CAU201 exam format - CyberArk Defender Updated: 2023

CyberArk Announces Identity Security Impact Customer Award Winners

Inaugural Awards Program Celebrates Global Organizations That are Taking Innovative Identity Security-Based Approaches and Driving Outstanding Business Impact

CyberArk (NASDAQ: CYBR), the Identity Security company, announced its first-ever CyberArk Identity Security Impact Award winners at CyberArk IMPACT 23. This global annual awards program recognizes customer excellence and acknowledges organizations that have harnessed the power of the CyberArk Identity Security Platform to implement innovative approaches to reducing cybersecurity risk and achieving business goals.

“I’m proud to celebrate the incredible accomplishments of our customers and was impressed by the number of highly competitive nominations for our inaugural awards program,” said Shahar Layani, chief customer officer, CyberArk. “I want to thank those who submitted such great examples of how CyberArk Identity Security solutions are helping drive business impact and unparalleled operational efficiency. A special thank you to our customers that continue to put their trust in us.”

The Identity Security Impact Awards celebrate customers that are building transformative identity-centric programs that support enterprise speed and agility. Simultaneously, these customers are demonstrating the ability to increase resilience, reduce risk and Boost the user experience. Customers recognized by these awards are executing strategic programs and building exemplary security practices into the fabric of their organization.

Winners were announced on stage at IMPACT 23, the largest Identity Security event in the world. The 2023 Identity Security Impact winners are:

• Using CyberArk as Part of a Massive Digital Transformation Initiative: Aflac
• Using CyberArk to Drive Business Impact: Citigroup
• Demonstrating a Massive Cyber Risk Reduction with CyberArk: Maximus
• Moving Closer and Closer to Zero Trust with CyberArk: Pacific Dental Services

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in Identity Security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.

Copyright © 2023 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

Media Contacts:
Carissa Ryan, CyberArk
Email: press@cyberark.com

Highwire PR
Email: cyberark@highwirepr.com

Investor Relations:
Erica Smith, CyberArk
Email: ir@cyberark.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005284/en/

New Advanced Automation Capabilities and Integrations with Gurucul, Proofpoint and SentinelOne Enable Proactive Threat Protection

NEWTON, Mass. & PETACH TIKVA, Israel, May 09, 2023--(BUSINESS WIRE)--CyberArk (NASDAQ: CYBR), the global leader in Identity Security, today announced enhancements to its CyberArk Identity Flows orchestration solution, including new integrations with Gurucul, Proofpoint and SentinelOne. Part of the CyberArk Identity Security Platform, CyberArk Identity Flows automates risk response tasks and processes through no-code app integrations and workflows, and improves response times, efficiency and productivity.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509005209/en/

CyberArk Identity Flows increases the value of threat detection data by orchestrating rapid responses to risk. (Graphic: Business Wire)

CyberArk Identity Flows includes a user-friendly workflow builder with powerful integration and orchestration capabilities for identity-related business processes, data management and security event responses.

New features enable organizations to orchestrate complex responses to a potential threat or security event and act on the valuable data provided by threat monitoring and alerting systems. For example, when a security alert is triggered due to continued failed login attempts, users can be automatically moved into a "risky persons" group to restrict access to specific resources. This feature can also automatically notify relevant parties of the risk, create IT tickets, or take other actions based on security policies.

The new technology integrations, available on CyberArk Marketplace, expand these capabilities to work with the industry’s leading threat detection systems, including:

• Gurucul Security Analytics and Operations Platform – detects threats and provides analytics-driven risk scoring to quickly identify and prioritize new, emerging and unknown threats. CyberArk Identity Flows can gather the risk score from Gurucul and orchestrate appropriate responses and actions to reduce the manual effort associated with threat investigation and remediation while securing the associated identity(s).

• Proofpoint Targeted Attack Protection (TAP) – detects email threats and assigns a level of risk to individuals with a Very Attacked People (VAP) feature. CyberArk Identity Flows can utilize the insights provided by Proofpoint to orchestrate appropriate responses such as moving identities into different groups to change access permissions, change an authentication policy, send alerts, post notifications or create IT tickets.

• SentinelOne Singularity Platform – detects and hunts for threats across user endpoints, containers, cloud workloads and IoT devices. When risks are detected, CyberArk Identity Flows leverages that context to make decisions within workflow actions that need to take place across the identity infrastructure.

