BOSTON--(BUSINESS WIRE)--ObserveIT, the leading global Insider Threat Management solution provider, today announced continued strong growth in the third quarter with a 53 percent increase in Annual Recurring Revenue (ARR) and is on track to show strong annual growth in 2019. The company also signed its 2000th enterprise customer reaching this new milestone as more organizations seek and implement comprehensive Insider Threat Management programs.
ObserveIT’s growth correlates with a growing awareness of the cost of data loss and theft caused by negligent and malicious insider threats, especially among the Global 2000.
In fact, for the first time September was deemed National Insider Threat Month, as designated by the U.S. National Counterintelligence and Security Center (NSCS) and the National Insider Threat Task Force (NITTF), underscoring the recognized need for protection against this particular threat vector. This U.S.-led initiative is designed to encourage companies and government agencies to familiarize their workforces with how to identify and report potential Insider Threats.
“We continue to execute as a company with strong revenue growth, an expanding customer base diversified across multiple sectors, and new platform capabilities that set the standard for what an Insider Threat Management solution needs to deliver,” said Mike McKee, CEO of ObserveIT. “The world is changing fast with the modern digital workforce redefining corporate agility while unleashing a unique threat vector. Cybersecurity leaders are now recognizing the need to incorporate Insider Threat Management solutions into their operations.”
Tackling Insider Threats
A 2019 Forrester report shows that 53 percent of data breaches originated with insiders – employees, third party vendors or contractors – in the past year.1 Insider Threats can be motivated by a range of factors from financial gain and revenge, to ideological espionage on behalf of a nation-state. But they also can take place by accident, with trusted insiders being reckless with data or access rights, or being tricked by sophisticated bad actors.
As it emerges as the category-defining company, ObserveIT launched the industry’s first Insider Threat Analytics solution powered by crowdsourced industry insight during the third quarter. This capability leverages community-driven intelligence to accelerate the propagation of best practices and unique threat signals that can immediately bolster an organization’s security posture.
Further validating its industry leadership, ObserveIT was named a winner in the prestigious 2019 Black Unicorn Awards. The awards showcase companies with incredible potential in the cybersecurity marketplace and signify a cybersecurity company that has the potential to reach a $1 billion dollar market value as determined by private or public investment.
Expanded Board of Advisors
ObserveIT also announced it has appointed additional cybersecurity executives to the company’s advisory board. The board was created to help guide ObserveIT as it shapes the Insider Threat Management category and to leverage the business insights of leading industry executives in accelerating growth, and now includes:
Dr. Ed Amoroso is CEO of TAG Cyber, a global cybersecurity advisory company, and a long time cybersecurity veteran who has authored six books on the topic. Amoroso is an Adjunct Professor of Computer Science at the Stevens Institute of Technology, Research Professor with the Tandon School of Engineering at NYU and a senior advisor to the Applied Physics Laboratory at Johns Hopkins University and prior CSO at AT&T.
Joel Molinoff is the Chief Information Risk Officer for CBS Corporation. Prior to CBS, Molinoff served as Assistant Director of the President’s Intelligence Advisory Board at the White House and as a Technical Leader for the National Security Agency. Joel has served on various technology and security boards, including the FCC’s Communications Security, Reliability and Interoperability Council (CSRIC) and was a was a co-founder of the Media & Entertainment Information Security Sharing Forum (MediaISSF). Joel is also a board member of American Corporate Partners, a veteran’s support non-profit and has advised numerous start-ups and security companies.
Charles Carmakal is Strategic Services CTO for FireEye and is one of the company’s leading incident response experts. Charles has 19 years of experience helping organizations become more resilient to cyberattacks, including helping Fortune 500 companies combat advanced attacks. Carmakal is a frequent expert contributor to media outlets, including: 60 minutes, CNBC, Wall Street Journal, Reuters, Bloomberg, and the New York Times.
To learn more about ObserveIT’s Insider Threat Management solution and how it helps companies detect Insider Threats, reduce investigation time and stop data exfiltration, visit here.
 Best Practices; Mitigating Insider Threats, May 2019, Forrester
ObserveIT is the leading Insider Threat Management solution with more than 2000 customers in over 100 countries. ObserveIT empowers security teams to detect insider Threats, streamline the investigation process, and stop data exfiltration. With 350+ out-of-the-box Insider Threat indicators of compromise, rich metadata and outstanding search capability and playback of any policy violation, ObserveIT provides comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing, and reduces investigation time from days to minutes. For more information visit: www.observeit.com.