Symmetry Raises $18 Million to Bolster Organizations' Data Security Programs

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As organizations increasingly rely on cloud services, they are faced with the challenge of maintaining control over their data security. The consequences of losing this control can be severe, including significant financial losses and reputational damage.

Table of Contents

The Cost of a Data Breach

According to IBM, the average cost of a data breach is approximately $3.86 million. Furthermore, organizations spend around $14.82 million per year on non-compliance, including non-compliance with data security policies. These numbers highlight the importance of investing in robust data security measures.

The Growing Importance of Data Security

Ninety-seven percent of security leaders believe that their employers will either maintain or increase their security budgets this year, according to a recent survey. Additionally, 45% say that data security has "significantly" increased as a priority. This growing emphasis on data security is driving innovation in the field.

Symmetry Systems: A New Approach to Data Security

Symmetry Systems is one such startup that is capitalizing on this trend. Co-founded by Casen Hunger, Puneet Tiwari, and Mohit Tiwari, a cybersecurity researcher at the University of Texas, Austin, Symmetry offers a platform that provides visibility into who has access to a company’s data and how it’s being used.

How Symmetry Works

Symmetry maps out an organization’s data, helping to define policies for how data should — and shouldn’t — flow. The platform provides the foundational visibility needed to drive developers and data team processes, detect violations, and automate large parts of compliance reporting.

Challenges in Data Management

Organizations struggle with data management, with 35% of companies admitting that their sensitive data now resides in the cloud, while 27% admitted to not knowing the location of their sensitive data. Symmetry aims to solve this problem by identifying data types in data stores and unearthing possible misconfigurations related to data and user accounts.

Features of Symmetry

Using Symmetry, customers can:

Adjust account access management policies on individual data objects
Ensure access is limited to those who need it
Monitor all future accesses

Differentiation in the Market

Symmetry differentiates itself from other data security companies by pioneering a new deployment model — "software-as-a-service, but in customer’s cloud." The entire product resides in the customer’s environment while being updated and managed using cloud-native tools.

Funding and Growth

Symmetry has received funding to support its growth, with plans to continue innovating in the data security space. As organizations increasingly prioritize data security, Symmetry is well-positioned to capitalize on this trend.

Market Trends

The market for data security is growing rapidly, driven by increasing regulations and the need for robust protection of sensitive information. Organizations are recognizing the importance of investing in data security measures, creating opportunities for innovation in the field.

Conclusion

Data security is a critical concern for organizations, with severe consequences for those who fail to prioritize it. Symmetry Systems is one such startup that is capitalizing on this trend, offering a new approach to data security that is gaining traction in the market.

About the Author

Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat and Digital Trends, as well as a range of gadget blogs including Android Police, Android Authority, Droid-Life, and XDA-Developers.