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With CyberArk Identity Flows, workflows can be built in minutes through a user-friendly visual editor and thousands of pre-built connectors to more than 700 applications. CyberArk Identity Flows now also integrates with CyberArk Identity Security Intelligence, a shared service of the CyberArk Identity Security Platform that leverages user behavior analytics to detect and remediate anomalous and risky activity by employees. When high-risk behavior is detected, CyberArk Identity Flows is used to orchestrate response actions to reduce response times to attacks to minimize risk.

"Flexible automation and orchestration are critical to a proactive Identity Security program and vital to improving the security posture of our clients. That’s why we’ve been so focused on delivering new CyberArk Identity Flows innovations," said Peretz Regev, chief product officer at CyberArk. "With these enhancements and integrations, we make it simple for organizations to use CyberArk Identity Flows to reduce IT overhead, accelerate service agility and strengthen their overall security, ultimately improving operational efficiencies."

CyberArk Identity Flows can be purchased as a standalone solution, or as part of the CyberArk Identity Security Platform. CyberArk applies intelligent privilege controls to all identities – human and machine – with continuous threat detection and prevention across the entire identity lifecycle. With the CyberArk Identity Security Platform, organizations can enable Zero Trust and least privilege with complete visibility, enabling every identity to securely access any resource, located anywhere, from everywhere.

To learn more, please register for "Better Security with Threat Response Automation," a webinar taking place on May 18, 2023 or visit https://www.cyberark.com/products/identity-flows/.

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in Identity Security. Centered on privileged access management, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud workloads and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on Twitter via @CyberArk, LinkedIn or Facebook.

Copyright © 2023 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005209/en/

Contacts

Media Contacts:
Carissa Ryan, CyberArk
Email: press@cyberark.com

Highwire PR
Email: cyberark@highwirepr.com

Investor Relations:
Erica Smith, CyberArk
Email: ir@cyberark.com

It’s very rare for startup founders to remain CEO three years after taking their company public. So investors should supply serious consideration to investing in a company whose CEO ran it for 34 quarters post-IPO.

The company is Newton, Mass.-based CyberArk — a cybersecurity software provider — that recently reported rapid revenue growth for its first fiscal quarter and forecast more of the same for 2023.

After developing his successor for nearly four years, Executive Chair Udi Mokady last month passed the CEO baton to Matt Cohen — who gained 18 years of increasing management responsibility at PTC, a Boston area provider of design software.

Given the untapped opportunity in CyberArk’s market and its ability to win and keep customers more effectively than rivals owned by short-term oriented private equity firms, I expect the company to keep exceeding investor expectations.

(I have no financial interest in the securities mentioned in this post).

CyberArk’s Performance and Prospects

CyberArk reported strong growth in the fiscal first quarter and expects that to continue. According to SiliconAngle, CyberArk reported a 27% increase in revenue to about $162 million and an adjusted loss of 17 cents per share — 13 cents less bad than the year before.

Most of the growth came from cloud-based services. Its maintenance and professional services revenue was $65.1 million — the same as the year before. Its annual recurring revenue (ARR) increased 42% to $604 million.

Strong growth is expected for the current quarter and full year. Specifically, CyberArk’s revenue is expected to grow 21% in the second quarter to $172.5 million — the midpoint of its guidance. For the full year, the company guided for 23% growth — to $730 million — the midpoint if its guidance range.

CyberArk is optimistic about its results and its future. “Our results in the first quarter demonstrate the durability of our business model and the mission criticality of our Identity Security platform. Demand for our SaaS solutions remains strong, resulting in our subscription bookings mix reaching an all-time high of 95%, higher than our guidance framework,” CEO Matt Cohen said in the company’s earnings release.

Turning An Idea Into A $6 Billion Public Company

Mokady has set the stage for Cohen’s tenure as CEO. He did that through his decision to focus the company on a difficult problem that mattered to customers, his aim to take the company public, his long-term orientation and hunger for learning and winning, and his decision that it would be better to develop his own successor while things were going well.

Picking the right problem

In a May 17 interview, Mokady said, “I have been CEO for 18 years and ran CyberArk as a public company for 34 quarters before taking on my new role as Executive Chair. I wanted it to be a built to last company. To do that I decided to solve a complex security problem that touched the plumbing.”

The complex problem Mokady referred to is so-called privileged access management (PAM) — protecting hackers from getting control of the account of an employee with access to most of a company’s systems — such as a database administrator (DBA) or chief information security officer.

It took some time for CyberArk to discover this opportunity.

