AppOmni raises $70M to secure orgs’ SaaS apps 

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Yesterday, software-a-service (SaaS) security provider AppOmni announced that it had raised $ 70 million as part of a Category C funding round, which the company wants to use to accelerate its product development. This funding round raises AppOmni’s total funding to $ 123 million.

As a solution, AppOmni provides security management tools to organizations, providing users with guidance on how to detect and monitor SaaS apps in their entire environment, detect security risks, and correct misconceptions.

AppOmni’s approach provides security teams with greater transparency on the data stored in SaaS apps and the overall security of these apps. It also provides additional controls such as internal personnel provisioning, configuration management, permission set and guest user access to reduce risks to the environment.

Securing the web with modern SaaS apps

The announcement comes as the adoption of SaaS solutions has grown to the point where the average organization uses 254 different SaaS apps.

Given that employees use the web of SaaS apps to store and process critical data in the cloud, these services are a major target for attackers, which many organizations ignore.

In fact, research has shown that 40% of all SaaS assets are unstable, providing internal, external and public data access. With so much data being processed by SaaS apps, organizations cannot ignore the need to protect these environments – which is becoming increasingly important in helping to prevent security incidents.

“The SaaS application has become a core part of the enterprise tech stack, with mid-market and enterprise companies using dozens or hundreds of different vendors,” said Brendan O’Connor, CEO of Apomni. “But when it comes to security configurations or architectures, there is no standardization across SaaS applications, which makes it difficult for security teams to maintain top security status for many different applications.”

According to O’Connor, AppOmni addresses these challenges by giving security teams more visibility into their SaaS environment, automating tedious manual security processes to manage these apps, and providing recommended protection actions for users.

Providers want to secure the SaaS market

With the SaaS market valued at $ 113.82 billion in 2020 and expected to reach $ 716.52 billion in 2028, it is likely that more organizations will recognize the need to protect the surface of the attack.

AppOmni claims to be one of the top providers addressing this challenge, currently used by over 78 million users and securing over 230 million open data records.

However, it does compete with some of the fastest growing competitors. One of the organization’s main competitors is Obsidian Security, a SaaS security and posture management and cloud detection and response provider.

Obsidian’s solution enables organizations to monitor cloud application accounts, privileges, configurations and activity so that security teams have an understanding of the risks in the entire cloud environment.

Earlier this year, Obsidian announced that it had raised $ 90 million as part of the Series C funding round, increasing its total funding to $ 119.5 million.

Another competitor is Arctic Wolf, which provides cloud detection and response solutions that monitor SaaS and SaaS services for detecting phishing credentials, impossible travel, and malicious integration while offering a systematic investigation of suspicious activity to reduce risks in the cloud.

Last year, the Arctic Wolf raised $ 150 million as part of a Category F funding round and achieved a valuation of $ 4.3 billion.

However, O’Connor argues that AppOmni differs from other competitors in that it “does not go deeper than basic configuration management.” Instead, it suggests that the SaaS security program requires a deeper security architecture, constant monitoring, threat detection, automated workflow, and the DevSecOps that AppOmni provides.

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