Check Point Software Technologies Ltd. CHKP recently launched a fully-automated cloud platform — CloudGuard Cloud Native Security — to help enterprise customers address various cloud-related challenges with one solution. Customers will be able to manage the security of all their cloud deployments and workloads with a single solution.
Notably, Check Point’s solution will protect customers’ cloud environments from 6th generation cyberattacks.
Growing migration to the cloud is creating new and advanced vulnerabilities in enterprise security architectures, per SANS 2020 Cybersecurity Spending Survey. Moreover, with the coronavirus pandemic confining people at home, the use of cloud has magnified to a large extent. Most of the companies have had to resort to working from home. However, their current security controls are not enough to keep up with the scale and complexity of cloud deployments, making them more susceptible to breaches.
Frank Dickson, program vice president, Security & Trust, IDC, said; “Cloud security can be challenging; however, the real challenge is multi-cloud, as IDC data continually shows that over 80% of organizations have multiple cloud providers. The goal is one set of policies to rule them all.” Testifying Check Point’s capabilities to address this issue, he further added; “Check Point's multi-cloud security platform looks to unify security across private and public cloud implementations, essentially making cloud security agnostic of the resident software define compute environment.”
Check Point Software Technologies Ltd. Price and Consensus
Check Point Software Technologies Ltd. price-consensus-chart | Check Point Software Technologies Ltd. Quote
Efforts in Cloud Security Drive Growth
Check Point is benefiting heavily from strong growth in its CloudGuard suite of products and solutions. In the last reported quarter, security subscription revenues grew 10.3% year over year, driven by strong demand for its CloudGuard solution.
Notably, Check Point has also been expanding its CloudGuard portfolio. In December 2019, the company expanded the capabilities of its CloudGuard cloud security platform to support Kubernetes computing services, including Amazon AMZN Elastic Kubernetes Service (Amazon EKS) and Amazon Elastic Container Service (Amazon ECS). With this, the company tapped the serverless security market.
In June last year, the company released CloudGuard Log.ic to deliver cloud-native threat protection and security intelligence.
Competition Rife in Cloud Security
To tap the bright opportunities in cloud security with growing cloud adoption, increasing number of security companies are upping the ante in this area.
Palo Alto’s PANW Prisma platform is a major contender to the new offering of Check Point. Moreover, Cisco’s CSCO expanded the family of cloud security solutions, which help in securing identity and endpoints. The network witnessed an expansion in the customer base during the March quarter.
Nonetheless, Check Point’s constant efforts in cloud security are expected to help it maintain foothold in the competitive environment and benefit significantly from its prospects.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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