As early CyberArk investor Erel Margalit, founder and chairman of Jerusalem Venture Partners told me in December 2017, “It took the founders time to translate their technical excellence into products and messaging. They had good sales in Israel but they could not get success in the U.S. Through trial and error, they realized that they should protect companies against someone who is impersonating the DBA. They came up with a strong metaphor: ‘the enemy within.’”

Building CyberArk to last

Once CyberArk began winning customers, they began asking ‘How do we know you will be around in the future?’ Mokady told me, “They wanted the company to be built to last and that is why I thought an IPO was critical.”

Many years after the company’s 2014 IPO, he asked himself ‘Can Udi be CEO forever?’

CyberArk followed the example of Aron Ain — then CEO of Kronos, the Lowell, Mass-based workplace management software provider that the Boston Globe chose as 2018’s best place to work — who has a strong CEO and became executive chair.

As Mokady told me, “Nine out of 10 CEOs wait for an external event to solve that problem. I decided to make the change when the sky was blue. I hired a strong chief operating officer — Matt Cohen. We worked together to create a well-defined role which puts him in day-to-day charge of customers, partners, and strategy.”

Mokady’s ability to let go sprang from his desire to develop people who were willing to grow. “I could not understand why venture capital firms put caps on what an executive could do. They would hire a vice president of sales for a $10 million company and then replace the person when the company got much bigger. I think people are always growing. I would help someone grow from an engineer, to a sales engineer, to chief revenue officer. I wanted to develop people who were willing to grow, learn, and seek mentors — to always be learning,” he said.

From founder to public company CEO

How did Mokady learn how to run a public company? He used the metaphor of riding a bicycle up a long, steep hill. “On the road from Tel Aviv to Jerusalem there is a hill called Motza. My brother biked up the hill on the highway. I asked him how he did it. He said, “I put my head down, I didn’t look up or down. I stayed to the left of the line,” Mokady said.

CyberArk’s investors were very strict about monitoring quarterly results when the company was privately held so Mokady was prepared for that part of running a public company. The VCs held him accountable for meeting his quarterly forecasts and explaining if the company fell short. “When we went public, we had that muscle. We wanted to be public to build a long-standing company. We call it as it is. We develop forecasts from the bottom up and we are realistic and data-driven. We look at our pipeline and closing rates. We are playing the long-term gain. We do not use short-term appeasements.”

Why customers prefer CyberArk’s long-term focus

CyberArk’s long-term focus gives the company an advantage over private equity-owned rivals who have a short-term orientation. “All of our PAM competitors are owned by PE firms. They have short-term orientation. They are not investing in R&D and not investing in markets. Unlike them, we are expanding into Europe, Middle East, and Africa (EMEA) and Asia-Pacific Japan (APJ),” Mokady told me.

CyberArk does not rest on its laurels. “By contrast, we are — to use a phrase from Great by Choice — productively paranoid. We never take anything for granted. We worry more than you should. If you think about how the competition might change or the macroeconomic situation might evolve, you will over achieve,” he said

Customers appreciate CyberArk’s loyalty to them. As he said, “We are not forcing them to switch from using our software on premises to in the cloud. We tell them the advantages of using the software as a service and let them know that we will be ready when they are ready to adopt the cloud. By contrast, our PE-owned competitors supply customers a deadline by which they must switch.”

How CyberArk is managing macroeconomic headwinds

Macroeconomic trends are helping CyberArk. “Despite macroeconomic challenges, our product is a high priority for customers. It is a must-have, rather than a nice-to-have. It is Cybersecurity and Infrastructure Security Agency recommended along with multi-factor authentication to protect against identity-based attacks.”

CyberArk tries to protect itself against nation-specific problems. “We are well-hedged geographically. We started on an island and are export-oriented. 30% of our business is in EMEA, 10% in APJ, 60% in Americas — the U.S., Canada, and Latin America,” he said.

CyberArk — which is hosting IMPACT 23, an identity security conference from May 22 to 24 — sees AI as a help and a threat to its customers. “AI can reduce the time it takes to write security policies. AI also introduces the ability for attackers to create attacks uniquely designed for each person. Polymorphic malware will be more likely to evade behavioral-based protection,” according to Mokady.

The PAM market is not maturing. He explained, “There is a proliferation of privileged administrators in human resources, sales, finance. It is all over the world. When we first came up with the idea of focusing there, we did not realize it would be so robust. But we had a long-term orientation and thought that if we solved a difficult and critically-important problem” our solution would be difficult to copy and the problem would not go away quickly.

