Looking Back on 2023: Building Trust, Scaling Innovation, and Embracing the Future
As we reflect on the past year, Drata celebrates a journey marked by exponential growth, expanded services, and a relentless commitment to customer trust.
Driven by new regulations and technology, the way organizations look at risk and compliance are constantly evolving. Adapting to these changes can be a challenge that requires a significant amount of research and development. At Drata, not only have we doubled down on our investment to improve how our customers navigate their compliance journey, but we have helped them surge ahead, making 2023 a year defined by trust and innovation.
As we reflect on the past year, Drata celebrates a journey marked by exponential growth, expanded services, and a relentless commitment to customer trust.
A Year of Trust
At Drata, trust is not just a buzzword—it's a mission. With 1.2 million users and 4,000 customers spanning over 50 countries in 2023, our commitment to building and maintaining trust across the internet has been resoundingly successful. And yet we’re still just getting started.
In 2023, we expanded our reach to the EMEA region, growing our customer base 425% now offering LIVE 24/5 technical support—ensuring that wherever you are in the world, our assistance is just a call away. This global accessibility underscores our dedication to providing unwavering support to our diverse and expansive customer base.
“Drata's outstanding platform, coupled with their top-notch consulting services, has enabled us to not only reach but also maintain crucial milestones for GDPR, SOC, and ISO compliance.”
—Edward M.
Product Innovation at Drata Speed
As our customer base has grown, so has our commitment to innovation. Operating at Drata Speed, we've not only kept up with industry demands but exceeded expectations.
Framework Expansion
2023 saw Drata with a growing number of frameworks, empowering our users with a comprehensive toolset to meet compliance needs across various domains. Drata has broadened its library to encompass 23 supported frameworks, including:
SOC 2
ISO 27001
ISO 27017
ISO 27018
Cyber Essentials
HIPAA
PCI DISS
HITRUST
CMMC
GDPR
NIST AI RMF
NIST CSF
NIST SP 800-53
NIST SP 800-171
ISO 27701
FFIEC
CCM
Microsoft SSPA
Seamless Collaboration
Collaboration is key, right? With hundreds of integrations and a trusted tech ecosystem, we've made collaboration seamless for our customers, enabling worry-free audits throughout the year. Our launch of Audit Hub, allowed customers to work and communicate with their auditors from one centralized location, saving time, money, and the frustration of miscommunication.
“The Audit Hub gives us a central location to manage the audit evidence. What's great about it is that it gives us one place where we can maintain and kind of keep all of our communications. It also prevents you from having to send sensitive information over channels like email or messaging.”
—Schneider Downs
But we didn’t stop there. Open API also made its debut in 2023, offering limitless configurations and empowering customers to tailor their GRC solutions to their initiatives. Managing risk and showcasing trust has never been easier.
Looking Ahead: Integrated Third-Party Risk Management
Don’t worry, we won’t be resting on our laurels. Looking to the future, we've outlined a roadmap for integrated third-party risk management that is not only scalable but also built on a foundation of trust.
We released our Risk Trends Report earlier this month, and our research pointed to an increasing need for a more streamlined and efficient approach to managing risk. Here’s a quick look at some key takeaways:
A majority of companies (83%) report negative consequences resulting from their current third party risk management processes or lack thereof.
An eye-opening 69% of enterprise companies spend over 1000 hours annually on managing risk, emphasizing the heavy resource allocation businesses are dedicating to risk management practices.
A staggering 80% of businesses admit to a concerning lack of visibility into their third-parties' security posture. This gap in visibility is compounded by the fact that nearly half (47%) of those with resources for thorough third-party screening still feel they need more transparency.
Security professionals prefer continuous, automated monitoring, with 65% favoring monthly or even real-time compliance checks. However, the current state of third party risk management processes often lacks the necessary automation, calling for a shift toward more proactive risk management.
There is a clear trend towards integrated risk management with 64% prioritizing this approach to achieve complete visibility into third and fourth-party risk exposure.
Our latest release of Third Party Risk Management (TPRM) addresses all of these and more, offering a comprehensive suite that enables businesses to effectively identify, evaluate, and monitor their third-party vendors.
G2 Ratings: A Testament to Trust
You don’t have to take our word for it. Drata now has over 570 5-star reviews on G2, making us a compliance leader for all of 2023. This recognition reaffirms that our customers are not just supported, but supported by the best. Your trust fuels our determination to keep pushing boundaries and setting new standards in the industry.
As we close the chapter on 2023, Drata extends heartfelt thanks to our customers, partners, Auditor Alliance Network, and the entire Drata community. Your trust has been the cornerstone of our success. With your unwavering support, we look forward to achieving even greater milestones together in 2024.
