Sprinto raises the bar for security and compliance automation
Ilesha, Osun, Nigeria, 13th Jun 2023, King NewsWire – Data is an invaluable modern-day asset that leads to generation, acquisitions, and partnerships for any organization. Protecting it from internal or external threats and illegal access is the top priority of every organization. Protecting against financial loss, consumer trust degradation, reputational harm, and brand erosion is one of the many reasons why organizations of today invest heavily in cybersecurity.
As technologies advanced and B2B commerce increased, it became important for organizations to form a basis of trustless structure that covered the aspects of security. Compliance security was introduced to fill this gap.
As per a January 2020 Ponemon Institute report:
“In the past two years, 53% of organizations have experienced at least one third-party data breach. And a data breach costs an average of $7.5 million to remediate.”
The purpose of compliance security was to ensure that organizations implemented security policies and protocols for data protection according to global standards.
A formal governance structure was implemented to ensure organizations comply with laws, regulations, and standards around their data. These provided insights into the possession, storage, organization, and management of digital assets or data to prevent its theft, loss, misuse, or compromise.
It is critical for every company to achieve and maintain compliance. SOC 2, ISO 27001, GDPR, and HIPAA are some widely accepted standards. Here’s an overview of what each compliance framework aims to achieve.
The European Union signed GDPR (General Data Protection Regulation), which came into effect in 2018, providing consumers with more control over how their personal data is handled and used by companies. It specifies standards for not only European companies but organizations around the globe, so long as they target or gather data related to people in the EU.
The Health Insurance Portability and Accountability Act requires healthcare providers to ensure digital health information is secure, confidential, and available when being transmitted or stored. It also mandates healthcare providers to make reasonable efforts to protect against security breaches, threats, and improper use of health data.
A voluntary compliance protocol based on the Auditing Standards Board of the American Institute of Certified Public Accountants that assesses whether your organization manages its customers’ data effectively and safely within the cloud.
PCI-DSS (Payment Card Industry Data Security Standard):
An independent body created by Visa, American Express, MasterCard, JCB, and Discover, the PCI DSS is a set of requirements intended to ensure that all companies that store, transmit, or process credit card information have to maintain a secure environment.
However, achieving compliance was not an easy task. It was expensive and time-consuming. Traditionally employees had to conduct security compliance activities manually.
With recent developments in artificial intelligence (AI), compliance automation has grown at a rampant pace. A risk management system has been developed that allows data protection, the safety of network infrastructure, activity monitoring, and security policies for authorization.
With automated compliance, organizations can simplify compliance procedures, implement corrective action planning, conduct self-assessments, and efficiently deploy control analysis and testing procedures.
Sprinto now enables organizations to cut costs and significantly reduce the time taken to comply. Thus making compliance available for all.
The Enterprise Governance Risk Management and Compliance market, at a CAGR of 10.9%, is expected to grow to $60.7 Bn by 2026 with an evaluation of $36.1 Bn as of 2021.
At a pivotal time where cybersecurity and security compliance is one of the biggest drivers for the growth and expansion of software companies, Sprinto has been consecutively recognized as a Leader in Security Compliance by G2.
Sprinto is raising the bar on security for cloud companies with powerful compliance automation capabilities. It helps monitor entity-level risks and controls from a single dashboard with any cloud setup. Sprinto is helping organizations scale with unwavering confidence. Sprinto is aiding software-as-a-service (SaaS) companies to obtain security compliances, such as SOC 2, GDPR, ISO27001, and HIPAA certifications, among others.
As per G2 Fall 2022 Reports, not only has Sprinto been recognized as a Leader in Security Compliance, but it has also been named a leader in Cloud Compliance and Cloud Security categories.
Sprinto was rated #1 in User Adoption, Usability, ROI, and Ease of Implementation
With enterprise-level accounts like HP and Hackerrank, Sprinto already boasts of its hundreds of global customers.
Since the inception of its website back in June of 2021, the startup has seen rapid growth. Sprinto has doubled its Accounting Rate of Return (ARR) in the last ten weeks alone.
Sprinto is already a trailblazer in the space of compliance automation startups and has raised $10 Mn in Series A funding led by Elevation Capital and a group of other institutional investors, which could go a long way in forging a solid growth trajectory for the startup.
Elevation Capital Partner Deepak Gaur said, “We’re very excited about partnering with Girish and Raghu as they build the future of compliance automation. Sprinto is helping solve a critical business need in the rapidly growing market. The team has managed to create a world-class product which is emerging as the compliance automation platform of choice for cloud companies and generating tremendous customer acclaim.”
Founded in 2020, Girish Redekar and Raghuveer Kancherla are the CEO & Co-Founders of Sprinto.com, a company helping SaaS brands close enterprise deals faster, become SOC-2 compliant, and pass vendor security assessments easily. Earlier, the duo built and bootstrapped RecruiterBox with a customer base of 2500+ and 50+ employees in the US and India. San Francisco-based private equity firm Turn/River Capital acquired the company in an undisclosed all-cash deal (no stock or earn-outs). RecruiterBox has been profitable throughout its journey. Girish and Raghu are passionate entrepreneurs and programmers keen on raising the bar on security for cloud companies. For the founders, cybersecurity happened accidentally. Security and compliance questions were a constant headache at their earlier B2B software company before Sprinto. The team decided it was time to bite the bullet and automate security compliances because it was such an expensive and time-taking affair. As co-founders, they enjoyed a front-row seat in collecting evidence, implementing security practices, and going through audits. The engineers within them felt like a lot of the busywork around this could be automated. That’s the origin story of Sprinto in the space of cybersecurity.
Girish, CEO, and co-founder at Sprinto, advises young entrepreneurs:
“An idea’s merit isn’t in its uniqueness but in its usefulness. As a startup novice, I would get discouraged when I realized that my idea was already implemented. But today, I worry if I have an idea and cannot find any instance where it’s been tried before. That indicates that I’m overlooking something. I’m now more curious whether someone has tried this before, and to try and learn why it succeeded or failed, and what avenues could exist that could make it more successful.”
Co-founder Raghuveer talks about the future of security compliance space and organization:
“SaaS businesses, irrespective of their size, need to be SOC 2 compliant with the changes mandated by the AICPA in 2018 and are required to collect and report SOC 2 reports from their critical vendors. It is also a major revenue concern for SaaS businesses of all sizes. Recognizing this growing need, Sprinto aims to become the infosec OS of choice for SaaS service providers. It’s creating a new product category that is fundamentally unique from existing automation tools. Sprinto is focused on delivering outcomes, not just automation. This is ingrained into the team’s design, outlook, internal processes, and culture.”
All SaaS businesses, irrespective of their size, must be SOC 2 compliant with the changes mandated by the AICPA in 2018 and must collect and submit SOC 2 reports from their critical vendors. The EGRC market has seen rapid growth since governments across the world have introduced complex regulatory environments to govern privacy issues. Be it the SOC2 regulations which came into being in 2009, or GDPR, which was enforced in 2018, the demand for such software has risen manyfold.
The Bengaluru-based startup plans are heading for team expansion across key roles and research and development. Sprinto is also ramping up its hiring and opening its first North American office, in Utah, by this quarter’s end.
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