BigID Takes Big Interest in Data Privacy

Laura BednarCybersecurityLeave a Comment

BigID Data Privacy Law Investment

BigID, a tech company that specializes in data governance and security issues, received a fresh injection of cash on the heels of a $50 million Series C just four months ago. The new infusion of capital is also $50 million from a company called Tiger Global Management. From its many contributors, Big ID has raised an overall total of $144 million.

The organization aims to transform how enterprise-level businesses protect and manage the privacy of personal data. They offer businesses technology like software to track and govern customer data as well as protect it from unauthorized parties. BigID is founded by those from the security industry in the big data, identity, data security, and governance markets.

Why Now?

What kickstarted this massive new investment is the new regulatory environment increasingly focused on data security. The European Union, other countries such as Brazil, and a host of American states have increasingly adopted strict data privacy laws. These give consumers more control over how their data is processed and used.

BigID is a relatively new company. It was founded in 2016, with the predictive expectation of a shift toward stricter data privacy laws. As BigID CEO Dimitri Sirota put it, “Fortunately for us, some of the requirements that we said were going to be critical, like being able to understand what data you collect on each individual across your entire data landscape, have come to [pass].”

The Outlook

The landscape faced by BigID is going to be competitive. However, Sirota’s hope is that getting to market early and raising a massive war chest of fungible investment dollars will give his company a strategic edge. BigID has actually raised a great deal more money than it originally intended, but given its availability, the company found itself in little position to refuse. The plan for right now is to expand into other areas of security beyond its initial focus on privacy, and the company is already expanding into new markets.

BigID isn’t the only company looking to make money off of the new data privacy laws. A slew of new companies, such as InCountry, OneTrust, and TrustArc are also hoping to crack the new market. These other companies all have different methods of maintaining compliance. For instance, TrustArc’s platform helps companies monitor compliance in different areas, while InCountry helps international companies store data locally, known as “data residency-as-a-service.”

Committed to Privacy

Secure Data respects our clients’ privacy and works diligently to keep abreast of any changes to the regulatory environment. We are an SSAE 18 Type II Certified company with security certifications like HIPAA compliance and GSA Approved Contractor status. In addition to the privacy initiatives we take during our data recovery process, we provide data storage solutions. Our hardware encrypted flash drives and external hard drives are FIPS 140-2 Level 3 validated and are impossible to reverse engineer. Learn more about our data security products and services by calling 1-800-388-1266.