Technology Cyera raised $100 million for data security for AI-driven...

Cyera raised $100 million for data security for AI-driven enterprises

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Cyeraa data security company, announced it has secured a $100 million Series B investment led by Accel, with participation from existing investors Sequoia And Cyberstarts. Redpoint Enterprises also joined as an investor.

With this latest round of funding, Cyera has raised a total of $160 million since coming out of stealth in March 2022. The company claims revenue has grown 800% over the past year as security teams prioritize data security in hybrid cloud environments, particularly among S&P 500 companies.

“Securing $100 million in the current economic climate, where there have been many reports and analysis highlighting lack of funding, down-rounds and early exits, confirms our vision and relentless execution to reimagine data security for the enterprise. define,” Yotam Segev, co-founder and CEO of Cyera, told VentureBeat.

Segev said he’s noticed a trend over the past year where legacy companies have attempted to adopt data security and attitude management (DSPM) capabilities despite significant limitations due to legacy architectures. In contrast, Cyera has made strategic investments to expand its AI-powered data security platform, focusing on data discovery, classification, and enterprise-grade security.

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“We’ve raised more than $160 million so far,” he said. “The fundamental difference with Cyera is the focus on really knowing what data represents. Our platform is purpose-built to leverage cloud-scale AI and machine learning to dynamically discover, classify, and understand an enterprise’s unique data.”

According to Segev, Cyera’s security platform is distinguished by going beyond analyzing data through simple pattern recognition or threat signature detection. Instead, it actively and consistently identifies and draws conclusions from the customer’s data environment.

He said this approach allows clients to gain a comprehensive understanding of their data, including the nature, importance and underlying value it represents.

Segev stressed that this capability improves security, streamlines compliance efforts and enables organizations to embrace a data-driven approach. By effectively leveraging their data, companies can accelerate their operational processes and drive innovation.

In addition, the platform automates remediation workflows to minimize the attack surface and ensure operational resiliency with the speed and scale of the cloud.

“Our process is fully automated, continuous and can be scripted like any other modern development process (continuous integration/continuous deployment). Legacy providers require manual effort, and newer cloud infrastructure and SaaS application vendors are all narrowly focused and create more silos in the enterprise,” Segev told VentureBeat. “Cyera is designed and built to discover all of an enterprise’s data from anywhere, classify, evaluate and secure.”

Leveraging LLMs to support enterprise data security

Cyera’s platform uses large language models (LLMs) to automatically discover, classify and secure sensitive data from various sources. A unified policy engine actively detects misconfigurations, proposes specific access controls, and generates new security policies to ensure compliance and control access to sensitive data.

“The Azure OpenAI integration builds on Cyera’s use of machine learning and large language models. Our LLMs can automatically differentiate between roles (such as customers and employees), understand the origin and purpose of the data, and learn when data can be used to identify an individual,” Segev added. appropriate security, privacy and compliance policies to expose and remediate exposure to structured and unstructured data wherever it is managed.”

Segev said the integration of OpenAI’s LLMs will enable security professionals to use natural language to tailor datastores, data classes and issues to the specific technical or business problem they want to address.

For example, by applying semantic search, one can immediately identify the issues that increase an organization’s risk of breach, such as the accessibility of protected health information (PHI) by unauthorized users.

Cyera stated that its unified policy engine can also detect misconfigurations, provide tailored access control recommendations, and generate new policies to control data access.

“Cyera can answer fundamental questions about what data an enterprise has, where it lives, who accesses and uses it, what exposes it to security, privacy and compliance risks and how to mitigate those risks, all from a single source. platform.” Segev explained. “That’s unique because it provides a fundamental and centralized location that can understand every function in an enterprise [whether] appropriate controls around storage, management and use are applied.”

Prioritize data in the cloud

With the newly acquired funding, the company aims to accelerate the development of its cloud-native platform. Cyera said this initiative will enable security teams to effectively handle data security incidents, manage policies and controls, and streamline workflows across their entire data landscape.

“In addition to the deep understanding of data and cloud-native architecture, we also focus on static attitude improvements (representing DSPM), real-time detection and response to changes (Data Detection and Response, or DDR), achieving least privileged access to data and recognizing abuses and anomalies in access (also known as Data Access Governance or DAG) and data privacy,” said Segev.

Segev claims that adopting this approach enables companies to prioritize data in their security strategy, streamline compliance audits and information requests (such as the right to be forgotten or data on processing activities), and ultimately embrace a data-driven approach to address day-to-day challenges and seize growth opportunities.

“In implementing Cyera, we immediately got a full picture of our cloud data landscape,” said Erik Bataller, VP of security at ACV Auctions, in a written statement. “The platform showed us that we had a lot of ghost data that was not used or used. Eliminating it saves us more than $50,000 a year in cloud storage costs.”

To secure the use of generative AI, the company has introduced SafeType, a browser extension designed to anonymize sensitive data entered into ChatGPT. SafeType proactively detects sensitive information and prevents it from being sent to the gen AI platform.

When a user enters sensitive data into ChatGPT, SafeType immediately recognizes it and informs the user why sharing such information is not recommended. It also provides options to anonymize or delete the data from the session. The SafeType extension is available for Google Chrome and Microsoft Edge browsers and beyond Cyera’s website.

“The software uses the allowed Apache 2.0 license, making it easy for developers to contribute to the project or use the code in their applications,” Segev told VentureBeat. “It is released under community preview and is not connected to Cyera’s data security platform, shares no code with the platform, or interacts with Cyera in any way.”

What’s next for Cyera?

Segev emphasized that Cyera wants to enable companies to fully harness the power of their data through AI. He said the recent investment confirms Cyera’s commitment to helping Chief Information Security Officers (CISOs) address their biggest challenge of securing data in the cloud era.

Segev stressed that the additional funding will also accelerate the development of Cyera’s data security platform and support the expansion of its global go-to-market initiatives.

“We would not have been able to raise a $100 million round in this economic and financial environment without having a transformative impact on our customers’ data security programs. We aim to further solve critical issues for CISOs, holistically across their entire SaaS, PaaS and IaaS infrastructure,” said Segev. “This funding will enable us to accelerate product development, hire the best technical talent and expand our go-to-market initiatives. Our team is incredibly passionate about solving CISOs’ most pressing security challenges.”

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Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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