App security platform provider Pathlock raises $20M
Unified access orchestration platform provider Pathlock, formerly Greenlight Technologies, today announced it has secured $20 million in a strategic growth round led by Vertica Capital Partners. Pathlock says the funds will be used to bolster R&D for its products, extending the capabilities of its insider threat prevention platform.
According to Markets and Markets, the security orchestration, automation, and response (SOAR) segment is expected to reach $1.68 billion this year, driven by a rise in security breaches and incidents and the rapid development and deployment of cloud-based solutions. Risk Based Security found that data breaches exposed 4.1 billion records in the first half of 2019. That may be why 68% of business leaders in a recent Accenture survey said they feel their cybersecurity risks are increasing.
Flemington, New Jersey-based Pathlock, which was founded in 2004, says its access orchestration solution surfaces violations and takes action to prevent loss. With Pathlock, enterprises can manage different aspects of access governance — including user provisioning and temporary elevation, ongoing user access reviews, internal control testing, transaction monitoring, and audit preparation.
Pathlock continuously monitors transactions across enterprise apps to detect intrusions. It runs provisioning scenarios with “what-if” analysis before providing access and delivers real-time alerts for potential data loss. Moreover, Pathlock can automatically revoke privileges or terminate sessions to block malicious behavior, and its risk methodology is based on financial impact. The platform provides a quantitative risk score, rather than the risk rankings found in some rival solutions.
Pathlock claims to have monitored billions of events across its more than 100 customers.
“As digital transformation is driving change, enterprises are rapidly adopting new applications, moving to the cloud, and increasing their automation efforts. These digital activities are often happening in the shadow of IT, making them harder to manage and control,” founder and CEO Anand Adya said in a press release. “Our increased focus on zero trust will help modern enterprises conquer insider threats through a unified platform. We look forward to saving our customers time and money while helping them pass their audits with flying colors.”
Pathlock has a number of competitors in the identity and access management market. There’s Strata Identity, an identity orchestration platform for multicloud environments that recently raised $11 million. Another is JupiterOne, a cybersecurity management automation startup whose customers include Reddit and Databricks. Verified Market Research expects the segment to be worth $29.79 billion by 2027, growing at a compound annual growth rate of 13.21% from 2020, when it was valued at an estimated $11.82 billion.