Armonk, New York-based technology giant IBM announced on Monday that it is acquiring cybersecurity vendor Spanugo for an undisclosed amount to bolster its financial public cloud offering.
Founded in 2016, Santa Clara, California headquartered Spanugo, provides cloud cybersecurity posture management solutions.
The integration of Spanugo’s software into IBM’s public cloud will help meet the security demands of clients in industries with high compliance and regulatory needs, according to a statement.
In November 2019, IBM announced that it is designing the first financial services public cloud to address the requirements of financial services institutions for compliance, security and resiliency. Financial institutions have traditionally been hesitant in adopting public cloud services, given the security concerns.
The acquisition of Spanugo is seen as a move to bolster the financial services public cloud that will help enterprises with control over regulatory workloads, multi-architecture support and automated security features.
Additionally, Spanugo software would help in setting up security control centres for IBMs clients to define and monitor compliance and manage controls in real-time.
“With the acquisition of Spanugo, we have taken another major step in advancing IBM's differentiated capabilities in security and compliance for our enterprise clients, including those in highly regulated industries," said Howard Boville, SVP, cloud, IBM.
Boville added that the addition of Spanugo’s technology to IBMs financial services public cloud would help clients with evidence of ongoing compliance in real-time.
The yet-to-be-released financial public cloud solution will cater to companies in industries such as financial services, telecom, healthcare, insurance and others. The strict adherence to compliance would ensure that the cloud environment is both agile and secure for highly critical applications.
“We're able to deeply serve businesses across industries that require verifiable, audit-ready, real-time cybersecurity posturing,” Doc Vaidhyanathan, cofounder and chief product officer, Spanugo, said.
Spanugo provides cybersecurity compliance solutions to companies that are audited, and can also deliver a framework for continuous cloud security improvement and adaptation to mitigate security risks, the statement said.
When an organisation is audited, for example, Spanugo's technology can efficiently and transparently demonstrate cybersecurity compliance in real-time. Additionally, it delivers a continuous process of cloud security improvement and adaptation to reduce the likelihood of a successful attack. Moving forward, Spanugo software will form a part of IBMs suite of public cloud services.