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Nokod secures USD 8 mln to augment low-code/no-code app security

Friday 30 June 2023 12:45 CET | News

Cybersecurity company Nokod has raised USD 8 million to establish a presence in the US market and further research vulnerabilities of low-code/no-code domains.

 

Adoption of low-code/no-code and RPA platforms like Microsoft PowerApps, ServiceNow, or UiPath is predicted to reach 65% of the IT market by 2024. More so, Generative AI and ChatGPT-like tools, introduced in 2023, are set to hyper-accelerate low-code/no-code development.

Cybersecurity company Nokod has raised USD 8 million to establish a presence in the US market and further research vulnerabilities of low-code/no-code domains.

Although these platforms provide businesses fast application development with minimal complex coding using third-party toolkits, they are not covered by the application security stack. As a result, the applications and automations create a new attack surface as well as introduce the risk of compliance violations.

Enhancing security on low-code/no-code apps

Nokod empowers businesses with a platform to manage cybersecurity and compliance risks stemming from their low-code / no-code custom applications and RPAs by streamlining security into the application's lifecycle. The platform provides the security team with a comprehensive view of the application inventory, identifies security issues, and vulnerabilities and offers the organisation customized auto-remediation, effectively accelerating their digital transformation.

The cybersecurity company officials said that application development is both time-consuming and costly, exacerbated by the anticipated threefold increase in the shortage of full-time software developers by 2025. As companies increasingly turn to low-code/no-code and RPA platforms, coupled with the rise of Generative AI tools, the adoption of low-code/no-code tools is set to skyrocket.This trend can take us back to the days when everyone coded without proper security measures, leaving sensitive business and personal data vulnerable to unauthorised access. Their product ensures 100% secure citizen development within enterprises.

The global cybersecurity market was valued at USD 163.53 billion in 2019 and by 2030, the market is forecast to have a value of USD 430.46 billion, as per the press release. The low-code development platform market size is projected to reach USd 148.5 billion by 2030, growing at a CAGR of 27.8%.


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Keywords: cybersecurity, fraud prevention, artificial intelligence, ChatGPT, expansion
Categories: Fraud & Financial Crime
Companies: Nokod
Countries: World
This article is part of category

Fraud & Financial Crime

Nokod

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