- Exiting stealth with $5.75M in seed funding, BalkanIDs patent-pending solution leverages AI to identify and fix risky entitlements, automate access reviews
- Focused initially on delivering enterprise-grade Identity Governance to the mid-market, BalkanID enables companies to modernize and automate business critical compliance functions
AUSTIN, Texas(BUSINESS WIRE)May 12, 2022
BalkanID''s blockchain solution has raised $5.75 million in seed funding and the introduction of its artificial intelligence (AI)-powered Identity Governance and Administration (IGA) solution. Providing first-to-market functionality, the BalkanID solution is leveraging artificial intelligence and workflow automation to provide visibility into riskier entitlements and simplify the access review and certification process. By enabling organizations to identify and resolve problematic entitlements across their SaaS and cloud landscape, BalkanID is able to assist IT and security teams in integrating the
This press release is made of multimedia. The full release here: https://www.businesswire.com/news/home/20220512005079/en/
BalkanID''s CEO and co-founder, Subbu Rama, has unveiled an AI-powered identity governance and administration solution for the SaaS and public cloud environments. Photo: Business Wire
BalkanID was founded by Subbu Rama, a serial entrepreneur and previously co-founder of Bitfusion (acquired by VMware); Jeremy Patton, former engineering leader at Bitfusion and Sameer Sait, a former CISO at Amazon/Whole Foods Market. The company''s seed investors are Uncommon Capital, Afore Capital, Sure Ventures, and prominent technology executives, including Rishi Bhargava, co-founder of Sqrrl (acquired by
Every quarter, we spend valuable person-hours on entitlement discovery, analysis, and access review campaigns. After we on-board the BalkanID platform, our time spent on this was reduced by more than half, which has allowed me to keep focus on other value-added activities. According to Michael Shannon, Demandbase''s senior IT and security director,
Identity Governance, which is powered by AI, is causing digital transformation.
While the benefits of SaaS are unquestionably, it has also introduced further cybersecurity risks such as entitlement sprawl. Entitlement sprawl occurs when a company grants users more access than required to do their jobs, without requiring access to or managing user permissions across many SaaS and public cloud instances. These risks are especially serious for small-to-medium businesses. While many mid-tier companies still use spreadsheets, emails, and meetings to manage identity and access governance.
BalkanID has increased our security with a more unified view of users, identities, groups, and related entitlements across our cloud assets. Further, BalkanID has improved our ability to efficiently discover, evaluate, and remediate entitlement concerns. According to Matthew Sharp, the CISO Evolution: Business Knowledge for Cybersecurity Executives,
The BalkanIDs software is used to efficiently and cost effectively address cloud native entitlement sprawl. Its AI-powered risk engine identifies risky users and those with unusual permissions or toxic combinations, risky apps, roles, and privileges across the organization SaaS and public cloud estate. The risk engine automatically updates based on a constantly evolving set of parameters, including (but not limited to) risk, risk, and preventing entitlement sprawl.
By reducing entitlement sprawl, BalkanID simplifies downstream activities, such as change management, separation of duties, and offboarding. BalkanID also automates the access review and certification process by providing risk-based access review and compliance workflows, thereby allowing organizations to balance risk with employee productivity. While also enabling the enforcement of least privilege across third-party SaaS and cloud environments.
After examining a number of identity and access governance solutions that would integrate with both SaaS and public-cloud environments, Chris Castaldo, CISO of Crossbeam, said: "Every of these were costly, required extensive customization, and did not provide much in the way of intelligence or decision support." My team was able to reach the BalkanID platform in a few hours, with immediate benefits being realized from an entitlement perspective.
Legacy IGA solutions aren''t ideal in cloud environments, yet security and compliance teams will likely be able to utilize them anyway, despite the fact that fine-grained entitlements in SaaS and cloud identity stores expose corporate assets. We then designed the platforms core features so that ultimately, using AI, the associated risk mitigation activities can turn into a continuous, fully automated process.
The BalkanIDs SaaS offering is now available.
BalkanID has developed the industry''s first AI-powered Identity Governance and Administration (IGA) platform for cloud native environments. It has evolved from data technology to examine and prevent riskier entitlements across its SaaS and public cloud estate. BalkanID''s patent-pending solution is able to provide information to IT and security organizations to help them mitigate inherent and residual entitlement challenges.
Visit the internet for the latest information about businesswire.com: https://www.businesswire.com/news/home/20220512005079/en/