Identity Assurance Company HYPR announced a $30 million investment from Silver Lake Waterman to accelerate technological advancements and combat the rising threat of generative AI-driven credential-based attacks.
This funding validates the expanded adoption of HYPR’s passwordless authentication solutions and support for its policy risk and identity verification products, as proven by recent large-scale deployments by leading enterprises and strategic partnerships between HYPR and key technology leaders.
Research has shown that 60% of organizations name generative AI as the biggest identity security concern. And it does not come as a surprise given the potential for misuse and increasing sophistication of AI-powered attacks over the last year alone.
However, many organizations continue to use probabilistic approaches to security that can be exploited, including phishable authentication methods like passwords or knowledge-based identity verification. Even though 89% of organizations believe that passwordless authentication provides the highest level of security, over half (53%) still cling to vulnerable username/ password methods.
HYPR’s market leadership in FIDO passkey-based MFA is proven by its expansive customer base, including Fortune 50 companies. Last year alone, HYPR also increased passkey usage among its customers’ workforces by 77%.
Driving the charge, one of the top four U.S. banks has become the world’s largest enterprise adopter of FIDO passkeys by working with HYPR. Gains were exponential on the consumer side, with 367% year-over-year growth in consumer passkey deployments among HYPR customers, including a long-standing healthcare customer that simplified its customers’ experience by successfully rolling out one million passkeys with HYPR in just ten weeks.
HYPR continues to rapidly gain momentum in key vertical markets, solidifying its position as a trusted provider of identity solutions in energy, automotive, healthcare, education, government, and financial services.
HYPR also recently announced new integration capabilities with CrowdStrike, Yubico, and Microsoft—all of which will provide joint customers with the benefits of FIDO-certified multi-factor authentication and a frictionless and secure identity experience. The companies join HYPR’s list of strategic technical alliances, including integrations with Okta, Ping Identity, Idemia, and others. Through these collaborations, HYPR is driving the path toward eliminating passwords and shared secrets across the enterprise and securing the identity lifecycle end-to-end.
KEY QUOTES:
“HYPR’s innovative approach to identity assurance and proactive stance against the growing threats posed by generative AI is a testament to their leadership in this critical field. We are excited to partner with HYPR on this journey, with a focus on accelerating the development and deployment of technologies that will protect organizations and individuals in an increasingly complex digital landscape.”
- Shawn O’Neill, Managing Director at Silver Lake Waterman
“In an era of escalating threats, particularly those powered by generative AI, prioritizing the security of our customers’ information is paramount. HYPR is at the forefront of this battle and we’re confident that our partnership will continue to deliver a secure and frictionless authentication experience.”
- Bashar Abouseido, Chief Information Security Officer at Charles Schwab
