Check Point Software Technologies Ltd. CHKP recently launched a Check Point Branch Office Security solution to provide cloud-delivered security services to protect the connection among various enterprise branch offices.
Its CloudGuard Connect and CloudGuard Edge will deploy ThreatCloud intelligence-powered real-time threat prevention to branch offices from the cloud or on-premise.
As increasing number of enterprises migrate their on-premise branch office workloads and applications to software-as-a-service (SaaS) applications. Adoption of Software Defined Wide Area Networking (SD-WAN) is also increasing in order to direct more traffic to cloud services.
However, in absence of a centralized data center, security, branch offices and the enterprise WAN become more vulnerable to sophisticated multi-vector Gen V attacks, when connected to the cloud. Apart from the security risk, this also increases the company’s management costs.
To address this concern, Check Point’s offering will enable seamless integration with leading SD-WAN providers like VMware VMW and Silver Peak. It will also provide a comprehensive threat and access management platform that can reduce operational expenses by up to 40% and capital expenditures by 20%.
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, strong demand for its cloud solutions led the cloud business to grow twofold.
In October last year, the company acquired Dome9 to enhance its Infinity architecture and CloudGuard security offering.
Notably, Check Point has also been expanding its CloudGuard portfolio. In June this year, the company released CloudGuard Log.ic to deliver cloud-native threat protection and security intelligence.
Competition Rife in Cloud Security
Per a report by Computer Economics, 60% of companies have already adopted few SaaS applications. Also, ResearchAndMarkets projects worldwide SaaS market to continue growing at a CAGR of more than 9% from 2019 to 2023.
Moreover, per a cloud security survey conducted by CyberSecurity Insiders, 34% of IT organizations currently struggle with compliance and 33% face lack of visibility into infrastructure security. The survey also revealed that 25% of organizations did not realize that they had been hacked. Moreover, 15% of organizations confirmed they had experienced at least one cloud security incident.
To tap the bright opportunities in cloud security with growing cloud adoption, increasing number of security companies are upping the ante in this area.
In June this year, Fortinet FTNT launched its Secure SD-Branch comprehensive solution to secure the WAN and access edge and protect networking for distributed enterprises.
Moreover, Palo Alto’s PANW enterprise branch security capability by virtue of its Prisma solution is also a major contender to the new offering from Check Point.
Nonetheless, Check Point’s constant efforts in cloud security are expected to help it maintain its foothold in the competitive environment, and benefit significantly from its prospects.
Check Point 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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