Hyperproof, a compliance and risk management startup, raises $40M | TechCrunch

Image for article Hyperproof, a compliance and risk management startup, raises $40M | TechCrunch

News Summary

  • Hyperproof seeks to automate “non-strategic” compliance tasks for around 85 compliance and governance frameworks, including FedRAMP, the U.S. federal government-wide compliance program for cloud services and products.Hyperproof’s compliance and policy monitoring dashboard.
  • The same report estimated that the cost of being compliant by using the right tools and training was actually 2.71 times the cost of being noncompliant.Hyperproof’s rivals include Cypago, which offers tools to automate governance, compliance and risk workflows, and Osano, a data privacy management platform.
  • Hyperproof’s algorithms and rules try to prevent duplicative work while “creating novel connections between the user data and compliance regimes that require this data,” he explained — ostensibly saving teams time and money.“Enterprises in the past have taken two distinct paths,” Unger said.
  • That’s why companies are increasingly adopting flexible and scalable software-as-a-service platforms like Hyperproof that can scale to meet their diverse needs while increasing collaboration between teams and visibility across the organization.”Now, Hyperproof isn’t the only player in the compliance software solutions market.
  • Meanwhile, the EU recently adopted the Cybersecurity Act, which imposes stricter requirements on businesses storing private data, and the U.S. Securities and Exchange Commission released new regulatory disclosure rules.Most enterprises are attempting to build a culture of compliance in response.
  • '”So in 2018, Unger launched Hyperproof, which provides a system of record for compliance data coupled with a collaboration and work management system.
Hyperproof, a softwareasaservice risk and compliance management company, today announced that it raised $40 million in a funding round led by Riverwood Capital with participation from Toba Capital [+6757 chars]

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