Cerby Secures $17M Series A Funding to Safeguard Nonstandard Applications

Cerby Raises $17 Million in Series A Funding to Address Risk in Identity and Access Management

Overview

Cerby, a comprehensive access management platform for nonstandard applications, has announced that it has raised $17 million in Series A funding. The funding round was led by Two Sigma Ventures and included participation from Outpost Ventures, Ridge Ventures, Founders Fund, Bowery Capital, AV8, Salesforce Ventures, Tau Ventures, Okta Ventures, Incubate Fund, and Ben Johnson, co-founder of Obsidian Security and Carbon Black. Cerby aims to address the unique risk associated with nonstandard applications that do not adhere to common identity and security standards. These applications pose significant challenges to organizations and have been the cause of cybersecurity incidents in 52% of organizations, according to a recent study by the Ponemon Institute.

The Growing Need for Connected Identity Mesh

Nonstandard applications, which do not support common identity and security standards such as APIs and Single Sign-on (SSO), present a growing challenge in the business landscape. As organizations increasingly adopt a decentralized approach to work and technology spending, the identity gap created by nonstandard applications becomes more apparent. Cerby recognizes this need and aims to provide a fully connected identity mesh that works for all applications, including on-premises, OT, legacy, and cloud-based applications.

Unique Value Proposition

Cerby‘s platform stands out from traditional identity and security tools by addressing nonstandard application risk across all deployment scenarios. Whether it is a cloud, privately hosted, or on-premises application, Cerby‘s patent-pending access orchestration engine enables passwordless authentication, a feature not commonly available for nonstandard applications. By automating everyday human security tasks based on cues from upstream identity providers, Cerby eliminates the need for manual tools and compensating controls, making application security more efficient and less prone to human error.

Implications for the Financial Services Sector

Cerby‘s latest funding round highlights the company’s necessity in the financial services sector, where nonstandard applications are heavily relied upon. This industry, in particular, can benefit greatly from Cerby‘s platform, which revolutionizes how businesses manage and protect nonstandard and disconnected applications. The investment from Two Sigma Ventures and Outpost Ventures reaffirms their confidence in Cerby‘s ability to transform how businesses secure and manage access to critical business applications and infrastructure.

Editorial: Bridging the Identity Gap for Nonstandard Applications

Businesses today rely heavily on a wide range of applications to drive productivity and innovation. However, as the use of nonstandard applications continues to increase, organizations face significant challenges in managing and securing access to these applications. The decentralized nature of work and technology spending has only exacerbated this identity gap, making it imperative for companies to find solutions that can address the unique risks associated with nonstandard applications.

Cerby‘s approach to identity and access management for nonstandard applications is both timely and essential. By providing a comprehensive access management platform that seamlessly integrates with identity providers, Cerby enables organizations to automate security tasks and ensure consistent access control across all types of applications, regardless of standards support. The ability to implement passwordless authentication for nonstandard applications is particularly groundbreaking and addresses a significant pain point for both IT teams and end-users.

The financial services sector, where nonstandard applications play a vital role, stands to benefit greatly from Cerby‘s platform. With the industry’s critical need for robust security measures and efficient access management, Cerby‘s solution can help mitigate risks associated with nonstandard applications and streamline security processes. The support from investors, including Two Sigma Ventures and Outpost Ventures, further underscores the importance of Cerby‘s mission and the potential impact it can have on the industry as a whole.

Advice: Prioritizing Identity and Access Management

As the reliance on nonstandard applications continues to grow, organizations need to prioritize identity and access management to mitigate cybersecurity risks effectively. Here are some key considerations for businesses:

Identify Nonstandard Applications

Start by conducting a comprehensive inventory of all applications in use within your organization. Identify which applications do not adhere to common identity and security standards and determine the level of risk they pose. Understanding the scope of nonstandard applications is crucial for implementing appropriate access management solutions.

Choose an Integrated Access Management Platform

Invest in a comprehensive access management platform, like Cerby, that seamlessly integrates with identity providers and supports nonstandard applications. Look for solutions that offer automation capabilities, passwordless authentication, and deep visibility and control of employee-onboarded applications. A platform that centralizes access management across all types of applications will help minimize risk and streamline security processes.

Implement Robust Security Measures

Ensure that your access management platform offers robust security measures to protect against cybersecurity threats. This includes features such as multi-factor authentication, role-based access control, and continuous monitoring of access privileges. Regularly review and update security policies to adapt to changing threats and industry best practices.

Stay Informed and Engage in Industry Research

Stay updated on the latest trends and developments in identity and access management. Engage with industry research and attend relevant conferences and webinars to gain insights into emerging technologies and best practices. Building a strong network and staying informed will help you make informed decisions and stay ahead of evolving cybersecurity threats.

In conclusion, as nonstandard applications continue to pose significant risks to organizations’ cybersecurity, solutions like Cerby‘s access management platform become crucial. By addressing the unique challenges associated with nonstandard applications, organizations can bridge the identity gap, enhance security, and streamline access management processes. Implementing a comprehensive approach to identity and access management, prioritizing security measures, and staying informed will be essential in protecting businesses from emerging cybersecurity threats.