In a move to fortify its cyber defense capabilities, Resilience, a cyber risk management firm, has acquired BreachQuest, the incident response specialist. The acquisition was announced this week. It marks a significant step in enhancing the company’s ability to combat the growing threat of Business Email Compromise (BEC) attacks. These attacks have increasingly troubled the digital and cloud-based workspace.
The integration of BreachQuest’s innovative solutions into Resilience’s arsenal is a response to the alarming rise in BEC incidents, which, according to the U.S. Government’s Internet Crime Complaint Center (IC3), led to losses exceeding $2.7 billion in 2022 alone. This tactic has become a major concern for businesses. It ranks as the second leading cause of financial loss among Resilience’s clients in 2023. As reported in Resilience’s Mid-Year Claims Report.
Vishaal “V8” Hariprasad, Resilience’s co-founder and CEO, emphasized the urgency of staying ahead of cybercriminals. In a company statement, he noted these bad actors are rapidly advancing in their methods. Like many entities, good and bad, this includes using generative AI technologies. “The acquisition of BreachQuest not only enhances our defense mechanisms but significantly reduces the financial impact of cyber risks,” Hariprasad stated.
“Cyber Resilience”
BreachQuest specializes in integrating its platform with cloud office systems, offering advanced cyber defense via incident forensics and response capabilities. This accelerates the containment and resolution of cyber incidents and aids in minimizing associated costs. Shaun Gordon, BreachQuest’s co-founder and CEO, expressed pride in their efforts to combat cyber threats. “Resilience shares our mission in helping improve a client’s cyber resilience and lowering the impact of costly cyber incidents,” said Gordon.
Tim Riley, SVP of Business Development at Resilience, noted the enhanced speed, skill, and automation the merger brings to their clients. All aimed at mitigating the financial impact of cyber incidents more effectively.
This acquisition comes on the heels of the company’s expansion efforts. This includes extending its insurance underwriting authority and achieving a leading loss ratio. More on that here: Resilience Expands Solution to Global Clients with $10 Billion in Revenue.
Source: Resilience Acquires BreachQuest to Combat Rise of Business Email Compromise
Other News: Resilience Expands Cyber Risk Underwriting(Opens in a new browser tab)