CyberArk CYBR recently announced the expansion of its strategic association with Microsoft MSFT, by becoming part of the Microsoft Intelligent Security Association, which helps customers secure infrastructure against privilege-related cyberattacks.
Reportedly, CyberArk will be the first privileged access security member of the Association, delivering flexible security solutions for privileged credentials in the cloud and mitigating privilege-related risks. These solutions will allow CyberArk’s customers to easily roll out the CyberArk Privileged Access Security Solution with Azure. Other notable members of the Association are Symantec SYMC and Zscaler ZS.
The company also announced new partner enablement programs to boost business opportunities across the CyberArk Partner Network. With more than 400 partner organizations, the network addresses critical privileged access security challenges.
Privileged Access Security: A Key Growth Driver
CyberArk is growing rapidly in the security market on the back of its privileged access management solutions, which offers customers a set of products to help them secure, manage and monitor privileged account access and activities.
Notably, increasing demand for privileged access security on the back of digital transformation and cloud migration strategies is a key growth driver. Its Privileged Access Security platform has been adopted by major companies, including Barclays, Novartis, Orange, PWC and Qualcomm.
During the first quarter of 2019, existing customers of the Privilege Access Security programs represented more than 60% of revenues as they expanded deployments with CyberArk. Moreover, the company was the only privileged access security program vendor for a Fortune 100 financial services firm.
CyberArk Software Ltd. Revenue (TTM)
CyberArk Software Ltd. revenue-ttm | CyberArk Software Ltd. Quote
Notably, earlier this year, CyberArk announced that it was recognized as a March 2019 Gartner Peer Insights Customers’ Choice for Privileged Access Management.
Also, it has been recognized in the Info Security Products Guide Global Excellence Awards as the Best Privileged Access Management Solution.
Recently, it collaborated with CNA Financial wherein the latter’s policyholders will be able to access a variety of additional privileged access-related services.
A Significant Mid-Market Push
Oganizations are realizing that their network perimeter can’t be trusted for full security, and hence are adopting the Zero Trust policy. Thus, securing the most important assets inside the firewall has become very crucial. This has encouraged CyberArk to shift penetrate the mid-market space.
About 25% of CyberArk’s current customer base belongs to the mid-market, prompting the company to focus on expanding its presence among small and medium-sized businesses.
Along this line, the company launched the new security-as-a-service offering — CyberArk Privilege Cloud — aimed at mid-market accounts, in June last year. This enabled its customers to mitigate privileged access risks by rapidly restricting unnecessary access from both insiders and outsiders.
The recent announcements were also in line with this strategy.
CyberArk currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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