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Data privacy, governance, and compliance platform OneTrust has announced plans to obtain Tugboat Logic, a platform that organizations use to garner safety certifications such as ISO 27001. Terms of the deal have been not disclosed.
Founded in 2016, OneTrust is one of various organizations that specialize in assisting other enterprises preserve information privacy, each for regulatory compliance and to meet customers’ developing expectations that their information will be treated with kid gloves. OneTrust presents a self-assessment tool that enterprises such as Allianz, Maersk, and Huawei can use to see how they comply with GDPR and other legal frameworks (or fail to), with more tools such as “data mapping” that illustrate how information flows via an organization and across borders, as properly as myriad services spanning cookie compliance, consent management, and breach response.
Gartner predicts that by 2023, information from practically two-thirds of the world’s population will be covered by regional and regional privacy regulations — such as Europe’s GDPR and California’s CCPA. As such, the enterprise governance, danger, and compliance (GRC) market place was pegged at $35 billion in 2020.
Automation for the individuals
While OneTrust has some current functionality to enable enterprises when they’re audited for certification, Tugboat Logic is especially about removing friction from the procedure by automating essential methods. The 4-year-old VC-backed corporation is in the end focused on addressing a capabilities gap in the safety and compliance market.
Using AI and machine mastering, Tugboat Logic automates facts safety (InfoSec) policy creation and “audit readiness” so organizations can prove to buyers that they are severe about information protection. The Tugboat Logic platform contains a prebuilt library of 40 policies to take a lot of the spadework out of building facts safety (InfoSec) policies, and it also presents automated safety questionnaire responses to expedite request for proposal (RFP) submissions.
“Any business that uses data is now a regulated business, and regardless of size, these companies are held to the same risk compliance and certification standards as sophisticated programs,” OneTrust CEO Kabir Barday noted in a press release. “Tugboat Logic simplifies security assurance and certification automation to help growing companies easily demonstrate why they can be trusted and give a level of assurance about their security and compliance posture.”
OneTrust has been on a thing of an acquisition spree in 2021, bolstering its core providing with third-party danger management platform Shared Assessments ethics and compliance corporation Convercent and automated information-redaction provider DocuVision. These offers have been partially funded by the Atlanta, Georgia-based company’s current $510 million money injection, which was spread across two rounds of funding beginning last December.
Other notable players in the space include things like BigID and Didomi, each of which have raised sizable investments in current months. But by extending its attain into associated information privacy and safety verticals, OneTrust is positioning itself as a more alluring proposition for organizations of all sizes by providing complete tools and services. The corporation can cross-sell and upsell to Tugboat Logic customers as their enterprises develop, providing all manner of tools spanning privacy, ethics and compliance, ESG, third-party danger, information governance, and more.
OneTrust stated it expects to close the Tugboat Logic acquisition in the coming weeks.