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Resilience Raised $80 Million In Series C Round

Resilience, a leading cyber insurance and security solutions firm, announced the completion of  $80 million Series C funding round led by General Catalyst and Corey Thomas of Rapid7, with participation from Founders Fund, Charles River Ventures, Lightspeed Venture Partners, Shield Capital, and Intact Ventures.

The investment comes as Resilience moves forward with plans for mid market expansion and international expansion. Middle-market businesses – manufacturing, universities, agriculture, hospitals, and construction – are the backbone of the American economy. As ransomware attacks are rising, the hardened cyber insurance market has allowed newcomers with a fresh perspective to make it to the top.

“We took a deliberate approach entering the middle market. Our clients are discerning buyers with sophisticated infrastructure. We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so. This funding round signals that the market is ready for our insure + secure model different,” said Vishaal “V8” Hariprasad, CEO of Resilience.

Resilience has created an Insure + Secure business model that offers its clients with both tailored insurance and security solutions. From risk assessment to post-bind vulnerability monitoring, a team of in-house security engineers works with clients.

“Resilience is building the leading cyber risk and response platform for the insurance industry, helping mid-market enterprises identify and integrate the best insurance and security solutions for their business needs. It’s more than risk mitigation – it’s bespoke security solutions combined with an insurance policy that provides clarity and certainty. General Catalyst is proud to co-lead this funding round with Corey Thomas as we believe Resilience’s integrated model is the future of cyber risk,” said David Fialkow, Managing Partner and Founder at General Catalyst.  

“Resilience’s expertise, combined with an innovative approach to cyber risk, deliver unparalleled value for clients. The team has seen tremendous progress in the past year, setting the course for responsible and profitable growth. Intact Insurance Specialty Solutions is pleased to be a carrier partner,” said Michael Miller, CEO, Global Specialty Lines, Intact.

“At Intact Ventures, we are thrilled to increase the size of our commitment and to invest in a world-class team building a category-defining business,” said Justin Smith-Lorenzetti, Intact Ventures.

This financing enables Resilience to accelerate delivery of Insure + Secure solutions more broadly in North America and now globally.

BitSight and Marsh McLennan Joined forces to Strengthen Organizations’ Cybersecurity Performance

BitSight, the security ratings company and Marsh McLennan, the world’s leading professional services company in the categories of risk, strategy, and people, signed a collaboration to help businesses better understand, evaluate, and manage their cyber risks.

The recently launched Marsh McLennan Cyber Risk Analytics Center will use BitSight Security Ratings, data, and analytics to help customers better understand their cybersecurity performance by making more educated risk management decisions. Clients who have access to BitSight may obtain this information quickly, detect potential risks, and implement mitigation techniques. The two companies will also work on joint research and analysis, combining their widely renowned perspectives.

The importance of cybersecurity performance management cannot be overestimated, given the worrying rise in cybersecurity incidents. BitSight Security Ratings are the most extensively used and recognized cyber risk ratings in the market and the only solution that has been independently validated to correlate with data breach risk.

“2021 is shaping up to be one of the most challenging years for cyber risk on record, and we continue to hear from clients that cybersecurity is among their most urgent risk concerns. By collaborating with BitSight, we are providing clients with more data-driven insights to better manage risk in an increasingly difficult cybersecurity landscape,” said Scott Stransky, Head of the Marsh McLennan Cyber Risk Analytics Center.

“Cyber insurance brokers now play a critical role in helping their clients actively manage cyber risk. This marks an exciting opportunity to share our cyber risk data and expertise to help Marsh McLennan counsel their clients on reducing risk of cyber exposure. This collaboration builds on BitSight’s previous work to bring universal understanding to cyber risk, and further validates BitSight’s position as the trusted industry standard in cybersecurity ratings and analytics,” said Stephanie Snyder Frenier, vice president and general manager, insurance at BitSight.

Synopsys and The Chertoff Group partners to Provide Policy-Driven Software Security Solutions

Synopsys, Inc. announced a new partnership with The Chertoff Group, a worldwide advisory services company that offers security expertise, technology insight, and policy intelligence to help clients build resilient organizations, gain a competitive edge, and drive growth.

When it comes to helping clients make more secure software faster, Synopsys joins forces with leading solution providers around the world. A strategic partnership with The Chertoff Group will enable companies to deliver cutting-edge application security solutions and help clients gain confidence in their software investments. Clients can now benefit from the advisory services of The Chertoff Group and the application security domain expertise of Synopsys to ensure that cloud migration and digital transformation projects run smoothly.

