- The company examines an organization’s identity and access management system, which controls employee access to internal applications.
- Resilience’s algorithms predict the financial impact of possible future breaches, aiding companies in prioritizing remedies.
A USD 100 million investment has been closed in Resilience Cyber Insurance Solutions Inc., a startup that provides cyberinsurance services with integrated breach prevention technology.
Recently the investment, which is a Series D round, was revealed. One of Canada’s biggest insurers, Intact Financial Corp., one of its affiliates, served as its leader. Additionally contributing were Founders Fund, General Catalyst, and Lightspeed Venture Partners.
Cyberinsurance plans offers protection for businesses against the financial costs of data breaches. In addition to minimizing the effects of breaches, Resilience’s cyberinsurance platform claims to lower the likelihood that they will occur in the first place. The startup achieves this objective by offering clients services for cyberattack prevention.
Arif Janmohamed, the Lightspeed partner, said, “The challenge is that the buyers of cyber insurance and cybersecurity products have traditionally been isolated and siloed in their roles, with CFOs buying cyber insurance and CISOs buying cyber products. There are very few opportunities for a CFO, CIO and CISO to come together to understand and manage corporate cyber risk. This is the mission that Resilience set out to solve.”
According to Resilience, it collects over 180 types of infrastructure-related data to determine a company’s cybersecurity posture. The business scans an organization’s identity and access management system—the software in charge of controlling employee access to internal applications—for problems. Other forms of cybersecurity risks are also picked up by it, like weak corporate websites.
The business creates a dashboard that illustrates security risks using collected data. The dashboard shows an estimate of the likelihood that each vulnerability will result in a breach next to it. According to Resilience, its algorithms can also forecast the financial effects of potential future breaches to assist businesses in allocating resources toward remediation.
The platform’s insurance component is integrated with cybersecurity features. Customers receive a list of actions they can take to strengthen their security posture, claims Resilience. When those actions are successfully carried out, a business is qualified to receive upgrades to its insurance protection.
The platform also provides a variety of other resources for cybersecurity. Customers can access cybersecurity best practices and training materials, claims the company. Additionally, Resilience employees can examine a company’s suppliers’ security posture on that company’s behalf to determine whether they might be hacker-prone.
The loss ratio at Resilience is three times lower than the industry average. The loss ratio is a metric that compares the value of an insurer’s insurance claims paid to the value of its customers’ premiums or monthly payments. The lower the ratio, the fewer cyberattacks an insurer’s customers face.
The proceeds from its most recent funding round will be used to expand internationally and grow its customer base.