The cybersecurity landscape is evolving at an unprecedented pace, with an increasing number of regulations designed to safeguard business and customer data. In a remarkable surge of activity, over 40 U.S. states presented around 250 bills focused on cybersecurity in 2022, as reported by the National Conference of State Legislatures. This trend spells good news for consumers, but it’s posing challenges for businesses striving to keep up with emerging standards and certifications, as indicated by recent surveys.
According to a recent survey, an impressive 63% of companies are allocating additional resources to compliance and risk management this year, primarily driven by concerns about the consequences of noncompliance. As businesses grapple with the dynamic compliance landscape, startups like Cypago are seizing the opportunity to provide innovative solutions.
One such trailblazing startup is Cypago, which has secured $13 million in funding (alongside $2 million in debt) in a funding round led by Entrée Capital, Axon Ventures, and Jump Capital. Co-founded by Arik Solomon, an ex-EY executive, and Yahav Peri, a former officer in the Israel Defense Forces intelligence corps, Cypago is revolutionizing cybersecurity governance, risk, and compliance through automation.
Inspired by his experiences at EY, Solomon recognized the challenges security teams face in manually aligning security programs with business requirements. To address this gap, Cypago offers a turnkey software-as-a-service platform that facilitates seamless implementation, rapid adoption, and API-based integrations with existing tech stacks.
Cypago leverages the power of AI to automate the collection, analysis, and measurement of data related to security, compliance, and privacy controls. With a focus on both cloud-based and on-premises environments, Cypago introduces no-code workflows that enable organizations to gauge their security programs against industry standards and common frameworks. Notably, Cypago’s AI assistant, Co-Pilot, responds to natural language queries about a company’s cybersecurity and governance posture.
Cypago enters a governance, risk, and compliance market valued at $47.22 billion in 2022, according to Grand View Research. While established players like Oracle, HPE, Thomson Reuters, and IBM dominate, Cypago stands out with its tailored AI models designed for the cybersecurity domain. The startup’s impressive uptake includes notable brands such as Check Point, Hippo Insurance, and Trigo.
With its recent funding injection, Cypago, headquartered in Tel Aviv, plans to amplify its research and development division and bolster product teams. The goal is to fuel its expansion efforts in North America and the EU. Despite the current political unrest in Israel, Cypago remains steadfast in its mission to deliver enhanced cybersecurity solutions in an era where remote work and multi-cloud services are becoming the norm.
In this ever-changing landscape, as organizations navigate the shifting contours of governance, risk management, and compliance, Cypago’s commitment to innovation shines as a beacon of hope.
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