Sun, 03 Jul 2022

Data Detection and Response Platform ARR grows 50% in just three months

PALO ALTO, CA / ACCESSWIRE / May 19, 2022 / Cyberhaven, the company behind the industry's first Data Detection and Response (DDR) platform, today announced rapid expansion fueled by a 50 percent increase in annual recurring revenue (ARR) quarter over quarter. Seven new hires - including executives from Microsoft, Netskope, Confluent, Crowdstrike, Wiz, and Alation - will play key roles in driving the company's continued growth. This announcement comes after Cyberhaven's $33M oversubscribed Series B funding round at the end of last year, led by Redpoint Ventures with participation from Forgepoint Capital and Wing as well as existing investors Vertex Ventures US, Costanoa, and Crane.

'The era of data-centric security has begun,' said Howard Ting, CEO of Cyberhaven. 'The risks to enterprise data have grown massively due to the megatrends of cloud adoption, hybrid work, and ransomware. As organizations re-architect their security stack to optimize for protecting their most valuable asset, it's clear Data Detection and Response is a category ready to explode.'

Pioneering the Data Detection and Response (DDR) Category

Data breaches result in an estimated $600B annual cost to the US economy, not to mention the repercussions to an affected organization such as stolen IP, business interruptions, loss of customer trust, weakened competitiveness, and significant financial penalties. DDR is a new approach to data security that innovates upon capabilities traditionally found in Insider Risk Management, Cloud Access Security Broker (CASB), Secure Access Service Edge (SASE), and Data Loss Prevention (DLP) solutions into a powerful model of automated security that keeps track of data wherever it goes.

Cyberhaven built its DDR platform to solve the headaches of these old-fashioned approaches to data security, in much the same way that modern Endpoint Detection and Response (EDR) tools reshaped malware defense in recent years. Today, businesses on the cutting edge in software, pharmaceuticals, manufacturing, professional services, and beyond are using Cyberhaven to protect their most valuable data and take a proactive approach in securing their intellectual property. Until now, data protection technologies were limited in the types of sensitive information they could accurately identify, and therefore protect.

Cyberhaven's SaaS-based service takes a radically different approach from traditional data loss prevention and insider risk management solutions. By tracing all movement of data all the time, Cyberhaven makes it possible to classify and protect highly valuable data such as source code, product designs, proprietary research, schematics, customer records, financial forecasts, planning documents, and more that elude keyword and signature based detection methods. Correlating events across endpoints and cloud apps, Cyberhaven applies graph analytics to detect risks that first-generation insider risk, CASB, and DLP products missed-such as a user copying data out of Salesforce in their browser window, pasting it into an Excel spreadsheet, then uploading it to a personal Google Drive account. Cyberhaven enables security teams to have precise control over how any of their data moves with the ability to block, alert, or coach users in real time.

Growing Customer Validation

Innovative companies are moving beyond DLP and implementing DDR with Cyberhaven to combat insider risks without negatively impacting employee productivity or their collaborative company cultures.

'Cyberhaven has been an integral part of building our insider risk program to gain visibility into potential bad behavior and put in place preventative controls to stop IP from leaving the company,' said Gary Huber, Sr. Director of IT Security at Crestron. We're looking to expand our use of Cyberhaven's DDR capabilities as part of our growing data governance function to use insights into how data is moving throughout the organization to craft appropriate policies for who can handle sensitive data and where it can go.'

'With Cyberhaven's DDR platform, we're able to maintain our open, innovative culture by allowing employees to access consumer apps and services, while also preventing them from uploading sensitive company data to places they shouldn't belong,' said JP Corrales, Sr. IT Manager at Snap Finance.

Attracting Top Talent

To execute on its ambitious vision and establish the DDR category, Cyberhaven continues to attract mission-driven security executives and proven company builders. New hires driving the future of Cyberhaven and the data protection market include:

Neil King, Chief Product Officer - Formerly Netskope, McAfee, and VeriSign

Ryan Snyder, Head of Customer Experience - Formerly Alation, GoodData, and Symantec

John Loya, Vice President of Sales Engineering - Formerly Microsoft, Digital Guardian, and McAfee

Rickie Goyal, Vice President of Sales Operations - Formerly Thoughtspot, Confluent, and Nutanix

Grace Cheung, Head of Demand Generation - Formerly Bugsnag, Sojern, and Engine Yard

Andrew Byun, Head of Revenue Growth - Formerly Crowdstrike and Poplar Homes

Cameron Coles, Head of Product Marketing - Formerly Wiz, Proxy, and Skyhigh Networks

For more information on Cyberhaven, or to schedule a demo, please visit https://www.cyberhaven.com/.

About Cyberhaven

Cyberhaven is The Data Security Company. With the industry's first Data Detection and Response (DDR) platform, Cyberhaven protects intellectual property and sensitive data from theft and mis-use by mapping the full journey of every piece of data to accurately classify sensitive data, detect risk, and proactively enforce policy for any organization that believes data is a key differentiator in their business.

Media Contact:
Mark Nolan
York IE for Cyberhaven
mark@york.ie

SOURCE: Cyberhaven, Inc.



View source version on accesswire.com:
https://www.accesswire.com/702019/Cyberhaven-Announces-Accelerating-Customer-Adoption-and-Appoints-Key-Leadership-to-Drive-Next-Phase-of-Growth

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