Resilience, a cyber risk management firm, has fortified its position in combating cyber threats by acquiring BreachQuest, an innovative incident response technology solution.
With the digital landscape evolving rapidly and risks escalating, this strategic move aims to enhance incident response mechanisms, particularly against Business Email Compromise (BEC) attacks, which have emerged as a significant concern.
BEC attacks have been on the rise, with losses exceeding $2.7 billion reported by the U.S. Government’s Internet Crime Complaint Center (IC3) in 2022.
In 2023, these incidents ranked as the second leading cause of financial loss for Resilience clients, underscoring the critical need for advanced risk management strategies.
Vishaal “V8” Hariprasad, co-founder and CEO of Resilience, emphasised the necessity for innovative solutions to combat cyber threats, stating, “Cybercriminals are becoming smarter and faster in executing business email compromise, and with the addition of tools like generative AI, the threat is only growing.”
The acquisition of BreachQuest aligns with Resilience’s mission to leverage data and technology to stay ahead of cyber adversaries.
BreachQuest’s platform seamlessly integrates into cloud office systems, facilitating incident forensics and expediting response efforts. Shaun Gordon, co-founder and CEO of BreachQuest, expressed pride in their team’s work and enthusiasm for scaling their mission through integration with Resilience’s cyber risk management software.
Tim Riley, SVP of Business Development at Resilience, highlighted the synergy between BreachQuest’s platform and Resilience’s proactive incident management approach, emphasising the benefits for clients in reducing the financial impact of cyber threats.
This acquisition underscores Resilience’s commitment to adapting to evolving cyber threats and enhancing incident preparedness. It follows a period of significant expansion for Resilience, including widening its insurance underwriting authority and achieving an industry-leading loss ratio.
