Cyberark Software Ltd Stock Price, News & Analysis

CyberArk (NASDAQ: CYBR) has released new research highlighting security risks posed by employee behaviors. The study surveyed 14,003 employees across six countries and revealed that:

• 80% access workplace applications from personal devices lacking security controls.
• 40% habitually download customer data, and over 30% can alter sensitive data or approve large transactions.
• 49% reuse login credentials across multiple applications, while 52% have shared confidential information externally.
• 65% bypass cybersecurity policies for convenience.
• 72% use AI tools, but 38% do not follow guidelines for handling sensitive data.

Additional research from CyberArk Labs shows that individual browsing history can be exploited by attackers, increasing organizational risks. The findings emphasize the need for robust identity security programs with dynamic privilege controls.

CyberArk has achieved QC1 certification from Italy's Agenzia per la Cybersicurezza Nazionale (ACN) for two SaaS components of its Identity Security Platform. The certification enables CyberArk's SaaS products to be available in the ACN marketplace for Italian government organizations. The certified products include CyberArk Privilege Cloud, which secures privileged access in hybrid and multi-cloud environments, and CyberArk Endpoint Privilege Manager, which secures human identities by extending identity security to workstations and servers. This certification aligns with Italy's National Cybersecurity Strategy and follows CyberArk's recent FedRAMP® High Authorization achievement in the United States.

Konoike Transport, a Japanese logistics company with 24,000 employees, has implemented CyberArk's Privileged Access Manager to enhance its cybersecurity infrastructure. The implementation addresses previous challenges of fragmented privileged access management and siloed password systems. The new system provides unified visibility of privileged accounts, improved incident response times, and better compliance with requirements like the Sarbanes-Oxley Act. This implementation aligns with Konoike's cloud-first digital transformation strategy, enabling secure cloud-based privileged access within a single architecture.

CyberArk (NASDAQ: CYBR) has announced a strategic partnership with cloud security provider Wiz, integrating their Identity Security Platform with Wiz's Cloud Security Platform. The partnership aims to help cloud-native organizations strengthen their multi-cloud security by providing enhanced visibility and control over privileged access.

The integration addresses challenges faced by organizations managing numerous cloud environments and identities, focusing on reducing unauthorized access risks and meeting compliance requirements. The solution combines Wiz's capabilities in discovering critical risks and misconfigured cloud access with CyberArk's Zero Standing Privileges implementation.

CyberArk announced a planned CFO transition, with Josh Siegel stepping down on January 1, 2025, to become an advisor. Deputy CFO Erica Smith will assume the CFO role. Smith, who joined CyberArk in 2015, previously served as Senior VP of Finance and Investor Relations, playing key roles in the company's business model transition and recent $1.6 billion Venafi acquisition. During Siegel's 13-year tenure, CyberArk grew from under $40 million in revenue to nearly $1 billion in ARR, maintaining profitable growth. Smith brings over 25 years of finance leadership experience and will focus on supporting CyberArk's continued growth and innovation.

CyberArk (CYBR) reported strong Q3 2024 financial results, exceeding all guided metrics. Subscription revenue grew 43% year-over-year to $175.6 million, while total revenue increased 26% to $240.1 million. The company's Annual Recurring Revenue (ARR) reached $926 million, up 31% year-over-year, with the subscription portion growing 46% to $735 million. GAAP net income was $11.1 million ($0.24 per diluted share). The company raised its full-year 2024 guidance across all metrics and announced the successful closure of the Venafi acquisition on October 1, 2024.

CyberArk (NASDAQ: CYBR), the identity security company, has announced its participation in three upcoming investor conferences in November and December 2024. The company will present at the Needham Security, Networking & Communications Conference (virtual) and RBC Capital Markets Global TIMT Conference in New York on November 19, and the UBS Global TMT Conference in Scottsdale on December 3. All presentations will be available via webcast and archived on CyberArk's investor relations website.

CyberArk (NASDAQ: CYBR) has been recognized as an Overall Leader in the 2024 KuppingerCole Leadership Compass on Privileged Access Management (PAM). The report highlights CyberArk's pioneering role in PAM, utilizing artificial intelligence for threat detection and credential protection in hybrid and multi-cloud environments.

KuppingerCole placed CyberArk in the top quadrant with the highest scores across Product, Innovation, and Market Leadership categories. The report noted CyberArk's focus on identity security, multi-tenancy support, and Zero Standing Privileges (ZSP) to reduce identity-related risk.

The CyberArk Identity Security Platform offers a unified, modular approach to cyber-risk reduction, encompassing PAM, workforce and customer access, endpoint privilege security, secrets management, cloud privilege security, and identity management to enable Zero Trust and enforce least privilege.

CyberArk (NASDAQ: CYBR), the identity security company, has announced it will report its third quarter 2024 financial results on Wednesday, November 13, 2024, before the U.S. financial markets open. The company will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the financial results and business outlook.

To access the call, participants can dial +1 (888) 330-2455 (U.S.) or +1 (240) 789-2717 (international) with the conference ID 6515982. A live webcast will be available on the company's website. Following the call, a replay will be accessible for one week, and an archived webcast will be available in the 'Investor Relations' section of CyberArk's website.