NEW YORK — HYPR, a cybersecurity company, has announced a $30 million investment from Silver Lake Waterman to drive accelerated advancements in technologies to combat the rising threat of generative AI-driven credential-based attacks. HYPR specializes in passwordless authentication solutions and support for its policy risk and identity verification products.
Recent research findings from HYPR reveal that 60% of organizations name generative AI as the biggest identity security concern. It comes as no surprise given the potential for misuse and increasing sophistication of AI-powered attacks over the last 12 months, alone. Yet, many organizations continue to use probabilistic approaches to security that can be exploited, including “phishable” authentication methods such as 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 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,” said Shawn O’Neill, Managing Director at Silver Lake Waterman. “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.”
Secure, Frictionless Authentication for Millions
HYPR’s market leadership in FIDO passkey-based MFA is evidenced by its expansive customer base, including Fortune 50 companies. Last year alone, HYPR increased passkey usage among the workforces of its customers by 77% from the previous year. Leading the charge, one of the four largest 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.
“In an era of escalating threats, particularly those powered by generative AI, prioritizing the security of our customers’ information is paramount,” said Bashar Abouseido, Chief Information Security Officer at Charles Schwab. “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.”
