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Seclore, a data-centric security platform (DCSP) for enterprises, today announced a $27 million series C funding. The company reported that the capital will be used to accelerate its quest to be the platform of choice for enterprise data protection initiatives. It’s DCSP offering will enable enterprises to shift their security posture from infrastructure to data. This approach allows customers to focus on securing their crucial data assets, rather than chasing data to secure it as it moves from enterprise systems throughout the cloud and to third parties.
The announcement comes on the heels of a time when data breaches are increasingly more common as the workplace environment has shifted to remote rapidly due to the pandemic.
Cybersecurity experts attribute 20% of data breaches to remote employment, with each incidence costing organizations an average of $4 million. Throughout the last few decades, security has been heavily invested in cyber infrastructure, which includes devices, networks and apps. True data-centric security has just ascended to the next level and this is where Seclore comes into play. The platform can be used to integrate ideal data-centric security solutions with current enterprise systems to overcome the inherent limitations of different data protection point solutions.
Data security in the cloud
Apart from data protection where it protects IP, customer data and employee data, Seclore reveals that its DCSP also solves data privacy issues. This is for enterprises trying to comply with global privacy standards such as GDPR and CCPA, as noncompliance can result in fines of ranging from $2,500 per infraction to $7,500 for purposeful violation or higher. Seclore’s DCSP also includes cloud data security, which enables enterprise customers to protect data as it travels through various public cloud systems without solely relying on the cloud service provider’s security posture.
A Forrester report reveals that 60% of security incidents are caused directly by third-party vulnerabilities. In addition, another poll conducted by Deloitte found that 87% of respondents had had a third-party incident interrupt their operations and 11% have had their vendor relationship completely fail.
Seclore says its third-party risk management solution in the DCSP enables enterprises to exchange confidential information with third parties like vendors, partners, customers, or even board members without, making sure the security or privacy of the information is not compromised.
Standing out as a data security solution
While Microsoft (MIP), Vera (now HelpSystems) and Fasoo are other competitive data security solutions, Seclore claims its ability to interact with current systems and automate tedious operations is what sets it apart. For decades, data-centric security solutions such as discovery, data loss prevention (DL), classification and encryption have existed. Due to the necessity for human engagement, these technologies have proven to be inefficient and error-prone. Seclore’s DCSP automates human tasks.
“We rapidly recognized Seclore as the global market leader in data-centric security after reviewing the team, technological stack and total addressable market,” said Ron Heinz, founder and managing partner at Oquirrh Ventures, the firm that led the funding round.
In addition to Oquirrh Ventures, Origami Capital also helped lead the round. The Seclore says the new funding will be used to increase the company’s global staff as well as its customer base in North America.