What makes Israeli entrepreneurs stand out

Margalit attributed Israel’s startup success to two key factors. As he said, “Israel is a nation of immigrants who have nothing to lose. And to build successful companies, our startups must expand globally. Therefore, our entrepreneurs must be comfortable understanding and working with people from different cultural backgrounds. To [be perceived as] intelligent in the U.S., I needed to sound like an American. It’s the same in France and China.”

Mokady sees himself as having an advantage over U.S. CEOs. “When I meet U.S. CEOs, they say they operate globally — but that means having an office in London. They are afraid of international.”

He takes a staged approach to entering new markets. “When we go into a new country, we start small. For example, I did not know anything about German resellers so I hired an expert. When we go into a new market, we do not go in all at once with massive hiring as others have done. We partner with a reseller. If that goes well, we hire a sales person. If that pays off, we hire a team. My board tells me don’t push too hard. Keep it real.”

Where CyberArk Stock Goes From Here

CyberArk’s stock trades 29% below its October 2021 peak of $202 — but the stock is up 11% so far in 2023.

The average analyst sees 24% upside to the stock. Specifically, 25 analysts offering 12-month price forecasts for CyberArk have a median target of $180, according to CNN Business.

Customers seem happy with its product. Gartner IT surveyed 767 customers who gave its product 4.5/5 stars. One reviewer wrote, “Overall, our implementation of the CyberArk Privileged Access Manager has enabled our Network Security operations teams to focus more on security posture, and less on large scale manual password change management. By reducing some of the manual steps involved in our password change management, the CyberArk PAM solution provides a significant savings in manpower, which in turn, means a cost savings.”

If the company can sustain expectations-beating growth and Cohen can maintain Mokday’s hunger to conquer the world, CyberArk investors will be better off.

Fintel reports that on May 24, 2023, Needham reiterated coverage of CyberArk Software (NASDAQ:CYBR) with a Buy recommendation.

Analyst Price Forecast Suggests 22.83% Upside

As of May 11, 2023, the average one-year price target for CyberArk Software is 181.36. The forecasts range from a low of 141.40 to a high of $210.00. The average price target represents an increase of 22.83% from its latest reported closing price of 147.65.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for CyberArk Software is 739MM, an increase of 18.10%. The projected annual non-GAAP EPS is 0.00.

What is the Fund Sentiment?

There are 665 funds or institutions reporting positions in CyberArk Software. This is a decrease of 14 owner(s) or 2.06% in the last quarter. Average portfolio weight of all funds dedicated to CYBR is 0.41%, a decrease of 15.92%. Total shares owned by institutions decreased in the last three months by 2.88% to 42,350K shares. © Provided by Fintel CYBR / CyberArk Software Ltd Put/Call Ratios The put/call ratio of CYBR is 0.42, indicating a bullish outlook.

What are Other Shareholders Doing?

© Provided by Fintel CYBR / CyberArk Software Ltd Shares Held by Institutions

Wasatch Advisors holds 2,369K shares representing 5.77% ownership of the company. In it's prior filing, the firm reported owning 2,333K shares, representing an increase of 1.52%. The firm increased its portfolio allocation in CYBR by 7.20% over the last quarter.

Lazard Asset Management holds 1,288K shares representing 3.14% ownership of the company. In it's prior filing, the firm reported owning 135K shares, representing an increase of 89.50%. The firm increased its portfolio allocation in CYBR by 934.26% over the last quarter.

Franklin Resources holds 1,206K shares representing 2.94% ownership of the company. In it's prior filing, the firm reported owning 1,074K shares, representing an increase of 11.00%. The firm decreased its portfolio allocation in CYBR by 72.54% over the last quarter.

RGM Capital holds 1,203K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 1,162K shares, representing an increase of 3.40%. The firm decreased its portfolio allocation in CYBR by 3.27% over the last quarter.

Voya Investment Management holds 1,189K shares representing 2.90% ownership of the company. In it's prior filing, the firm reported owning 1,144K shares, representing an increase of 3.82%. The firm decreased its portfolio allocation in CYBR by 54.96% over the last quarter.

CyberArk Software Background Information

(This description is provided by the company.)

CyberArk is the global leader in Identity Security. Centered on privileged access management, CyberArk provides the most comprehensive security offering for any identity - human or machine - across business applications, distributed workforces, hybrid cloud workloads and throughout the DevOps lifecycle. The world's leading organizations trust CyberArk to help secure their most critical assets.

This story originally appeared on Fintel.

