- The cloud platform offered by Saviynt negates the requirement of multiple access management tools.
- The company detailed that both customer base and revenue have doubled since 2020.
Saviynt Inc., a cybersecurity startup, announced raising USD 205 million in debt financing from AB Private Credit Investors.
Along with this development, the company disclosed that founder Sachin Nayyar is returning to the office in the role of chief executive. Since its launch in 2011, Nayyar has worked as a CEO till 2018. After departing from Saviynt, he commenced Securonix Inc., another cybersecurity startup that raised over one billion dollars in funding last year.
Besides, Paul Zolfaghari, investor and technology executive, will be joining Saviynt as a president, while the CEO, Amit Saha, who presided over Saviynt since 2018, will now work as a chief growth officer.
Most organizations use a number of software to coordinate access to applications. Companies use one tool for login request processing from business users and another tool to process administrator sign-ins. However, in a few instances, an application is accessed by other users apart from employees, which demands extra software tooling.
The cloud platform offered by Saviynt negates the requirement of multiple access management tools. It can process sign-ins of employees across on-premises applications and the cloud. Furthermore, it can process complex access requests, such as those related to administrator accounts.
User accounts of administrators are more susceptible to hacking as they have sensitive applications’ access. Hence, companies must stay extra cautious to protect these accounts. Saviynt assures to reduce the tedious task involved here.
With Saviynt’s platform, companies can restrict system access to administrative accounts within time limits. For security purposes, a firewall’s settings console can be made accessible only during configuration changes, while login attempts to be blocked at other times. Such an approach lowers the security breaching chances in case the administrator’s account is about to be compromised.
A number of complementary features are also offered by Saviynt. The company’s platform facilitates businesses to store administrative login credentials in an isolated software vault and also changes passwords after frequent intervals. If hackers, by any way, breach into the administrator account, the platform manually blocks login sessions.
In some cases, the business applications are accessed by other software systems apart from the employees. For example, a revenue forecasting tool could extract data from the sales database of the company.
The company also offers tools for access request processing from applications. Administrators can detect unusual access requests that might pose a security hazard. In addition to this, the company’s platform can voluntarily permit some routine application interactions that are not so vulnerable to causing a data breach.
Nayyar stated, “Modern enterprises now realize they require a converged approach to identity security, one that is agile, cloud-based and will seamlessly scale to manage and mitigate risk. Saviynt anticipated this need when it was founded in 2011. Today, the company is positioned to meet this demand and accelerate our disruption of legacy identity security providers.”
Saviynt detailed that both customer base and revenue have doubled since 2020. The startup will build new features and enhance its partner ecosystem with the help of newly announced debt financing. The company is all set to optimize the user experience and add new capabilities to process application access requests involving connected devices.