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Resilience nabs $100M to combine cyberinsurance with breach prevention services | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Resilience Cyber Insurance Solutions Inc., a startup that offers a cyberinsurance service with breach prevention technology included in the package, has closed a $100 million investment.

The investment, a Series D round, was announced this morning. It was led by an affiliate of Intact Financial Corp., one of Canada’s largest insurers. Lightspeed Venture Partners, General Catalyst and Founders Fund chipped in as well.

Cyberinsurance plans provide companies with coverage against the financial impact of data breaches. Resilience offers a cyberinsurance platform that promises to not only mitigate the impact of breaches, but also reduce the chance of them happening in the first place. The startup achieves that goal by providing cyberattack prevention services to customers.

“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,” said Lightspeed partner Arif Janmohamed. “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.”

Resilience says it collects more than 180 types of data about companies’ infrastructure to understand their cybersecurity posture. The company looks for issues in an organization’s identity and access management system, the software responsible for managing employee access to internal applications. It also detects other types of cybersecurity risks, such as vulnerable corporate websites. 

The company’s turns the data it collects into a dashboard that visualizes security risks. Next to each vulnerability, the dashboard displays an estimate of how likely it is that the vulnerability will lead to a breach. Resilience says its algorithms can also project the financial impact of potential future breaches to help companies prioritize their remediation efforts. 

The cybersecurity features are integrated with the insurance component of its platform. According to Resilience, customers receive a list of steps they can take to improve their security posture. Successfully implementing those steps makes a company eligible for upgrades to its insurance coverage.

The platform also offers various other cybersecurity resources. According to the company, customers have access to cybersecurity training materials and best practices. Moreover, Resilience staffers can analyze the security posture of a company’s suppliers on its behalf to determine if they may be vulnerable to hacking.

Resilience says that its loss ratio is three times lower than the industry average. The loss ratio is a metric that compares the value of the insurance claims an insurer pays with the value of its customers’ premiums, or their monthly payments. The lower the ratio, the fewer cyberattacks are experienced by an insurer’s customers. 

The company will use the proceeds from its latest funding round to expand internationally and grow its customer base.

Photo: Lightspeed

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