London, and Dublin. Resilience offers insurance coverage through its licensed and appointed insurance agency and security services through its expert security team. For more information, visit www.cyberresilience.com. Your risk is our risk.
SOURCE: Resilience
Tags: Acquisition, cyber risk, cyber security, resilience