“The Chertoff Group’s partnership with Synopsys is powerful because it combines market-leading software security and cyber risk management capabilities. As we’ve learned from the spate of disruptive technology supply chain compromises, organizations must unify their approach to product security with enterprise cyber defense. By combining The Chertoff Group’s cyber risk capabilities with Synopsys’ software security expertise, we help clients overcome that compounded challenge,” said David London, a managing director at The Chertoff Group.

“Organizations are increasingly realizing that software risk equates to business risk. This is a central focus of the partnership between Synopsys and The Chertoff Group, which was born out of a desire to educate organizations on policies and standards and how they can be directly applied to development and deployment teams,” said Tom Herrmann, vice president of channels and alliances at the Synopsys Software Integrity Group.

Integrated Risk Management – Buying Guide

An integrated strategy, enabled by an IRM solution, merges various components into a single system focused on business results. Through the simplicity, automation, and integration of strategic, operational, and technical risk management procedures and data, Integrated Risk Management as a solution enables transparency. IRM incorporates some of the use cases that previous governance, risk, and compliance (GRC) systems have attempted to tackle. In the digital age, integrated risk management enables specialized tasks and allows to work with agility. Integrated risk management is becoming increasingly popular among businesses. Some factors like digital transformation, and cybersecurity compliance and risk transformation are driving the growth.

Strategy is about developing and implementing a framework to support governance and risk management.

Assessment – Risk identification, analysis, and prioritization are all part of the assessment process.

Response – Identification and implementation of risk-mitigation strategies.

Reporting– Providing the best methods for tracking and informing about a company’s risk responses.

Key Risk Indicators (KRIs) Measurement

Keep track of Key Risk Indicators (KRIs) and report on how each risk affects the business in terms of money, probability, and the capacity to operate quickly.

Digital Risk Management (DRM) 

Digital risk management is possibly the most important part of an integrated risk management program considering organizations’ dependency on technology, but it is also the least defined. New technologies have offered new options for cybercriminals and raised cyber risk for businesses. IRM solution vendors must provide proper digital risk management. To support a DRM strategy unique to your organization, your staff should be able to mix frameworks, standards, and customize controls. In addition, IRM should incorporate the most recent frameworks and versions onto the platform so that staff can start supplementing their DRM approach right away.

Audit Management

Internal auditors are the organization’s defence against risks. Organizations are experiencing audit exhaustion as regional and sector guidelines, auditors within IT grow. Auditors must use a system that strengthens their team by removing manual work and providing creative features to supplement their skills. Based on the determined methodology, the IRM solution should be capable of supporting remedial processes by tracking activities and assigning tasks such as audits and risk assessment. It should provide options to assign resources like staff and time to certain processes. In order to prepare a report for the audit committee, IRM solution must be able to combine the findings. A more robust IRM solution will provide downloadable reports and visualizations options to auditing teams.

Policy Development And Management

One of the key drivers that shape organizational security standards is compliance policies. So, an IRM solution must help with policy formulation and management. The option to explicitly map policies and controls to compliance requirements, in particular, guarantees that the company satisfies its security obligations. The IRM platform should enable the generation and maintenance of the organization’s policies from start to end, including the development, control, authorization and modification workflow required to manage policies throughout the project’s lifecycle.

Risk Identification, Prioritization, Tracking, Quantification and Mitigation

Risk managers are certain that they will be able to respond to hazards quickly and accurately with IRM, giving them pride in their work and the potential to exhibit their expertise with remarkable accuracy. Risk managers may credibly communicate to executive teams about the state of the organization’s cybersecurity program in relation to the most significant and important threats. IRM is a solution that enables teams to quickly modify risk management actions and priorities while also coordinating those processes with management objectives and overall corporate goals. When looking for risk quantification in an IRM platform should offer multiple risk quantification approaches with qualitative analysis.

Cost and Support

IRM costs vary based on the size, capability, compliance standards supported, quantitative and qualitative risk analysis techniques incorporated, and automation. It’s crucial to remember that an IRM solution must integrate with other solutions. The cost and frequency of software updates must be addressed. Does the vendor provide staff with training? Costs and degrees of service assistance differ. It’s valuable to evaluate the level of support provided by a specific vendor. In any event, complete technical support is an add-on that could significantly raise costs.