CyberArk battles hackers from within. The Israel-based network security company helps customers in 65 countries protect privileged accounts that serve as gateways to sensitive and valuable information inside their computer networks.
Attackers who infiltrate perimeter cyberdefenses can go for months without being detected, CyberArk (NASDAQ:CYBR) CEO and co-founder Udi Mokady told IBD. Once inside, they search for a corporation’s privileged or administrative accounts, gain access to networks and databases and steal information or wreak havoc.
Mokady pointed to the “totality” of the high-profile, malicious cyberattack on Sony Pictures Entertainment in November as an example.
What Sony Pictures Endured
Hackers stole and erased sensitive documents and left computer systems unusable. Sony Pictures Entertainment had to “shut down its entire network,” Sony (NYSE:SNE) said in a January SEC filing that requested a delay in submitting its quarterly report due to the attack.
Sony’s filing noted that “most of SPE’s financial and accounting applications and many other critical information technology applications” would not be functional until early February.
Thousands of the studio’s employees were left without email and other critical functions. Movies, Social Security numbers and other documents were leaked.
“Hackers are no longer just out to steal information, but to get embedded in the network, IT system and applications to completely disrupt a company’s ability to do business,” Mokady said. “Privileged accounts are exploited in almost every targeted attack, and this is the primary reason why attacks are so damaging and so hard to stop.”
Providing a “digital vault” for companies’ privileged accounts and sensitive information is a key layer of protection that Mokady and co-founder Alon Cohen saw a need for back when they started CyberArk in 1999.
Today, the company has roughly 1,800 clients that include 40 of the Fortune 100 companies, 17 of the top 20 global banks and 18% of the Global 2000 companies.
Big Companies Are Customers
That list is likely to keep growing, several analysts say, as enterprises look for rapid detection-and-response solutions to cyberattacks.
“Enterprises have come to the realization that preventing every breach is impossible,” JMP Securities analyst Erik Suppiger said in an April 22 research report, while attending the RSA Conference on cybersecurity, one of the industry’s top annual events, held April 20-24 this year in San Francisco.
“Our checks indicate privileged account management, in particular, which is a form of internal security, is evolving into a key spending priority, and we believe CyberArk is garnering a disproportionate share of that market,” Suppiger said. “The rise in company databases being hacked has caused security managers to invest a larger portion of their budgets in detection solutions, which CyberArk specializes in.”
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