- Vanta’s solution allows businesses to comply with regulations like SOC 2, HIPAA, and GDPR.
- Vanta offers users auditor-vetted controls and the ability to audit their environments for compliance gaps for regulatory frameworks like SOC 2, ISO 27001, HIPAA, PCI DSS, GDPR, and CCPA.
The game of compliance is all or nothing. Organizations either have to comply with data protection laws or be ready to pay severe fines. However, the complexity of the regulatory environment and lack of cybersecurity experts make it challenging to reduce the risk.
Security and compliance automation platform Vanta announced a raise of USD 40 million as an extension of the series B fundraising round that closed in June. With this, the company’s total valuation stands at USD 1.6 billion.
Vanta’s solution allows businesses to comply with regulations like SOC 2, HIPAA, and GDPR.
This round of funding confirms that automation is essential to remain compliant in an era of complex data protection laws, such as the GDPR and the California Consumer Protection Act (CCPA)Manual compliance is not a viable option
The announcement comes soon after Sephora and Meta were hit with significant fines for breaking the CCPA and the GDPR, respectively.
Despite the rarity of these events, most businesses are aware of the necessity of adhering to data protection laws. Still, they lack the internal resources and knowledge necessary to secure their surroundings.
It’s often impractical for organizations to avoid security incidents and establish data controls manually, leaving them vulnerable to cyberattacks and legal repercussions.
The solution to this problem is not to bolt compliance as an afterthought. Instead, develop automated procedures from the bottom up so that security teams can scale to secure their environments at a high level while adhering to the relevant legal frameworks.
Christina Cacioppo, CEO of Vanta, says, “Today, businesses have to think about security and compliance from Day 1.”
“Most can’t afford to hire somebody full-time, but the cost of getting it wrong is huge. Vanta levels the playing field for software companies in a downturn, helping them win business and prove their compliance with less spending overall. We’re honored to have industry leaders like CrowdStrike support Vanta as a next-generation security company”, Cacioppo stated.
Vanta offers users auditor-vetted controls and the ability to audit their environments for compliance gaps for regulatory frameworks like SOC 2, ISO 27001, HIPAA, PCI DSS, GDPR, and CCPA. These features expedite the certification process and lower the risk of non-compliance.
Insights of the compliance automation market
As more firms seek to control compliance sprawl, Polaris Market Research projects that the enterprise governance, risk, and compliance software market will be valued at USD 97 billion by 2028.
Drata, a compliance platform that enables businesses to automatically monitor data protection measures, finding gaps in compliance with regulatory frameworks like SOC 2, ISO 27001, and HIPAA, is one of Vanta’s primary rivals in the market. Drata recently revealed a Series B investment round of USD 100 million.
HyperProof, another rival that raised USD 16.5 million in a series A fundraising round earlier this year for an automated compliance platform for managing internal controls, automating audit procedures and workflows, and evaluating compliance posture.
Vanta’s current goal is to set itself apart from other service providers by assisting corporations in improving their compliance position using knowledge gained from the compliance experiences of other businesses.