Networking solutions provider, Juniper Networks (JNPR) has announced a partnership with VeriSign, Inc. (VRSN) to provide hybrid cloud-based security services. The combined solution can manage and protect against Distributed Denial of Service (DDoS) attacks and at the same time connect public and private clouds securely.
Per the deal, Juniper Networks will combine its DDoS Secure technology with Verisign’s DDoS Protection service, a cloud-based offering that protects data centers and enterprise applications from DDoS attacks. DDoS is the most common form of cyber-attack that uses a large number of computers to bring down the targeted network by choking it with too much traffic.
DDoS attacks can come at the network level or at the application level. The partnership will better equip organizations to handle private and public cloud technology and control business applications securely. VeriSign has significant growth opportunities from its network security products as DDoS attacks continue to grow. We believe that Juniper Networks will also gain significantly from this collaboration.
Due to the rapid adoption of cloud computing technologies, security and data protection have become the top priorities for enterprises in recent times. According to Gartner, the cloud-based security services market will rise from $2.1 billion in 2013 to $3.1 billion in 2015. We believe that the interoperability of Juniper’s DDoS Secure and Verisign’s cloud-based DDoS Protection service will help both to extend on-premise and cloud-based DDoS security services to their customers.
According to research from ReportsnReports.com, global cyber security spending is expected to reach $165.0 million by 2023. We believe that this significant growth in spending bodes well for Juniper Networks.
Additionally, the company’s expansion into the software defined network segment is expected to strengthen its position in the networking space.
While the company’s new products, cost reduction initiatives and improving execution remain the growth catalysts, increasing competition from Cisco (CSCO) and AT&T (T), uncertain economic conditions and constrained federal spending are the possible headwinds.
Currently, Juniper Networks carries a Zacks Rank #1 (Strong Buy).