There are a growing number of cybersecurity regulations designed to keep business and customer data protected. In 2022 alone, more than 40 US states introduced 250 bills focused on cybersecurity according to the National Conference of State Legislatures. AND new ones appear every day.
Some companies are struggling to keep up with emerging standards and certifications. According to In a survey, 63% of companies, concerned about the consequences of non-compliance, plan to spend more this year on compliance and risk.
Emerging companies such as Cypago, which automate cybersecurity processes and workflows around cyber governance, risk and compliance. Founded by Arik Solomon, a former EY executive, and Yahav Peri, a former Israel Defense Forces intelligence officer, Cypago has raised $13 million in funding (plus $2 million in debt) led by Entrée Capital , Axon Ventures and Jump Capital.
Solomon says he was inspired to launch Cypago by his experiences at EY, which involved helping companies through extensive security assessment exercises. CISOs and security teams often had trouble validating manually your security programs to business requirements, he says, which deterred them from achieving full compliance.
“Cyber governance, risk and compliance criteria will only become more stringent and complex, and for companies to effectively comply with the rapidly evolving standards, the latest technology and artificial intelligence will need to be deployed,” Solomon told TechCrunch via email. electronic. “At Cypago we are set to help security teams overcome challenges in the space with a turnkey software-as-a-service platform that enables easy deployment, rapid adoption, and API-based integrations with existing technology stacks.”
Cypago dashboard, where customers can view the status of their company's governance, risk and compliance programs.
Cypago, which is designed to work well with on-premises and cloud-based environments, turns to AI to try automate work related to the collection and analysis of data related to security, compliance and privacy controls. Through different tools and services, through no-code workflows, Cypago allows customers to measure and test their security programs against common standards and frameworks.
For example, Cypago can analyze a company's service documents to identify (and even fill in) potential gaps in security policies. And it provides access to an artificial intelligence assistant called Co-Pilot, which provides answers to questions in natural language about a company's general cybersecurity and governance, risk and compliance guidelines.
“Cypago leverages proprietary models specifically designed for the cybersecurity governance, risk and compliance domain that are capable of analyzing, understanding and generating complex text in documents and policies,” Solomon said. “These capabilities, combined with data from existing cloud integrations and on-premises tool stacks, make Cypago the first platform of its kind to provide complete cybersecurity visibility and compliance from documents to systems data.” .
Cypago certainly promises a lot. And he's not competing alone in a governance, risk and compliance market estimated to be worth $47.220 billion in 2022. according to reports from Grand View.
Beyond the roster of solutions from Oracle, HPE, Thomson Reuters, IBM and other vendors, there are a number of new governance, risk and compliance management applications vying for a place in the market. For example, Osano, which helps businesses monitor and manage their risks and compliance with privacy laws like GDPR; Compliant, which focuses on financial compliance; and Kintent, which seeks to abstract a variety of traditional enterprise compliance tasks.
How is Cypago different? Does it meet all expectations? In any case, the startup is seeing relatively healthy uptake, according to Solomon, with a customer base spanning "dozens" of brands, including Check Point, Hippo Insurance and Trigo.
With the new capital, Tel Aviv-based Cypago plans to grow its R&D division and product teams to support its commercialization efforts in North America and the European Union. Solomon says the startup's team will expand from 26 employees to "30 or more" by the end of the year, an impressive commitment given the current political unrest in Israel and its effect about the local technology sector.
“The pandemic only accelerated the disappearance of the corporate network perimeter,” Solomon added. Likewise, with sustained movement toward remote work and a growing reliance on hybrid and multi-cloud services, organizations now face more obstacles in terms of achieving and maintaining governance, risk management and compliance across disparate frameworks and environments.
