Cyberark Software Ltd - CYBR STOCK NEWS

CyberArk (NASDAQ: CYBR) released a study indicating that most remote workers feel more productive at home and wish to continue this work style post-pandemic. Despite these preferences, poor security practices present significant risks for businesses considering remote work's long-term viability. Key findings include: 78% of employees faced tech issues, 67% circumvent security policies, and 82% reused passwords. The survey highlights a growing need for organizations to reinforce security measures as 54% of respondents received remote-work security training.

CyberArk (NASDAQ: CYBR) has announced its participation in two upcoming virtual conferences. The UBS Global TMT Virtual Conference will take place on December 7, 2020, at 8:25 a.m. EST, followed by the Barclays Global Technology, Media and Telecommunications Conference on December 9, 2020, at 8:00 a.m. EST. Both presentations will be available as webcasts, with an archive accessible on the company's investor relations website.

CyberArk is a leader in privileged access management, ensuring critical IT security across various environments.

CyberArk (NASDAQ: CYBR) partners with Forescout and Phosphorus to enhance security for IoT devices amid a digital transformation surge. This collaboration aims to reduce risks associated with the growing number of connected devices, projected to reach 25.4 billion by 2030. The integration enables continuous discovery and management of IoT assets, mitigating vulnerabilities through automated credential management and security compliance. By facilitating better operational efficiencies, CyberArk’s solution is designed to protect critical data and assets, addressing the increasing security challenges posed by interconnected devices.

CyberArk (NASDAQ: CYBR) has been recognized as a Leader in "The Forrester Wave™: Privileged Identity Management, Q4 2020." The company achieved the highest score in the current offering category and excelled in 16 critical criteria. This recognition underscores CyberArk's capability to innovate while addressing complex customer environments, particularly in DevOps and cloud sectors. Notably, CyberArk’s solutions facilitate effective credential management and robust threat monitoring, emphasizing enhanced security across various systems and strong performance metrics validated by large clients.

CyberArk (NASDAQ: CYBR) announced its participation in the Needham Virtual Security, Networking, and Communications Conference on November 17, 2020, at 9:30 a.m. ET. The event will be webcasted, and an archived version will be available on the company’s investor relations website for a limited time. CyberArk, recognized as a global leader in privileged access management, helps organizations protect their data across cloud and hybrid environments, leveraging the most complete solution against external threats and insider risks.

CyberArk (NASDAQ: CYBR) reported strong financial results for Q3 2020, with total revenue of $106.6 million, a 40% increase in Annual Recurring Revenue (ARR) to $250 million, and SaaS bookings setting records. Notably, SaaS and subscription revenue surged nearly 200% year-over-year, now representing 28% of total license revenue. Despite a GAAP operating loss of $(10.5) million and a GAAP net loss of $(15.9) million, the company is transitioning to a recurring revenue model. CyberArk maintains $1.1 billion in cash, reflecting solid financial health.

CyberArk (NASDAQ: CYBR) has launched the Cloud Entitlements Manager, a groundbreaking AI-powered tool designed for enhancing security in cloud environments. This service actively monitors cloud access, ensuring least privilege access by identifying and eliminating excessive permissions. The Cloud Entitlements Manager addresses the growing concerns around over-permissioned accounts, a common vulnerability in cloud services. It can be configured in under an hour, providing quick assessments and operational efficiencies for organizations, thereby transforming cloud security management.

CyberArk (NASDAQ: CYBR) has established the CyberArk Public Sector Advisory Board, aiming to enhance guidance on cybersecurity risks and regulatory needs. The board, consisting of former public sector leaders like Michael Brown and Theresa Payton, will engage with CyberArk to strengthen cybersecurity measures for government agencies. This initiative aligns with increased technology investment for better service delivery while addressing vulnerability to cyber threats. The board aims to reinforce public-private partnerships for improved resilience against attacks targeting sensitive data.

CyberArk (NASDAQ: CYBR) will report its Q3 2020 financial results on November 10, 2020, before U.S. markets open. The company will hold a conference call at 8:30 a.m. ET to discuss these results and its business outlook. Interested parties can join the call by dialing +1 (833) 968-2251 (U.S.) or +1 (778) 560-2670 (international), using conference ID 3387489. A live webcast will also be available on the company's investor relations website.