Check Point Software Technologies Ltd. (CHKP - Free Report) recently unveiled hyperscale network security solution— Check Point Maestro — at the annual event of CPX360 held in Bangkok.
The new solution will enable businesses to expand the existing security tools to hyperscale capacity, allowing the same to experience cloud level security.
The new architecture facilitates quick expansion of a single gateway to the capacity and performance capability of 52 gateways, enabling a massive Terabit/second firewall throughput. This helps organizations support 5G networks’ high data rates and ultra-low latency.
Gil Shwed, CEO, Check Point, was quoted saying:“Gen VI of security will see nano-scale software agents placed on every type of device or cloud platform, connected in real time with an intelligent control system that can predict, detect and prevent attacks. This will enable us to secure everything from individual IoT devices to hyperscale networks seamlessly, eliminating weak links and protecting our future.”
Robust Demand for Cybersecurity Solutions
With the growing use of AI-driven technology to aid industries in digital transformation journey, the incidents of “smart attacks” are also on the rise. In 2019, there is a possibility of cyber criminals using malicious chatbots to interact with potential victims and extract private information out of them.
Moreover, the ongoing year might also witnessa surge in cyber warfare, given terrorist and cyber espionage groups’ widespread access to advanced technology. In fact, the first data breach of 2019 was already reported at the beginning of this month where an unauthorised third party downloaded a directory, stealing details of about 30,000 Australian civil servants.
On a positive note, these predictions mean that embracing cyber security solutions will be multiplied in times ahead and this trend is certainly a piece of good news for Check Point.
Check Point is gaining traction from the increasing uptake of its cloud-based solutions. Per Grand View Research, the cloud security market size is expected to see a CAGR of 13.9% during the 2018-2024 period. This projection definitely augurs well for the company.
Efforts in Cybersecurity Market Bode Well
Enterprises persistently confront sophisticated cyber threats, making cyber security a mission-critical, high-profile requirement. Check Point’s rich experience in the security space and a steady delivery of mission-critical solutions are helping it gain customer accounts. In the last reported quarter, the number of new customers, who signed deals worth $1 million or more, remained consistent sequentially at 58.
The company is focused on enhancing its threat intelligence portfolio with acquisitions, partnerships and innovative technologies. During the last reported quarter, Check Point clinched several deals in various industries. Moreover, the company signed an Independent Software Vendor pactwith Blackberry to combat cyber security hazards.
Last November, Check Point announced a technology integration with Amazon’s (AMZN - Free Report) AWS Security Hub toimprovecloud protection forits consolidated security platform.
Also last year, the company launched SandBlast Mobile 3.0 that offers threat prevention technology to enterprises for helping employees safely conduct business using their mobile devices. Further, Check Point unveiled Generation V Security Gateway for enterprises and data centers.
Check Point also announced its acquisition of Dome9 recently with which, the company expects to upgrade its Infinity architecture and CloudGuard security platform. It believes that the combination of Dome9, CloudGuard IaaS and SandBlast products will expand its cloud security capabilities.
Zacks Rank & Stock to Consider
Check Point currently has a Zacks Rank #3 (Hold). A better-ranked stock in the broader Computer and Technology industry is Synopsys, Inc. (SNPS - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rate for Synopsys is projected to be 10%.
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