Cypago has released its flagship Cyber GRC (governance, risk, compliance) Automation platform and while landing $13 million in funding, the company disclosed.
Cypago intends to use the capital infusion to grow its research and development and product teams. It also plans to expand its go-to-market efforts to build a larger presence in North America and in European Union countries. The investment round was led by Entrée Capital, Axon Ventures, and Jump Capital.
The Tel Aviv, Israel-based GRC startup said that its cloud-based platform provides advanced automation enabling visibility, enforcement and reduction in cost and risks for GRC initiatives. Cypago said it has begun working with Check Point, Hippo Insurance, Operative, MTX, and Trigo.
What the Cypago Platform Offers
Here are some benefits and features of the platform: (per Cypago)
- The platform automates and streamlines the increasingly unwieldy GRC processes that organizations need to maintain.
- Companies keep up with the growing number of cybersecurity regulations designed to protect business and customer data, which has created an onslaught of standards and certifications. In 2022, more than 40 US states introduced 250 bills focused on cybersecurity alone, which will increase over time.
- The platform combines SaaS architecture and advanced analysis and correlation engines, GenAI and NLP-based automation, delivering complete coverage across all security frameworks and IT environments.
- Security and GRC maturity increases through intuitive cross-functional workflows.
- The platform offers hundreds of out-of-the-box automation templates for frameworks such as NIST CSF, NIST 800-53, SOC 2, and ISO 27001, as well as the ability to implement custom frameworks.
- Customizable no-code automated workflows for evidence collection, continuous control monitoring, gap discovery and mitigation provide easy integrations to existing tech stacks for centralized visibility, management, and enforcement of IT and security requirements.
- GRC management, security and operations teams can reduce operational friction and enhance the Cyber GRC program efficiently, all while reinforcing trust with their customers and stakeholders.
Arik Soloman, Cypago co-founder and chief executive, explained GRC automation:
“Traditionally, running cyber GRC processes has been a manual, fragmented, and time-consuming process. As the risk of cyber threats continues to rise, the volume and complexity of security-related GRC obligations grow, adding to the burden over time. This diverts valuable attention from cybersecurity teams, which should be focused on enhancing their business' security. Non-compliance with GRC mandates can result in costly fines, erode customer trust, and even major data breaches.
The company’s principals are Solomon, a former EY executive, and co-founder Yahav Peri, who previously served as an officer in the IDF Intelligence Corps.