Resilience has completed a $100 million Series D equity financing round to expand its enterprise-level cyber-risk platform.
This latest fundraise will be used to help accelerate the adoption of the platform and further its global expansion, Resilience said in a Monday (Aug. 7) press release.
“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyberinsurance practices,” Resilience CEO and Co-Founder Vishaal “V8” Hariprasad said in the release. “Instead, enterprises need a way to look at their cyber-risk in an integrated, economically efficient and predictable manner.”
As global cybercrime is projected to exceed $10.5 trillion by 2025, companies are looking for solutions to protect their data and finances from potential risks, according to the press release.
Resilience’s platform is designed to bring together finance, risk and security leaders in order to assess, measure and manage cyber-risk, the release said. The team has been able to leverage its AI platform to help companies quantify this risk and prioritize their security investment decisions.
As a result of their platform’s success, Resilience was able to report that in 2022, 100% of its client’s were able to avoid a ransomware extortion with 67% incurring lower losses than the total insurance base, per the release. This enabled a loss ratio that was more than three times lower than the industry average for the same year.
The company’s latest funding round was led by Intact Ventures, which aims to work with Resilience to build “the cyber-risk platform of the future,” according to the press release.
Justin Smith-Lorenzetti, head of investments at Intact Ventures, said, “We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”
PYMNTS research has found that cybersecurity and data privacy risks top the list of challenges that organizations face when managing international workers. Thirty-nine percent of organizations cite that as a friction point, according to “Meeting the Demand for Cross-Border Hiring: Challenges in International Workforce Payment and Management,” a PYMNTS and NIUM collaboration.
In another recent funding round in this space, CyberVadis raised about $7.5 million in May to grow its Third Party Cyber Risk Management Platform. CyberVadis provides risk assessments for enterprises and, for an annual fee, performs an unlimited number of assessments via a platform that maps to all major compliance standards.