Resilience, a US-based cyber insurance provider, has announced the acquisition of BreachQuest, a cybersecurity company offering an incident response platform.
The insurer did not disclose the terms of the transaction.
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Through this acquisition, the cyber insurance start-up aims to enhance its capabilities in defending against Business Email Compromise (BEC) attacks.
It hopes to improve its incident response mechanisms and support its claims management team in proactively addressing cyber incidents with increased effectiveness.
Resilience said the integration of BreachQuest’s technology into cloud office systems will provide retrospective insights for incident forensics, helping to expedite response efforts, reduce containment times and lower the costs associated with incidents.
The deal is particularly relevant as businesses increasingly rely on digital workspaces and cloud-based productivity applications, which present new security challenges.
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By GlobalDataIn 2022, the US Government’s Internet Crime Complaint Center (IC3) reported that BEC attacks resulted in losses exceeding $2.7bn, marking them as a substantial threat.
For Resilience, BEC incidents were the second leading cause of financial loss among its clients in 2023, as detailed in the company’s 2023 Mid-Year Claims Report.
Resilience co-founder and CEO Vishaal Hariprasad said: “Cybercriminals are becoming smarter and faster in how they execute business email compromise, and with the addition of tools like generative AI [artificial intelligence] being added to their arsenal, the threat is only growing. BreachQuest helps us address this and so much more.”
BreachQuest co-founder and CEO Shaun Gordon said: “I am 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 am excited to further scale our mission by integrating BreachQuest’s tech into Resilience’s cyber risk management software and their overall incident management solution.”
Resilience noted that the acquisition follows a period of growth, with the company expanding its insurance underwriting authority to cater to clients with up to $10bn in revenue and maintaining an industry-leading loss ratio.
In August 2023, Resilience secured $100m in a Series D funding round.
The round was led by Intact Ventures, with participation from Lightspeed Venture Partners, General Catalyst and Founders Fund.
