With a collaboration app for security teams, Balance Theory raises $3 million

Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and gain efficiencies by improving and scaling citizen developers. Watch now.

Collaboration apps are a staple in the age of remote work, but they're also open to compromise. All it takes is a hacker to gain access to an employee's login credentials to gain access to workspaces filled with confidential information and documents.

That's why cybersecurity co-working space provider Balance Theory, which today announced it has raised $3 million in a seed fundraising round led by DataTribe, has developed a collaboration tool for security teams.

Balance Theory's solution provides users with a secure, encrypted platform to manage workflows, processes, technical documentation, and security playbooks, all in one place with classification and redaction capabilities. It also integrates with existing collaboration tools like Slack and Microsoft Teams.

It's an approach that allows board members, auditors, new hires, and vendors to get an overview of the security team's protections.

Smart Security Summit

Learn about the essential role of AI and ML in cybersecurity and industry-specific case studies on December 8. Sign up for your free pass today.

This announcement comes at a time when collaboration applications are dramatically increasing risk for businesses.

One of the most notable examples of this happened just a few months ago, when hackers hacked into Rockstar Games' internal Slack channel, exfiltrating content, resources and source code from Grand Theft Auto VI and posted over 90 videos and images on GTAForums. .

Collaboration applications are a prime target for cybercriminals because they know that these solutions contain a mountain of protected data and intellectual property that is discussed among employees. If an intruder manages to hack into a collaboration application, they gain access to a central repository of valuable information.

However, Balance Theory doesn't just provide a protected collaboration environment, it also provides a place where security teams can optimize their processes without depending on inefficient legacy solutions like spreadsheets.

"When I was asked the question: tell me the story of your cybersecurity program... most respond today with PowerPoint presentations and spreadsheets containing information siled, scattered and hard to put together," said Greg Baker, CEO of Balance. The theory.

"Balance Theory provides the space to solve the creation, management, and communication of all aspects of an enterprise cybersecurity team on a secure and trusted integrated platform," said said Baker.

Users can communicate via a live chat function using features such as redaction to remove sensitive information, while security teams can implement public sharing controls and permission management to determine who can access shared documents.

According to Baker, Balance Theory's main competitors are legacy cybersecurity program creation and management solutions. However, there are also a number of secure business collaboration tools.

One vendor that focuses on securing enterprise communications is Element, which offers a secure, end-to-end encrypted collaboration platform also designed for security teams. Element's solution provides single sign-on (SSO) and data...