CyberArk Introduces First Identity Security-Based Enterprise Browser

Organizations Gain an Easy-to-Adopt Browser for Employees and Third Parties That Powers Security, Privacy and Productivity

CyberArk IMPACT 23 – CyberArk (NASDAQ: CYBR), the Identity Security company, today introduced CyberArk Secure Browser. This first-of-its-kind Identity Security web browser enables organizations to better protect against attacks with a flexible, identity-based approach to securing employee and third-party access to enterprise resources.

By 2030, enterprise browsers will be the core platform for delivering workforce productivity and security software on managed and unmanaged devices for a seamless hybrid work experience.1 Browsers provide a vital connection between identities, applications and data, making them a prominent attack vector and a target for cybercriminals – especially in distributed, work-from-anywhere environments.

A rise in post-MFA authentication attacks targeting session cookies reinforces the need for defense-in-depth strategies. Now, CyberArk is applying its deep cybersecurity experience, history of Identity Security innovation and intelligent privilege controls to web browsing. Part of the CyberArk Identity Security Platform, the Chromium-based CyberArk Secure Browser supports enterprise Zero Trust initiatives with integrated security, centralized policy management and productivity tools while delivering a familiar user experience. The CyberArk Identity Security Platform delivers the most robust, layered approach to address the number one area of cybersecurity risk: credential access.2

CyberArk Secure Browser is designed to eliminate existing security gaps between consumer-focused browsers and SaaS applications, endpoint-based controls and identity providers. By extending the CyberArk Identity Security Platform to the browser itself, CyberArk makes it easy for IT teams to tailor security, privacy and productivity controls on managed and unmanaged devices. Key features include:

• Cookieless Browsing: Cookieless browsing is a key differentiating feature that allows users to access and use web-based resources without exposing cookie files to attackers. The cookies will be stored remotely on CyberArk servers enabling secure and seamless web browsing without saving cookie files on the endpoints. This approach makes it difficult for attackers or third parties to steal, forge, alter or manipulate cookies to gain unauthorized access to sensitive resources and helps ensure that users' web sessions, data and accounts remain confidential and secure.
• Data Exfiltration Protections: Companies can control the browsing experience with fine-grained policies designed to prevent data exfiltration attempts that can compromise corporate data.
• Password Replacement: CyberArk Secure Browser features patent-pending password replacement functionality.Instead of showing stored credentials for privileged resources or websites, the browser displays a one-time alphanumeric string. This string works only once, only in CyberArk Secure Browser and only for intended targets – eliminating the possibility that end users will see these privileged credentials in plain text.
• Extensibility: Third-party identity providers and out-of-the-box integrations are supported with the CyberArk Identity Security Platform solutions, including CyberArk Workforce Password Management and CyberArk Secure Web Sessions. This allows companies to customize session protections, access controls and credential management to each user based on their roles. It also works in conjunction with CyberArk Endpoint Privilege Manager to mitigate potentially risky web access and vulnerable endpoints.
• Quick Access Bar: The built-in quick access sidebar helps ensure end users can utilize their Single Sign-On (SSO) credentials to securely access frequently used apps, third-party tools and CyberArk privileged access management resources directly from CyberArk Secure Browser with the click of a button.

“CyberArk is constantly innovating – working to protect our customers against current cybersecurity risk and emerging threats. Based on trends impacting hybrid work environments and research generated by our CyberArk Labs and Red Team, developing an enterprise browser – with an identity-first, security-first approach - was a natural progression for our business,” said Gil Rapaport, general manager, Access at CyberArk. "CyberArk Secure Browser represents a new era of web browsing, where security, privacy and productivity are the top priorities.”

Dynamically mirroring controls and access policies existing on Chrome and Edge browsers that are already deployed on the end user’s device, CyberArk Secure Browser reduces IT overhead and accelerates the deployment timeline for employees, contractors and vendors.

Planned availability for CyberArk Secure Browser on Windows endpoints is by the end of 2023. To learn more about CyberArk Secure Browser, please visit https://lp.cyberark.com/secure-browser-early-access.html.

1 - Gartner, Emerging Tech: Security - The Future of Enterprise Browsers, Dan Ayoub, Evgeny Mirolyubov, Max Taggett, Dave Messett, 14 April 2023
2 - CyberArk 2022 Identity Security Threat Landscape Report, April 2022

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in Identity Security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.

Copyright © 2023 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

Media Contacts:
Carissa Ryan, CyberArk
Email: press@cyberark.com
Highwire PR
Email: cyberark@highwirepr.com

Investor Relations:
Erica Smith, CyberArk
Email: ir@cyberark.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230523005514/en/

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.