Resilience has announced the completion of a $100 million Series D equity financing round.
The company intends to spend the funds received on expanding its platform to combat corporate-level security risks. The firm’s press release, which was published last Monday, August 7, contains information that the last stage of raising funding will help accelerate the implementation of the platform and will become a kind of material base for its global scaling.
Vishaal V8 Hariprasad, CEO and co-founder of Resilience says that the increase in the number of so-called ransomware programs is evidence that modern security practices in the virtual space and insurance in the digital dimension contain obvious gaps. He noted that in the context of the current situation, enterprises should assess their risks in the cyber environment comprehensively, taking into account the degree of economic efficiency of possible solutions to this problem and their predictability in the process of subsequent implementation.
The company’s press release also indicates that, according to forecasts, by 2025, the volume of global cybercrime in financial terms will exceed the $10.5 trillion mark. Currently, many firms are looking for solutions, the use of which will provide a high level of protection of their data and money from the implementation of risk security scenarios specific to the virtual space.
The Resilience platform brings together leaders in finance, risk, and security to assess and manage threats. The relevant information is contained in the company’s press release. This artificial intelligence-based platform helps firms assess risks in cyberspace and form the most appropriate hierarchy of priorities from the point of view of security, which are taken into account when making decisions within the framework of investment activities.
The Resilience platform has demonstrated a high level of efficiency. This confirms the company’s statement that last year 67% of its customers suffered losses related to virtual crime problems, which are less than the total insurance base. As a result, the loss ratio was achieved, which is more than three times lower than the average for the industry.
The company’s latest funding round was led by Intact Ventures. This firm intends to collaborate with Resilience to create a cyber risk platform of the future.
Justin Smith-Lorenzetti, head of Investment at Intact Ventures, stated desire to continue combining innovative solutions in the field of virtual security and the experience of the Resilience platform with the insurance experience of Intact Insurance underwriting companies.
Industry research suggests that cybersecurity and privacy risks are currently among the main challenges faced by firms in the process of managing international workers. Also, 39% of American organizations call security issues in the virtual space a source of disagreement.
As we have reported earlier, Microsoft Gives Out Free Cybersecurity Tools.
