The Growing Challenge of SaaS Security for Large Enterprises

A significant number of large organizations currently depend on numerous third-party Software-as-a-Service (SaaS) applications for core business functions. However, their security teams are frequently struggling to maintain adequate oversight. Currently, Cloud Access Security Brokers (CASBs) represent the leading approach to SaaS security, functioning as intermediaries between users and the services they access.

Despite their role, CASBs often fall short of delivering the comprehensive visibility that enterprises require. This is largely due to employees frequently bypassing established IT protocols. Tel Aviv-based Grip Security is focused on addressing this issue by offering organizations complete insight into their SaaS environments. They achieve this through enforceable, endpoint-focused access controls and enhanced data governance features that operate consistently across all devices and locations.

Grip Security Secures $6 Million in Seed Funding

Grip Security recently announced the successful completion of a $6 million seed funding round. The investment was spearheaded by YL Ventures, a firm specializing in cybersecurity, and included participation from prominent figures such as George Kurtz, CEO and co-founder of CrowdStrike, alongside a collective of angel investors with extensive experience in the cybersecurity sector.

Notable angel investors include Andy Ellis, formerly the CSO of Akamai; Michael Sutton, ex-CISO of Zscaler; Sounil Yu, previously Chief Security Scientist at Bank of America; and Sameer Sait, CISO at Amazon Whole Foods.

Image Credits: Grip Security

“The team behind Grip Security possesses a strong technical foundation to innovate within the SaaS security landscape,” stated Ofer Schreiber, a partner at YL Ventures. “Grip is poised to revolutionize outdated SaaS security methods and empower enterprises to implement the automated, granular security necessary for SaaS, which is the fastest-expanding area within information technology.”

From Venture Capital to Startup Founder

Prior to establishing Grip Security, co-founder and CEO Lior Yaari served as the CTO of YL Ventures, although he emphasizes that he underwent the firm’s standard due diligence process to secure funding. In this capacity, he engaged with numerous CISOs, consistently hearing concerns regarding the shortcomings of existing SaaS security solutions.

Yaari, along with co-founders Idan Fast (CTO) and Alon Shenkler (VP R&D), brings substantial cybersecurity expertise to the venture. However, it was during his tenure at YL Ventures that the concept for Grip Security originated.

“While at YL Ventures, we continually sought emerging market opportunities and, through discussions with CISOs, recognized that SaaS security was a significant pain point. Many existing solutions, particularly CASBs, were not meeting their needs,” Yaari explained. “This perspective, combined with observing technical teams attempting to address the problem and subsequently seeking alternative solutions due to a lack of market fit, motivated me to pursue this myself.”

Yaari recounted jokingly telling YL Ventures partner Ofer Schreiber that he would launch a solution if the problem remained unsolved by October. This initial jest evolved into reality within a few months, driven by a desire to tackle the challenge.

A New Approach to SaaS Security

The majority of prevalent CASBs were founded between 2013 and 2014 and were later acquired by industry giants like Microsoft, Cisco, and Proofpoint. However, Yaari contends that the challenges associated with securing SaaS applications today are fundamentally different than they were a decade ago.

He argues that these earlier solutions were effective for managing a limited number of applications, perhaps a dozen or so. Grip Security aims to provide a more scalable and comprehensive solution.

The core benefit of Grip Security is the ability to provide enterprises with complete visibility into the SaaS applications actually utilized by their employees. Yaari remained discreet about the specific technical details of how Grip achieves this, but emphasized that it is a non-invasive process.

“We do not deploy any software on user devices or corporate networks; instead, we analyze the data trails left by SaaS applications to accurately identify which applications are in use,” he clarified. He also highlighted that Grip Security’s solution functions seamlessly regardless of the device being used.

Future Growth and Development

Currently, Grip Security employs approximately 15 individuals and intends to allocate the new funding towards expanding its platform’s capabilities, particularly in the areas of access governance and data governance for applications. The company anticipates growing its team to between 20 and 25 employees within the next year.