SecZetta, the leading provider of third-party identity risk solutions, today shared its business growth highlights for the first quarter of its 2023 fiscal year ending in April 2022. The company delivered strong first quarter results building on the momentum coming out of 2021, underscoring its continued leadership in addressing third-party identity risk and enabling organizations to better manage the identity risk and lifecycle management needs of their growing third-party populations. Key to driving growth in the quarter was increasing diligence by global organizations around gathering the contextual data needed for their third-party non-employee workforce to ensure compliance which requires visibility into third-party access at the organization and identity-level.

“This past quarter reflects a growing movement toward the use of an identity authority as a critical component to providing more control and auditability of processes for collecting, using and tracking third-party user information”

In addition to compliance drivers, the scale of many organizations’ utilization of third parties as part of their regular business practices has increased exponentially, putting additional strain on existing manual processes and increasing their risk exposure. During a merger or acquisition, thousands of employees and third-party users may need to be added to the parent company’s digital identity management system. Organizations need the ability to quickly and efficiently onboard people into the new company while having an auditable trail of what was done and who approved it. Without automation, it can take hundreds of hours to determine which of these employees, and third-party users are valid, if duplicates exist, and then to migrate the workforce records from the acquired organization systems. More importantly, organizations need the ability to manage the relationships with these identities across their lifecycles and ensure timely termination of access when no longer required.

“This past quarter reflects a growing movement toward the use of an identity authority as a critical component to providing more control and auditability of processes for collecting, using and tracking third-party user information,” said David Pignolet, founder and CEO, SecZetta. “Moving forward, this will become increasingly important as organizations strengthen collaboration with partners and suppliers, shifting responsibility for business processes of managing and delegating tasks to non-employees and partners.”

Q1 Customer Highlights

SecZetta continues to expand its customer base across a variety of industries. New Q1 customer wins include:

• Mohegan Gaming & Entertainment – the premier gaming, entertainment, meeting, dining, and shopping destination on the East Coast.
• Dominion Energy – About 7 million customers in 13 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050.
• RSA Insurance – one of the world’s longest standing general insurers, providing award-winning personal, commercial and specialty insurance products and services direct-to-customers, via brokers and affinity partners. for more than 305 years.

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Q1 Partnerships Highlights

SecZetta continued to build out its partner roster in Q1 to support its ambitious global expansion.

New partners include:

• Talus Solutions – a Vizient GPO Company and provider of world-class cybersecurity services to healthcare and enterprise organizations
• Wipro – a global company delivering innovation-led strategy, technology, and business consulting services.
• PlainID – The Authorization Company™, is the recognized leader of Policy-Based Access Control (PBAC). PlainID’s simple, straightforward solution to authorization management enables organizations to govern, administer and control who can access assets across their digital landscape.
• IAM Experts – a pan-European specialized consultancy, focused entirely on Identity Access Management and GDPR.

Industry Analyst Recognition

SecZetta was cited in three leading industry analyst reports in Q1 FY2023, including the Gartner April 2022 “Market Guide for Insider Risk Management Solutions” and the KuppingerCole “Leadership Compass for Access Management”. The Gartner Market Guide for Insider Risk Management was created to help organizations understand and implement insider risk mitigation strategies and references SecZetta as a company offering solutions that deliver insider threat detection capabilities. The KuppingerCole Leadership Compass for Access Management provides up to date insights to the leaders in innovation, product features, and market reach for Access Management on-premises, cloud, and hybrid platforms. The report identified SecZetta as a “Vendor to Watch” to provide third-party identity management capabilities that work well with existing IAM, PAM, other risk management tools, and HR tools.

SecZetta was also featured in the inaugural “Risk Insights and Advisory Fintech Spotlight” report by the Aite-Novarica Group spotlighting specific vendors across the domains of Cybersecurity, Fraud, and AML that are solving a traditional problem in a different manner. The report highlights SecZetta’s identity risk functionality that helps customers evolve from legacy, customized solutions to a robust, purpose-built identity risk management solution.

Proprietary Research Findings

SecZetta, in partnership with ESG, an IT analyst, research, validation, and strategy firm division of TechTarget, conducted new research “Securing the Identity Perimeter with Defense in Depth” that demonstrates a clear misalignment between the strategies organizations currently use and what is actually required to protect them from cyberattacks due to third-party vulnerabilities. The complexities of identity management require increased investment in the right tools and services, like third-party identity lifecycle management, to improve the operational efficiencies and reduce the cost and risk of managing the dynamic, higher-risk relationships with third-party individuals and organizations.

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