The funding will accelerate the company’s global expansion and facilitate the adoption of its revolutionary cyber risk platform, the Resilience Solution, which was launched earlier this year. Intact Ventures, an affiliate of Resilience’s primary capacity provider Intact Insurance’s underwriting companies, led the funding round, with participation from Lightspeed Venture Partners, General Catalyst, and Founders Fund.
In today’s rapidly evolving cyber landscape, enterprises are facing increasing challenges from cybercrime, with projections indicating cybercrime could surpass $10.5 trillion by 2025. The Resilience Solution addresses these challenges by providing clients with an integrated and economically-efficient approach to assess, measure, and manage cyber risk. Built on a financially-proven AI platform, the Resilience Solution enables policyholders to quantify their cyber risk and prioritize their security program based on a return-on-investment analysis of their controls.
Vishaal “V8” Hariprasad, CEO, and Co-Founder of Resilience, explained, “The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices. Instead, enterprises need a way to look at their cyber risk in an integrated, economically-efficient, and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world.”
Intact Ventures expressed enthusiasm about leading Resilience’s financing round, emphasising the value of pairing Resilience’s innovative cybersecurity solutions with the insurance expertise of Intact Insurance’s underwriting companies.
Resilience has a robust track record in the marketplace. In 2022, all clients of Resilience’s cyber risk management solution avoided ransomware extortion, with 67% experiencing lower losses than the total insurance base. This remarkable success led to a loss ratio three times lower than the 2022 industry average. With over $225 million in prior funding, Resilience also serves primary and excess clients across several countries, including the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics.
T. Michael Miller, CEO, Global Specialty Lines, Intact Financial Corporation, said: “Having worked closely with Raj, V8, and the Resilience team, we are pleased to invest again in their cyber solutions. Partnering with Resilience brings deep security expertise to our customers in an ever changing cyber environment. We look forward to helping them grow their innovative approach to help clients become cyber resilient.”
The funding and support from leading technology investment firms such as Lightspeed Venture Partners, Intact Ventures, General Catalyst, Founders Fund, CRV, and Shield Capital have further solidified Resilience’s position as a prominent player in the cyber risk solution space.
“Securing a digital world at enterprise scale requires fundamental behaviour change,” said Arif Janmohamed, Partner at Lightspeed Venture Partners, which first invested in Resilience during its Series A round.
He added: “We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”
