Highlights:

  • The announcement comes at a time when there has been a rise in the adoption of SaaS solutions, with an average organization using 254 different SaaS apps.
  • AppOmni offers more controls like internal employee provisioning, permission sets, guest user access, and configuration management to mitigate risks.

Software-as-a-service (SaaS) security provider AppOmni announced that it had raised USD 70 million as a part of C funding. The company intends to use these funds for product development. The accumulated amount, including the current round of funds, has amounted to USD 123 million.

AppOmni provides its clients with a security management tool, which enables users to explore and keep a tap on SaaS apps throughout their environment, run security checks to detect risks, and provide guidance on fixing misconfigurations.

AppOmni’s solution is a boon for security teams as it facilitates transparency of the data stored in SaaS apps along with the overall protection of the apps. Additionally, it offers more controls like internal employee provisioning, permission sets, guest user access, and configuration management to mitigate risks.

Safeguarding the web of modern SaaS apps

The announcement comes at a time when there has been a rise in the adoption of SaaS solutions, with an average organization using 254 different SaaS apps.

As employees use a web of SaaS apps to save and process critical data in a cloud, these services have become a prime target for cyber attackers, which many organizations tend to ignore.

According to research, 40% of all SaaS data assets are not managed well, providing internal, external, and public data access. With vast amounts of data being processed through SaaS apps, organizations cannot overlook securing these environments – this is crucial to help prevent security incidents.

Brendan O’Connor, AppOmni’s CEO, said, “SaaS applications have become a major part of the enterprise tech stack, with mid-market and enterprise companies using dozens or hundreds of different vendors.”

“But there is no standardization across SaaS apps when it comes to security configurations or architecture, making it difficult for security teams to maintain peak security posture for so many different apps.”

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

Providers on the lookout to secure the SaaS market

As of 2020, the SaaS market was valued at USD 113.82 billion and is expected to grow to USD 716.52 billion in 2028. The probability is that organizations will recognize the need to secure their attack surface.

AppOmni claims to be one of the best providers addressing this issue; currently, it has 78 million active users and has secured more than 23 million exposed data records.

However, several fast-growing competitors provide similar services. Obsidian Security is one of its main competitors. Obsidian Security is not just a SaaS security provider but also offers posture management and cloud detection.

Obsidian’s solution allows organizations to monitor cloud application accounts, configurations, privileges, and activity to provide security teams with insights on the risks throughout the cloud environment.

Obsidian announced that it had raised a sum of USD 90 million as a part of the C funding round, with a total accumulation of USD 119.5 million during the start of the year.

Another neck to neck competitor of AppOmni is Arctic Wolf. It provides a cloud detection and response solution that monitors SaaS and SaaS services that detect malicious integrations, phishing credentials, and impossible travel. Simultaneously, it offers managed investigations into suspicious activity to eliminate risks in the cloud.

The previous year, Arctic Wolf had raised a sum of USD 150 million as a part of F funding and reached a valuation of USD 4.3 billion.

O’Connor believes that AppOmni stands out from other competitors that “don’t go deeper than basic configuration management.”

Instead, he suggests that any SaaS security program is expected to provide deep security architecture, continuous monitoring, threat detection, automated workflow, and SevSecOps, something that AppOmni provides.