CyberArk CYBR recently announced that it has secured the Amazon Web Services (AWS) Security Competency status from Amazon AMZN. This marks an expansion of its association with AWS.
The new AWS Security Competency designation recognizes CyberArk as an AWS Partner Network (APN) member with advanced privileged access management to support AWS ecosystems.
Moreover, it demonstrates the CyberArk Privileged Access Security Solution as a powerful technology to enable customers to reduce security risk across their operations in the cloud.
Notably, CyberArk already has a wide range of solutions available in the AWS marketplace including the CyberArk Privileged Access Security Solution, CyberArk Privilege Cloud, CyberArk Conjur Open Source and the CyberArk Privileged Access Security Solution for GovCloud.
The expanded partnership with AWS will help customers accelerate their cloud-driven digital transformation initiatives while safeguarding themselves against potential threats.
CyberArk Software Ltd. Revenue (TTM)
CyberArk Software Ltd. revenue-ttm | CyberArk Software Ltd. Quote
CyberArk Fortifying Footprint in the Security Space
Rising demand for cyber security owing to the long list of data breaches is a positive for CyberArk. The advent of cloud computing and the idea of sharing resources to lower cost further increased demand for adequate security policies, protocols and products. So companies are allotting sizeable portions of their IT budgets to security solutions.
Per RSA Conference, the major portion of cyber spending worldwide is focussed on security services. Investment in security services touched $64.2 million in 2019. Also, $13.2 million was spent only on network security equipment. According to Gartner, the cybersecurity market is continuing to grow rapidly and is expected to exceed the trillion dollar mark in 2021.
CyberArk is making a speedy progress in this space on the back of its privileged access management solutions, which offer customers a set of products that helps them secure, manage and monitor privileged account access and activities.
Notably, in March this year, the company launched the CyberArk Privileged Access Security Solution v10.8, a platform to protect privileged accounts in cloud. Among its most notable capabilities are automated threat detection, notification on vulnerable accounts of AWS and response to the same besides flexible access of users to cloud-based or on-premises Microsoft MSFT Windows systems.
CyberArk’s security platforms simplify organizational security infrastructure by protecting against, detecting and responding to cyber-attacks before the security of vital systems is compromised on. This lowers the total cost of ownership, thereby bolstering the organization’s competitive edge.
Notably, in the last reported quarter, buoyancy in demand for privileged access security, aided by digital transformation and cloud migration strategies, was a key factor that drove 28% year-over-year revenue growth.
Zacks Rank & Another Key Pick
CyberArk currently carries a Zacks Rank #2 (Buy). Another top-ranked stock in the broader technology sector is Fortinet, Inc. FTNT, flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Fortinet is currently pegged at 14%.
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