Resilience plans to use the new investment to expand its global offices and further develop its technology, including proprietary algorithms that quantify a company’s cyber risk. The company also aims to improve cybersecurity and identify gaps in defenses. The funding comes as cyber insurance companies continue to attract significant investment, despite some cybersecurity firms struggling to secure funding or having to cut staff due to lowered valuations.
Key takeaways:
- Resilience Cyber Insurance Solutions has raised $100 million in a Series D funding round, bringing its total funding to over $225 million. The round was led by Intact Insurance Specialty Solutions’ venture capital unit and Lightspeed Venture Partners.
- The company uses artificial intelligence to analyze policyholders’ systems and determine risk profiles based on potential cyberattack success points. This information is then used in its underwriting process.
- Resilience plans to use the investment to expand its global offices, further develop its technology, and improve cybersecurity measures. The company aims to quantify a company’s cyber risk in potential losses using proprietary algorithms.
- CEO Vishaal Hariprasad emphasized the need for insurance products to be more closely based on a customer’s actual systems data and technical information, and to factor in the strength of a company’s cyber defenses and its ability to recover.