Privileged Access Security Pioneer CyberArk Accelerates Its Mid-Market Expansion

CyberArk Software (CYBR) is a leader in helping businesses protect their most critical administrative accounts from cyberattacks. The company has focused mainly on the enterprise market, but this year began a significant push into the mid-market space.

With more organizations realizing their network perimeter can’t be relied upon to provide full protection, it has become a top priority to secure the most important assets inside the firewall.

CyberArk has 4,600+ customers, including more than half of the Fortune 500 and 30%+ of the Global 2000. Up to 80% of its new customer deals are greenfield in nature, as most large companies still do not have a defined privileged access security strategy in place.

While about 25% of CyberArk’s current customer base is in the mid-market, the company sees plenty of opportunities to further expand its presence at smaller organizations. CyberArk’s Privilege Cloud, geared toward mid-market accounts, offers the company’s technology as a service and features flexible subscription-based pricing.

New mid-market sales teams have already been formed in the U.S. and Europe. In addition, CyberArk is investing to build out the channel, as most of the new mid-market business is expected to come through channel partners.

Last year, CyberArk’s revenue rose 31% to $343.2 million. The 2019 consensus revenue estimate of $418.7 million represents growth of 22%.

Most of CyberArk’s current enterprise customers are only using a portion of the platform. That’s why management estimates there’s more than $3 billion of total addressable market available just from follow-on business with current CyberArk customers.

To help keep growth on track, CyberArk in March hired Rich Wenning to lead sales in the North America region. Wenning has more than 25 years of tech sales experience, most recently leading enterprise sales in the Americas region for Palo Alto Networks (PANW). Before that, Wenning worked at Cisco Systems (CSCO), IBM (IBM) and Hewlett-Packard (HPE).

CyberArk solutions continuously scan the network to detect privileged accounts and credentials. Once all of an organization’s privileged accounts have been located, policies are set up to keep them locked down. CyberArk automatically records (in video and/or text format) all privileged sessions, making it easy to find the exact cause of any breach and help with its containment. Administrators can even view specific suspicious activities down at the keystroke level.

It takes no time at all for sophisticated attackers to breach a network and gain access to critical systems and resources. Once inside, attackers can hang out for long periods without being noticed by security administrators. Built-in, automated remediation controls are necessary to maintain the most secure environment. CyberArk automatically rotates credentials in the event of suspicious behavior, mitigating the risk in real-time without any manual intervention.

CyberArk’s Endpoint Privilege Manager (EPM) secures privileges at the endpoint and contains attacks early in their lifecycle to limit breach damage. EPM removes local administrative rights from business users to reduce the attack surface and mitigate critical vulnerabilities. It also detects and blocks suspected credential theft attempts. EPM automatically blocks malicious applications and forces unknown applications to run in a restrictive mode.

Application Access Manager (AAM) is used to control, manage and audit non-human privileged access for applications, tools, containers and DevOps. Aimed at hybrid cloud environments, AAM has experienced strong demand. In Q1, the solution accounted for 10% of CyberArk’s total license revenue and was included in eight of the company’s 10 largest deals.

CyberArk’s AAM offering is integrated with a variety of applications and tools. One of the newer integrations involves securing robotic process automation (RPA) initiatives. RPA uses software and AI to handle high-volume, repetitive tasks that previously required human interaction. Organizations are increasingly deploying RPA technology—basically software robots—to automate a variety of manual tasks that were formerly done by workers.

The one issue with RPA software is it interacts directly with business applications and mimics the way applications mirror human credentials and entitlements, which can lead to major risks when the software robots automate and perform routine business tasks across multiple systems.

To minimize those risks, robotics credentials must be fully secured. CyberArk does so by implementing and managing a unique account for every system being accessed by a software robot. The robots can then request the credentials they need from CyberArk’s AAM solution.

Source: Forbes.com

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