Cyber risk management firm Resilience continues its expansion with the acquisition of BreachQuest, an emerging firm focusing on incident response technology.
This move is aimed at enhancing defenses against Business Email Compromise (BEC) attacks, which have become a significant threat in the digital landscape, especially with the shift towards digital workspaces and cloud-based applications. In light of a report from the US Government’s Internet Crime Complaint Center (IC3) in 2022, which pointed out that BEC attacks led to financial losses of over $2.7 billion, the urgency of addressing such cyber threats has never been more apparent.
Resilience’s 2023 Mid-Year Claims Report further underscored the severity of BEC incidents, ranking them as the second highest source of financial loss among its clients.
Resilience aims to leverage BreachQuest’s technology to enhance its incident response capabilities, addressing the growing sophistication, frequency, and complexity of BEC attacks. Vishaal “V8” Hariprasad (pictured top right), co-founder and CEO of Resilience, emphasized the escalating threat posed by cybercriminals, particularly with the advent of generative AI technologies.
“BreachQuest helps us address this and so much more,” Hariprasad said. “Their team and technology have been proven to reduce the financial impact of one of the largest areas of cyber risk facing our clients and I’m excited to welcome them to Resilience.”
BreachQuest’s platform, designed to integrate with cloud office systems, offers incident forensics capabilities, with the aim of producing faster response times, reducing containment durations, and minimizing incident-related costs.
Shaun Gordon (pictured top), co-founder and CEO of BreachQuest, shared his pride in the team’s efforts to combat evolving cyber threats.
“I’m incredibly proud of all the work our team has put in to support our clients in fighting back against new and evolving cyber threats. Now I’m excited to further scale our mission by integrating BreachQuest’s tech into Resilience’s cyber risk management software and their overall incident management solution,” he said.
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