In order to keep pace with the rising sophistication of cyber threats, Box, Inc. BOX recently added automated malware detection and controls to its advanced security solution - Box Shield.
These new features will help it reduce the risk of security breaches.
Box Shield is the company’s advanced security solution with increased security controls for protecting content in the cloud.
The new solution will prevent leakage of important documents like internal business plans, salary lists or financial records, among others. It will allow users to view but not download files with malware attached. In addition, the new feature will automatically restrict download and sharing of any malicious content uploaded to Box, and generate alerts to notify the security teams for proper actions to be taken.
The latest Box Shield feature strengthens data security and ensures seamless collaboration. Subsequently, Box is anticipated to boost user engagement and lead to greater adoption of products. This is expected to augur well for the top line in the days ahead.
Box, Inc. Price and Consensus
Box, Inc. price-consensus-chart | Box, Inc. Quote
Box is expected to benefit from rapid digital transformation and the need for enhanced security solutions worldwide, triggered by coronavirus-led work-from-home wave.
Rising spend on advanced security solutions and cybersecurity tools enhances the prospects of the new offering. It has become a mission-critical, high-profile requirement, given the growing exposure of enterprises to sophisticated cyber threats. Per a Markets and Markets report, worldwide cyber security spending will reach $170 billion by 2020.
With companies shifting away from traditional business to a cloud-based model due to massive amount of data, there is immense growth scope for providers like Box. The company is on track to boost the adoption of cloud computing and security solutions across all industries.
This apart, Box’s strength and expertise in the cloud security space are likely to favor the company’s business prospects in the days ahead.
Zacks Rank & Stocks to Consider
Currently, Box carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Stamps.comInc. STMP, eBay Inc. EBAY and Fiverr International Lt. FVRR. While Stamps.com sports a Zacks Rank #1 (Strong Buy), eBay and Fiverr International carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Stamps.com, eBay and Fiverr International is currently projected at 15%, 11.6% and 44.2%, respectively.
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