Adaptive Shield, an Israeli SaaS Security Posture Management (SSPM) company, announces a $30M Series A round of financing led by Insight Partners, with additional investors including Okta Ventures and existing investor, Vertex Ventures Israel. Through this funding, which follows a 2019 $4M seed round, Adaptive Shield enables companies to secure their SaaS stacks, many of which are already compromised due to misconfigurations.
As businesses rely on multiple SaaS applications, typically hundreds of them, ensuring that each is configured properly becomes unmanageable – a 2021 report from Adaptive Shield found that 85 percent of respondents cite SaaS misconfigurations as one of the top three risks. This issue is being exacerbated by unrealistic expectations that are being placed on app owners – most organizations today are delegating security to less-trained staff who sit outside the security department’s day-to-day purview.
“Expecting security teams to stay on top of SaaS Security misconfigurations without a proper SSPM solution in place is like expecting a bodyguard to protect an invisible person. Deep visibility and continuous maintenance of SaaS security hygiene is crucial to keeping the company secure” said Maor Bin, CEO and Co-Founder of Adaptive Shield.
“Thanks to this latest round of funding, we will be able to further evolve our SSPM offering while extending our reach to meet growing demands from businesses around the globe looking to increase their SaaS usage while eliminating any risk.”