NEWTON, Mass.--(BUSINESS WIRE)--CyberArk Software Ltd. (NASDAQ: CYBR), the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced an independent study from Nucleus Research on customer return on investment (ROI). The report found that the CyberArk Privileged Account Security Solution reduced customers’ cyber security risk profile by protecting against advanced threats that exploit privileged accounts and that customers can achieve complete payback within six months or less and gain greater ROI as the CyberArk platform is used over time. The full report can be downloaded here for free.
While many organizations focus on individual end-user password security, the Nucleus report confirms that privileged account security is a critical aspect of protecting against advanced threats. Privileged credentials provide access to and control of systems, networking devices, applications and databases. These credentials are often shared by many administrators and IT staffers, making it challenging to systematically manage credentials, efficiently audit privileged account usage and determine malicious use. This is a primary reason why privileged accounts are exploited in nearly all significant cyber attacks1.
“Unsecured privileged accounts are one of the most critical security vulnerabilities in any organization,” said Rebecca Wettemann, Vice President of Research, Nucleus Research. “We found that many IT staffs still depend on home-built applications or spreadsheets to manage these accounts. As we’ve seen with recent high-profile breaches, this is a recipe for disaster. Not only is it a waste of time and resources, it’s an open invitation for an attacker to commandeer a company’s infrastructure. CyberArk eliminates these security risks and administrative burdens, all while providing customers with an incredible ROI.”
Prevent Privileged-Based Attacks and Improve ROI
Nucleus
evaluated a number of CyberArk customers in the healthcare, financial
services, engineering and security industries. The analyst firm found
that CyberArk’s ease of deployment, flexibility in addressing growing
security needs with limited additional investment and disruption, and
centralized platform approach are the primary reasons why customers
select the company over competitors.
Customers received strong and on-going ROI resulting from increased productivity in IT and security teams, streamlined compliance audits and reduced risk of privileged account compromise. Together, these processes and security benefits provided for time and cost savings and long-term resource efficiencies. In the report, customers described the impact of CyberArk on their organizations:
- “Each administrator had their own way of guarding passwords, one even kept his in his wallet. We needed a secure way to bring everything together.”
- “CyberArk has allowed me to take on more work because it has reduced the time that I spend managing passwords by 20-25 percent.”
- “With our first audit using CyberArk, we saved 30-40 percent in time and resource requirements over the previous year. We expect that next year we will save even more.”
The value CyberArk delivers to its customers is readily apparent in several critical areas, including: reduced risk and improved security; increased IT admin and security staff productivity; improved internal and external compliance; and reduced audit costs.
“This report reaffirms that CyberArk customers are able to protect against today’s most dangerous threats while reaping a significant return on their investment,” said John Worrall, Chief Marketing Officer, CyberArk. “Privileged account security is no longer a compliance check box. It’s a security imperative as attackers continue to target these powerful accounts to commandeer infrastructure and execute their attacks.”
Experts from CyberArk and Nucleus Research will host a joint webinar to present Nucleus Research's findings on Thursday, June 11 at 2:00 p.m. ET. For more information and to register, please visit: http://www.cyberark.com/roi-webinar/.
To download the report, please visit: http://www.cyberark.com/roi.
About CyberArk
CyberArk (NASDAQ: CYBR) is the only security
company focused on eliminating the most advanced cyber threats; those
that use insider privileges to attack the heart of the enterprise.
Dedicated to stopping attacks before they stop business, CyberArk
proactively secures against cyber threats before attacks can escalate
and do irreparable damage. The company is trusted by the world’s leading
companies – including 40 percent of the Fortune 100 and 17 of the
world’s top 20 banks – to protect their highest value information
assets, infrastructure and applications. A global company, CyberArk is
headquartered in Petach Tikvah, Israel, with U.S. headquarters located
in Newton, MA. The company also has offices throughout EMEA and
Asia-Pacific. To learn more about CyberArk, visit www.cyberark.com.
Cautionary Language Concerning Forward-Looking Statements
This
release may contain forward-looking statements, which express the
current beliefs and expectations of CyberArk’s management. Such
statements involve a number of known and unknown risks and uncertainties
that could cause the Company’s future results, performance or
achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such differences
include risks relating to: changes in the new and rapidly evolving cyber
threat landscape; failure to effectively manage growth; fluctuations in
quarterly results of operations; real or perceived shortcomings, defects
or vulnerabilities in the Company’s solution or the failure of the
solution to meet customers’ needs; the inability to acquire new
customers or sell additional products and services to existing
customers; competition from IT security vendors and other factors
discussed under the heading “Risk Factors” in the Company’s annual
report on Form 20-F filed with the Securities and Exchange Commission on
February 27, 2015. Forward-looking statements in this release are made
pursuant to the safe harbor provisions contained in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.
Copyright © 2015 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
1 CyberArk Threat Report – Privileged Account Exploits Shift the Front Lines of Cyber Security, November 2014
