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CyberArk (CYBR) Offers Free Breach Assessment for SolarWinds Customers

Zacks Equity Research
·3 min read

CyberArk CYBR launched a free assessment offer for SolarWinds´ SWI customers exposed to recent supply chain attack involving SolarWind’s network monitoring software, Orion.

With its offering, CyberArk will help Orion customers identify their privileged access-related risk and implement steps to mitigate future exposure to a potential cyberattack.

SolarWinds Hack Story

FireEye FEYE was the first to report on Dec 8 that highly sophisticated state-sponsored hackers stole its Red Team tools, which are used by the company officials for testing customer security. It was later discovered that hackers used a backdoor in SolarWinds’ Orion network management software.

CyberArk Software Ltd. Price and Consensus

CyberArk Software Ltd. Price and Consensus
CyberArk Software Ltd. Price and Consensus

CyberArk Software Ltd. price-consensus-chart | CyberArk Software Ltd. Quote

Following that, a number of U.S. state agencies and organizations, including Microsoft MSFT reported data breaches using SolarWinds’ Orion software.

In a Dec 14 SEC filing, the firm said that its Orion network monitoring products rolled out between March and June have become victim to a highly sophisticated, manual supply-chain attack. SolarWinds believes its Orion networking monitoring products could have been used to compromise the servers of nearly 18,000 of its customers.

SolarWinds Incident to Boost CyberArk’s Solutions Demand

The silver lining to this episode was the increase in demand for security-related purchases by both companies and governments.

CyberArk offers services, which protect organizational privileged accounts from cyberattacks. Its products include CyberArk Shared Technology Platform, Privileged Account Security Solution and Sensitive Information Management Solution.

The company’s privileged account security solution consists of enterprise password vault, which provides a tool to manage and protect physical, virtual, or cloud-based assets in an organization; privileged session manager that protects IT assets; and application identity manager, which addresses the challenges of hard-coded, embedded credentials, and cryptographic keys being hijacked and exploited by malicious insiders or external cyber attackers.

According to the company, “Only CyberArk combines deep Identity Security controls, privileged access remediation services and the expertise of the CyberArk Labs and CyberArk Red Team, to help organizations gain invaluable time by enabling them to detect attacks earlier and prevent attackers from reaching their end goal.”

While the incident was a major setback for SolarWinds, it could bring cybersecurity stocks, such as CyberArk, back into the limelight.

CyberArk currently carries a Zacks Rank #5 (Strong Sell).

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Microsoft Corporation (MSFT) : Free Stock Analysis Report
 
SolarWinds Corp. (SWI) : Free Stock Analysis Report
 
CyberArk Software Ltd. (CYBR) : Free Stock Analysis Report
 
FireEye, Inc. (FEYE) : Free Stock Analysis Report
 
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Zacks Investment Research