Work-From-Home Market Fuels Saviynt Cybersecurity Growth

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Work-From-Home Market Fuels Saviynt Cybersecurity Growth
Photo by NeONBRAND on Unsplash

It seems like every week there's some new high profile data breach. Credit card numbers, addresses, nude photos, Democratic National Committee emails—you name it, hackers have stolen it.

Amit Saha, the CEO of Saviynt Inc, the El Segundo-based security vendor, said the problem has only gotten worse during the pandemic, with so many people working from home and using their personal computers to access corporate networks.

For Saha and his company's 750 employees, that's created a lot of work—and an opportunity. Saviynt announced Monday that they've secured $130 million in capital financing from HPS Investment Partners and PNC Bank to expand their cybersecurity SaaS technology. It's a big bet that the pandemic-fueled demand can help them build a more global company.


The principle behind the tech: trust no one. "Whenever someone is presenting an identity—claiming who they are—we do not trust the credentials they provide," said Saha. "Rather, we factor in all the different attributes. Where are they logging in from? How frequently are they accessing? What are they trying to access? Based on all those factors we decide what is the right level of trust we need to impart."

This concept of verifying identities and controlling who has access to what is paramount to maintaining network security.

Data breaches can start, he said, with something as simple as a contract HVAC worker clicking on a suspicious link and inadvertently installing ransomware on his home computer. Suddenly, hackers have a portal to a corporate network.

"That contractor's access got compromised and that compromise, in turn, leads to compromise on some other access," said Saha. "The hackers are able to hop from one system to another until they got to the right set of resources, which in turn leads to breach of sensitive data or in some cases breach of your IP. The IP could be a movie…without naming names," he said in what seemed to be a nod to the infamous 2014 hack of Sony Pictures.

Saha said the funs will help the company expand to new geographic markets. The company has a strong presence in North America and India, and much of the new cash is earmarked to help them build up a presence in other countries.

Additionally, some of the funds will be used to invest in system integration partners like Deloitte, who help to install Saviynt's technology on corporate networks, many of which are cloud-based and require extremely fast response times and greater degrees of scalability than traditional on-premise networks.

The rest of the money will go towards research and development as the company seeks to bring new products to market that allow the company to verify human and machine identities across networks.

If the company has its way, their "Zero Trust" philosophy could help companies like Sony, or Facebook, or LinkedIn, or Yahoo, or Alibaba, or Marriott, or AdultFriend Finder, or Adobe, avoid another embarrassing breach.

"We are all about, 'how do we secure the person's access?'" Saha said. "How do we assure that people accessing that resource are the right people and that they're behaving the right way?'"

Subscribe to our newsletter to catch every headline.

Cadence

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

Read moreShow less

Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

Read moreShow less

EV Startup INDIEV Links With Foxconn To Produce SUVs

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

EV Startup INDIEV Links With Foxconn To Produce SUVs
Photo Courtesy of IndiEV

INDIEV, a startup based in Vernon, announced this week it will partner with Taiwanese tech conglomerate Foxconn to build its first prototypes of its upcoming electric SUV, nicknamed the INDI One.

The debut makes it the seventh consumer electric vehicle company to enter Los Angeles’s crowded cohort of green carmakers.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending