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Today, DevSecOps company Apono launched a new cloud-native privileged access governance platform from stealth with $5 million in seed funding to help organizations address the challenge of privilege and permissions management.
The solution aims to provide an access management tool that enables devops and security engineers to securely manage permissions and to prevent security and compliance risks, while ensuring that users can access the content they need without being overwhelmed by authentication measures.
For technical decision makers, privileged access governance solutions are emerging as a critical and scalable alternative for gatekeeping access to sensitive resources and systems, that’s more user friendly than less efficient multi-factor authentication-driven approaches.
The launch comes as more enterprises are failing to control access privileges to systems, with 77% of organizations having at least a few users with more access privileges than required for their jobs.
This access is problematic, as attackers routinely target privileged individuals with phishing attempts, knowing that they have access to a goldmine of sensitive information, with 59% of companies suffering a cyber attack where privileged credentials were phished.
While many organizations are making concerted efforts to control user access to critical IT resources, many authentication solutions, driven by ad-hoc multi-factor authentication, aren’t scalable, and rely on authentication mechanisms that are inconvenient and fatiguing to end users.
“Organizations are required to move faster than ever to bring immediate value to their customers. To do so, they need to grant access to privileged assets and sensitive data repositories, while keeping them secure and adhering to compliance regulations,” said Apono CEO Rom Carmel.
“Legacy privileged access management solutions do not stand at the pace of value delivery that is required of businesses today and were not designed to secure cloud assets. With the multitude of applications, data repositories and clouds in the environment managing permissions correctly in each resource becomes a major challenge,” Carmel said.
With modern enterprises moving at such a high pace, Apono aims to address the challenge of permissions management by providing users with a single cloud-native platform to manage permissions across multiple resources and environments so they don’t need to define permissions for each on a case by case basis.
Assuring identity in the remote working era
The organization is part of the global identity and access management market, which researchers valued at $12.26 billion in 2020 and anticipate will reach a value of $34.52 billion in 2028 as organizations become increasingly concerned over securing their environments and mitigating compliance violations, in the age of remote working.
Apono is competing against a range of other providers including Saviynt, a cloud identity and access governance platform with automated identity workflows, which raised $130 million last year and achieved a total valuation of $170 million.
Another competitor is StrongDM, an infrastructure access and auditing solution with admin controls to manage access with granular auditing, which raised $54 million last year, bringing its total funding to date up to $77 million.
While Apono is competing against well-established competitors, it’s aiming to differentiate itself through its emphasis on cloud integration.
“By integrating with your cloud environments, Apono is able to offer a plug-and-play approach to access and permission management based on the environment’s insights, unlike any other existing solution. Apono is built for DevOps and strives to automate permission management while baking in security and compliance,” Carmel said.
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