Keeper Security’s access management cybersecurity platform
Keeper Security is a Chicago, Illinois-based startup offering a cybersecurity platform for password management.
As the ongoing COVID-19 pandemic forces workers back into their homes, cybersecurity is becoming ever more essential for organisations. Passwords in particular are a point of , thanks to threats such as social engineering.
It is precisely this area in which Keeper Security specialises, providing encryption software that keeps passwords secure, targeted at both businesses and individuals.
Keeper said it had experienced growth despite the COVID-19-caused economic downturn, with thousands of businesses relying on its services worldwide. It maintains a 4.9/5 and a 4.6/5 rating for its app on the Apple App and Google Play stores respectively.
In , Darren Guccione, CEO and Co-founder of Keeper Security, said: "The past four months have resulted in history's most pervasive cybersecurity challenge. As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates. It's forcing a rapid transformation and growth in the cybersecurity industry – one that is essential to safeguard people and businesses.”
The company said it would use the funding to accelerate product innovation and global sales.
"As the lines blur between where we live and where we work, businesses and consumers look to Keeper for critical cybersecurity protection. The value that Keeper provides to its customer base has never been clearer," said Thomas Krane, Principal at Insight Partners. "Keeper's impressive growth and business stability, despite the global pandemic, is driven by its ability to deliver products that exceed their customers' needs and expectations. We look forward to supporting Keeper in its continued growth."
IT Employees Predict 90% Increase in Cloud Security Spending
As companies get back on their feet post-pandemic, they’re going all-in on cloud applications. In a recent report by Devo Technology titled “Beyond Cloud Adoption: How to Embrace the Cloud for Security and Business Benefits”, 81% of the 500 IT and security team members surveyed said that COVID accelerated their cloud timelines. More than half of the top-performing businesses reported gains in visibility. In fact, the cloud now outnumbers on-premise solutions at a 3:1 ratio.
But the benefits are accompanied by significant cybersecurity risks, as cloud infrastructure is more complex than legacy systems. Let’s dive in.
Why Are Cloud Platforms Taking Over?
According to Forrester, the public cloud infrastructure market could grow 28% over the next year, up to US$113.1bn. Companies shifting to remote work and decentralised workplaces find it easy to store and access information, especially as networks start to share more and more supply chain and enterprise information—think risk mitigation platforms and ESG ratings.
Here’s the catch: when you shift to the cloud, you choose a more complex system, which often requires cloud-native platforms for network security. In other words, you can’t stop halfway. ‘Only cloud-native platforms can keep up with [the cloud’s] speed and complexity” and ultimately increase visibility and control’, said Douglas Murray, CEO at cloud security provider Valtix.
Here’s a quick list of the top cloud security companies, as ranked by Software Testing Help:
What are the Security Issues?
Here’s the bad news. According to Accenture, less than 40% of companies have achieved the full value they expected on their cloud investments. All-in greater complexity has forced companies to spend more to hire skilled tech workers, analyse security data, and manage new cybersecurity threats.
The two main issues are (1) a lack of familiarity with cloud systems and (2) challenges with shifting legacy security systems to new platforms. Out of the 500 IT employees from Devo Technology’s cloud report, for example, 80% said they’d sorted 40% more security data, suffered from a lack of cloud security training, and experienced a 60% increase in cybersecurity threats.
How Will Companies React?
They certainly won’t stop investing in cloud platforms. Out of the 500 enterprise-level companies that Devo Technology talked to throughout North America and Western Europe, 90% anticipated a jump in cloud security spending in 2021. They’ll throw money at automating security processes and investing in security upskilling programmes.
After all, company executives will find it incredibly difficult to stick with legacy systems when some cloud-centred companies have found success. Since moving from Security Information and Event Management (SIEM) offerings to the cloud, Accenture has saved up to 70% on its processes; recently, the company announced that it would invest US$3bn to help its clients ‘realise the cloud’s business value, speed, cost, talent, and innovation benefits’.
The company stated: ‘Security is often seen as the biggest inhibitor to a cloud-first journey—but in reality, it can be its greatest accelerator’.