CyberArk (CYBR - Free Report) recently announced a collaboration with CNA Financial Corp. (CNA - Free Report) wherein the latter’s policyholders will be able to access a variety of additional privileged access-related services. With this program, the companies aim to improve overall cybersecurity awareness.
The program begins with a complimentary CyberArk Privileged Access Security Assessment, which recognizes current privileged access security risk status and allows industry players to comprehend the manner of comparisons to their peers.
Talking about the partnership, Andrew Lea, vice president, head of Commercial E&O, Cyber & Media Liability, CAN, was quoted saying “CyberArk is an industry leader in privileged access security and offers a depth of experience and expertise that will deliver great value to our policyholders.”
CyberArk: Marching Ahead in Enterprise Security
Rising demand for cyber security owing to rising incidents of data violations is a positive for CyberArk. The advent of cloud computing and the idea of sharing resources to lower cost have further increased demand for adequate security policies, protocols and products.
CyberArk is growing rapidly in this space on the back of its privileged access management solutions, which offers customers a set of products that helps them secure, manage and monitor privileged account access and activities.
Increasing demand for privileged access security on the back of digital transformation and cloud migration strategies is a key growth driver for the company. Its Privileged Access Security platform has been adopted by major companies including Barclays, Novartis, Orange, PWC and Qualcomm (QCOM - Free Report) .
During the last reported quarter, existing customers of the Privilege Access Security programs represented more than 60% of revenues as they expanded deployments with CyberArk in the first quarter. Moreover, the company was the only privileged access security program vendor for a Fortune 100 financial services firm.
Notably, in March this year, CyberArk announced that it was recognized as a March 2019 Gartner Peer Insights Customers’ Choice for Privileged Access Management.
Also recently, CyberArk was recognized in the Info Security Products Guide Global Excellence Awards as the Best Privileged Access Management Solution.
Will Rivalry from IBM Pose a Threat?
CyberArk faces a significant competition from the likes of IBM Corp. (IBM - Free Report) in the access and identity management market.
Last November, IBM announced new solutions in partnership with VMware to assist enterprises to safely accelerate the adoption of hybrid cloud platforms.
Nonetheless, CyberArk’s security platforms simplify security infrastructure for organizations by protecting against, detecting and responding to cyber-attacks before the security of vital systems is compromised. This lowers the total cost of ownership, thereby giving the organization a competitive edge.
CyberArk currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>