LOS ANGELES--(BUSINESS WIRE)--Gurucul, a leader in behavior based security and fraud analytics technology, today announced it achieved record business results in 2018 including a more than 200% increase in revenues fueled by accelerating demand for its Gurucul Risk Analytics (GRA) platform (including the UEBA, Identity Analytics, Cloud Analytics products) and Gurucul Fraud Analytics.
Gurucul also experienced 600% growth for its Security and Fraud Analytics as a service offering, signed marquee customers in the financial, insurance and healthcare sectors, made several key management hires and expanded its global footprint through several strategic business partnerships.
According to Mordor Intelligence the global security analytics market was valued at USD 2.71 billion in 2017 and is expected to reach USD 4.85 billion in 2023 with a CAGR of 10.7%, during the forecast period (2018-2023).
In 2018, two Gurucul customers received the prestigious CSO50 Award from IDG's CSO for innovation and business value using Gurucul Risk Analytics. CEO Saryu Nayyar was recognized as a Thought Leader in SC Media’s Reboot Leadership Awards, and published the second edition of her book Borderless Behavior Analytics - Who’s Inside? What’re They Doing? with contributions from Jim Routh - CSO CVS, Bill Scandrett - CISO Allina Health, Vishal Salvi - CISO Infosys and Devin Bhatt - CISO / Chief Privacy Officer US Federal. The company also received several awards from American Security Today, Cyber Defense Magazine and Business Intelligence Group.
“Market adoption of security and fraud analytics is being fueled by the recognition that traditional tools are not able to predict, prevent, detect and respond to insider threats, advanced attacks and cross-channel fraud especially for hybrid cloud environments,” said Saryu Nayyar, CEO of Gurucul. “We experienced a significant jump in revenue last year as customers deployed Gurucul’s platform to prevent data breaches and fraud; enable model driven security and business processes, comply with regulatory mandates in healthcare and financial services, and privacy mandates like GDPR, HIPAA and PCI-DSS.”
Gurucul’s success last year was based on its ability to help organizations leverage advanced real time security and fraud analytics, provide a holistic and contextual view of risks and threats, and enable automated controls in both cloud and enterprise environments, which go beyond SIEM and traditional fraud prevention technologies.
According to CEO Saryu Nayyar, “Customers are losing faith in SIEM solutions and their rules-based black box analytics, high costs and reliance on threat hunting experts in a resource constrained market, and instead are favoring security analytics as a service that possess SIEM capabilities.”
Gurucul 2018 Highlights
The company achieved the following business milestones last year:
- Grew revenues by more than 200%
- Acquired marquee customers in the financial services, insurance and healthcare verticals
- Experienced a more than 600% increase in the adoption of its Gurucul Security and Fraud Analytics as a Service offerings
- Increased adoption of Gurucul Labs managed security services by 400%
- Bolstered leadership team with key executive hires: Jasen Meece as president of business development, Jack Jaffe as senior vice president of sales, and Jane Grafton as vice president of marketing
- Signed strategic customers in APAC and EMEA and added new in-country team members
- Expanded global footprint with strategic business partnerships in APAC and EMEA
Gurucul is a global cyber security and fraud analytics company that is changing the way organizations protect their most valuable assets, data and information from insider and external threats both in the cloud and on premises. Gurucul’s real-time security analytics and fraud analytics technology combines machine learning behavior profiling with predictive risk-scoring algorithms to predict, prevent and detect breaches and fraud. Gurucul technology is used by Global Fortune 1000 companies and government agencies to fight cyber fraud, IP theft, insider threats and account compromise. The company is based in Los Angeles. To learn more, visit https://gurucul.com/ and follow us on LinkedIn and Twitter.