Fortinet FTNT recently expanded its cloud security portfolio with the addition of FortiWeb Cloud WAF (Web Application Firewalls) -as-a-Service. The service will be delivered through Fortinet Security Fabric, and will protect applications on Amazon’s (AMZN) cloud platform — AWS.
FortiWeb Cloud WAF-as-a-Service on AWS will protect mission-critical applications and APIs from threats. Organizations protecting their web applications with this Software-as-a-Service (SaaS) solution can roll out the full WAF solution without the need to use or manage infrastructure or possess specific web application security skills.
The FortiWeb Cloud WAF leverages the public cloud to deliver a SaaS solution rather than requiring DevOps teams to deploy their infrastructure in their own data centers. This ensures maximum scalability, which provides low latency for performance-sensitive applications, as well as cuts potential bandwidth costs when an application is also hosted in AWS.
Growing Adoption of Cloud Security Solutions
With a huge number of enterprises undergoing digital transformation, IT teams are increasingly building cloud-native applications. However, as this can expose sensitive data to vulnerabilities, strong security is required to protect an attack surface and guard applications from threats.
Enterprises are becoming increasingly aware of these security gaps that may arise in a multi-cloud environment and their implications on business. This is leading more and more companies to adopt trusted solutions to secure their infrastructure.
Notably, Fortinet’s portfolio of cloud security solutions is gaining strong traction among enterprises. Recently, it announced that its multi-cloud security offerings have been adopted by Aspire Global, MediaKind, Nubank and MLP Finanzberatung SE to improve their cloud environments with secure connectivity and consistent visibility and control.
Further, the company announced the addition of three key customers in its Fabric-Ready Partner program — RAD, Indegy and SecurityMatters. The program already included AWS and Nozomi Networks. This will enhance the security solutions available to operational technology customers through the Fortinet Security Fabric.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
However, the company faces significant competition with Palo Alto Networks PANW and CyberArk CYBR in the cloud security space.
Moreover, Symantec SYMC is also upping its efforts in the cloud security space. It recently unveiled a new offering that will enable its Cloud Workload Protection solution and Amazon’s GuardDuty to provide automated remediation and advanced threat intelligence for AWS workloads and storage.
Nonetheless, Fortinet has an upper hand in the competition because of its widely popular Security Fabric architecture. Notably, the architecture contributed to market share gain throughout 2018.
Fortinet 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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