Hyperproof Closes An Additional $4M Investment to Expand Its Compliance Operations Platform and Hire Staff

Here at Hyperproof, we’re excited to announce that we’ve closed a $4M seed round investment to help businesses efficiently manage compliance operations and scale up multiple security and privacy programs. This is the company’s third seed round and brings total investment in the company to $10M dollars. We plan to use this funding to build out additional enterprise product capabilities and its go-to-market efforts, specifically in sales, marketing, and partnerships.  

Information is the lifeblood of modern companies. At this time, the needs for organizations to protect their customers’ and their corporate data is greater than ever. In 2020, cyber attackers refined their methods to take advantage of the COVID-19 pandemic and the adoption of new technologies used for remote work. Security and compliance measures designed to safeguard the physical office environment became obsolete overnight when companies had to send millions of workers home in March. Security and compliance professionals had to quickly evolve their approach to address new threats and risks due to COVID-19 crisis.

Meanwhile, the cost of making mistakes has risen: privacy regulators handed out a record number of fines for GDPR violations to companies that failed to keep their customers’ data safe. Additionally, US agencies and corporations were recently targeted by a significant coordinated cyberattack believed to be the work of powerful state actors. 

At this time, organizations cannot simply claim they’re secure or compliant. They must prove to customers and partners that they’re worthy of trust; this involves collecting large amounts of evidence of their infosec efforts and undergoing multiple information security/data privacy audits each year. Meanwhile, the pace of evolving IT risks requires organizations to prioritize monitoring, testing and updating the controls to ensure data security and privacy on a continuous basis. As a result, work required to deliver security assurance to customers has skyrocketed in the past few years, for young and more established companies alike. 

Today, the vast majority of the work is done manually, with ad-hoc tools like spreadsheets, email, cloud-based file storage systems. Hyperproof’s December 2020 survey of 1029 IT compliance professionals found that a full half of respondents spend 50% or more of their work time on low level administrative tasks leaving little time for the important work of monitoring and updating controls– creating vulnerabilities for attackers to exploit.     

Here at Hyperproof, we know that security assurance/compliance professionals do a tremendous amount of tedious but important work. This includes identifying risks, mapping controls to evidence requests and following schedules to review controls, gather evidence for audits, and simply remind people to complete tasks on time. All of these steps are necessary to maintain continuous security and compliance. This type of compliance operations work, when ignored or performed inconsistently, leaves an organization vulnerable”, says Craig Unger, Founder and CEO of Hyperproof.

“We’re here to empower security and compliance professionals to identify key activities and complete their work in the easiest, fastest, and simplest fashion. Similar to how DevOps software has streamlined and brought efficiency to the software development lifecycle, we’re doing this for security assurance and compliance. With the additional $4 million, we’re looking forward to adding enterprise capabilities to our software and hiring staff in our go-to-market teams so we can serve our growing group of customers and partners.”  

In 2020, our company gained over 50 customers who saw significant value in its unique approach. “With Hyperproof, we no longer need to remind ourselves to do specific compliance tasks; the system flags items that are about to expire, helping me keep up with my reviews of controls and evidence”, says Carl Lombardi, VP of Operations at Prime8 Consulting. “Hyperproof allows me to map one piece of evidence to multiple controls and programs, so I don’t have to pull the same evidence again and again for each audit,” says John Thornton, Information Security Analyst at DigiCert. 

In the past 12 months, we’ve also attracted an enthusiastic set of compliance advisory and CPA firms as partners who view Hyperproof as a means to strengthen client relationships. “When clients use Hyperproof, they can visually understand the state of their compliance program and see exactly what Risk/Response is doing to help them make progress. This creates a level of transparency and trust that didn’t exist before,” says Jonathan Major, Principal Security Advisor and Founder of Risk/Response.  

Hyperproof was founded in 2018, launched publicly in December 2019 and grew quickly in the 2020 during the COVID-19 pandemic. To date, Hyperproof has more than 50 customers, 25 partners and 35 employees.

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*** This is a Security Bloggers Network syndicated blog from Hyperproof authored by Hyperproof Team. Read the original post at: https://hyperproof.io/resource/hyperproof-closes-4m-investment/