CyberArk Expands Privileged Identity Management Market Leadership in First Half of 2012
NEWTON, Mass. and LONDON – August 1, 2012 – Cyber-Ark® Software today announced significant corporate milestones achieved in the first half of 2012, including a record year-over-year revenue growth rate of more than 30 percent, increased profitability and the acquisition of 100 new enterprise customers. This accelerated growth and corporate momentum reflect heightened organizational and executive awareness of persistent internal and external security threats, limitations of traditional perimeter security approaches, and the strengthening connection between privileged accounts and high-profile security breaches.
Over the past six months, increased demand for Cyber-Ark’s award-winning Privileged Identity Management, Privileged Session Management and Sensitive Information Management Suites has contributed to this unprecedented corporate growth. Cyber-Ark consistently delivers new product innovations and functionality that enable organizations to better secure, manage and monitor privileged accounts both on-premise and in the cloud. New releases launched this year include the ability to actively monitor privileged sessions in real time and mitigate threats by terminating suspicious activity. Cyber-Ark solutions also now manage privileged identities on web platforms such as Salesforce.com and corporate social networking accounts, including Facebook and Twitter.
“Businesses, regulatory bodies and government organizations increasingly recognize that privileged pathways are being used in targeted cyber attacks. Since privileged access points and pathways are the keys to an organization’s most sensitive assets, an ever-growing number of global enterprise customers continue to choose Cyber-Ark to better protect these critical, and often unguarded, entry points,” said Udi Mokady, president and CEO of Cyber-Ark Software. “Simply put-these past six months were our strongest ever. We continue to strengthen our worldwide executive team and achieve record revenue growth while expanding our customer-base to more than 1,100 global enterprise customers.”
Cyber-Ark has maintained a 95 percent customer renewal rate and notes aggressive adoption of its Privileged Identity and Session Management solutions by telecommunication companies and cloud services providers, as well as continued momentum in its traditionally strong financial services, retail and pharmaceutical markets. In June, the company announced that BT, one of the world’s leading communication services companies deployed the Cyber-Ark Privileged Identity Management Suite to monitor and secure its privileged accounts. BT also plans to integrate the Cyber-Ark Suite into its existing portfolio of managed security services to sell to its growing customer base.
Contributing factors powering strong customer renewal and adoption rates is supported by findings of Cyber-Ark’s recent 6th Annual “Global Trust, Security and Passwords Survey,” in which 71 percent of respondents considered insider threats to be the greatest security risk to their organization, with 29 percent citing external threats, including targeted cyber-attacks and opportunistic hacks. Sixty-four percent said they believed that the majority of recent security attacks involved the exploitation of privileged account access. Additionally, when asked if respondents were rethinking security strategies based on recent, headline-driving breaches, more than half said yes.
More first half 2012 corporate milestones include:
- Increased adoption of Cyber-Ark’s Privileged Session Management Suite, which enables organizations to view and terminate suspicious activity and protect against insider and external threats. With the recent release of version 7 of this solution, Cyber-Ark offers the ability to better isolate, control and monitor activity to protect databases, virtual environments, network devices and servers across all computing environments.
- Cyber-Ark’s Privileged Identity Management Suite was recognized with a “Best IAM Solution” award by SC Magazine Europe.
- Achievement of ISO 9001:2008 Certification, an International Standard for Quality Management.
- Bolstered sales and distribution to the U.S. Federal government through a distribution agreement with Carahsoft and inclusion on its GSA schedule.
- Appointment of former HP security sales executive Nick Baglin as vice president of Sales, EMEA.
In addition to Cyber-Ark’s rapid corporate growth, President and CEO Udi Mokady emerged as one of the IT security industry’s most quoted thought leaders in response to the FLAME virus and other privileged connections in recent high-profile security breaches. Mokady’s expert commentary appeared in a number of influential business news outlets including the Wall Street Journal, Bloomberg, Reutersand Reuters TV.