Sunday, May 19, 2024

Resilience to Acquire BreachQuest for an undisclosed price

In a strategic move to enhance its cyber risk management capabilities, Resilience has announced the acquisition of BreachQuest, an innovative incident response technology firm.

This acquisition marks a significant step in Resilience’s efforts to combat the escalating threat of Business Email Compromise (BEC) attacks and other cyber threats.

Strengthening Defenses Against Cyber Threats

BreachQuest is renowned for its cutting-edge platform that integrates seamlessly into cloud office systems, providing invaluable insights for incident forensics and expediting response efforts.

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Integrating BreachQuest’s technology into Resilience’s cyber risk management software is expected to significantly enhance incident response mechanisms, particularly against BEC attacks, which have become a significant concern in the digital landscape.

BEC attacks have increased, with the U.S. Government’s Internet Crime Complaint Center (IC3) reporting losses exceeding $2.7 billion in 2022.

In 2023, these incidents ranked as the second leading cause of financial loss for Resilience clients, highlighting the urgent need for advanced risk management strategies.

Shaun Gordon, co-founder and CEO of BreachQuest, expressed pride in his team’s work and enthusiasm for scaling their mission through integration with Resilience’s software.

“Resilience shares our mission in helping improve a client’s cyber resilience and lowering the impact of costly cyber incidents,” Gordon stated, emphasizing the synergy between the two companies’ approaches to incident management.

Vishaal “V8” Hariprasad, co-founder and CEO of Resilience, highlighted the growing sophistication of cybercriminals, particularly with the advent of generative AI technologies.

“Cybercriminals are becoming smarter and faster in executing business email compromise, and with the addition of tools like generative AI, the threat is only growing,” Hariprasad said.

He expressed excitement about welcoming BreachQuest to Resilience, noting that their team and technology have been proven to reduce the financial impact of their clients’ cyber risks.

Enhancing Incident Preparedness

The acquisition of BreachQuest is part of Resilience’s broader strategy to adapt to evolving cyber threats and enhance incident preparedness.

This move follows a period of significant expansion for Resilience, underscoring the company’s commitment to leveraging data and technology to stay ahead of cyber adversaries.

Tim Riley, SVP of Business Development at Resilience, highlighted client benefits, emphasizing the synergy between BreachQuest’s platform and Resilience’s proactive incident management approach.

This collaboration is expected to reduce the financial impact of cyber threats for clients, further enhancing their security posture in the face of evolving digital risks.

In conclusion, acquiring BreachQuest by Resilience significantly advances the fight against cyber threats.

By integrating BreachQuest’s innovative technology into its cyber risk management software, Resilience aims to provide its clients with enhanced protection against the growing menace of BEC attacks and other cyber risks.

This strategic move demonstrates both companies’ shared commitment to improving cyber resilience and lowering the impact of costly cyber incidents.

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