Cloudflare, Inc. - NET STOCK NEWS

Cloudflare's latest State of Application Security 2024 Report highlights significant security challenges faced by organizations due to outdated security approaches and increasing online threats. The report notes a rise in distributed denial of service (DDoS) attacks, with DDoS comprising 37.1% of mitigated traffic, and mentions the largest DDoS attack in history. Zero-day vulnerabilities are being exploited faster than ever, with one case occurring just 22 minutes after proof-of-concept publication. Bad bots, making up 31.2% of traffic, predominantly pose threats, particularly to industries like Manufacturing, Cryptocurrency, and the US Federal Government. The reliance on third-party software introduces growing risks in supply chain security, with organizations using an average of 47.1 pieces of third-party code and making 49.6 outbound connections. The report is based on traffic patterns from April 1, 2023, to March 31, 2024, across Cloudflare's global network.

Cloudflare's latest study, titled 'Shielding the Future: Europe's Cyber Threat Landscape Report,' reveals that 64% of European business leaders expect a cybersecurity incident in the next 12 months, but only 29% feel highly prepared. The study surveyed over 4,000 leaders across 13 European markets, uncovering a significant rise in the volume and frequency of attacks. While 40% of organizations experienced incidents in the last year, industries like IT & technology are better prepared compared to healthcare and education. Financial and reputational damages are substantial, with costs ranging from £788,000 to over £1.576 million per incident. Many businesses are adopting more cybersecurity products, but 72% believe this complexity hampers effectiveness. Furthermore, 58% are in early stages of adopting Zero Trust network access. Despite 54% of businesses expecting increased cybersecurity budgets, challenges remain, including funding, talent shortages, and evolving requirements.

Cloudflare's Project Galileo celebrates its 10th anniversary, marking a decade of offering free DDoS protection to over 2,600 public interest organizations across 111 countries. The project handles around 96 million DDoS attacks daily, safeguarding entities such as human rights groups and independent journalists. Key highlights include mitigating nearly 32 billion cyber threats between May 2023 and March 2024 and notable attacks targeting organizations like Meduza and those related to the Israel-Hamas conflict. The initiative underscores Cloudflare's mission to support free expression online, with testimonials from various beneficiaries affirming its critical role in their operations.

CrowdStrike and Cloudflare (NYSE: NET) announced an expanded strategic partnership aimed at enhancing cybersecurity from device to network. This alliance integrates Cloudflare's Zero Trust protection from Cloudflare One™ with CrowdStrike Falcon®'s AI-native cybersecurity platform. The collaboration aims to simplify vendor management, reduce costs, and operational complexity for global customers. This partnership targets the increasing sophistication of cyber threats, providing a robust, holistic security approach for organizations. The integration offers a single API for seamless security management, enhancing threat detection and response across endpoints, cloud, identity, data, and applications.

Cloudflare, a leading connectivity cloud company, has acquired BastionZero to enhance its Cloudflare One platform by adding Zero Trust infrastructure access controls. This acquisition aims to bolster remote access security for critical IT systems, benefiting hybrid and remote work environments.

Cloudflare One will now include advanced Zero Trust controls for infrastructure such as servers, Kubernetes clusters, and databases. This move is intended to replace traditional VPN setups, which often grant overly permissive access, with more secure and flexible options. The integration promises increased security, compliance, control, and reduced complexity for IT teams.

This acquisition aligns with the growing demand for secure access service edge (SASE) solutions, a market projected to reach $25 billion by 2027 with a compound annual growth rate of 29%, according to Gartner. The addition of BastionZero is expected to strengthen Cloudflare's position in this rapidly growing market.

Cloudflare, in collaboration with the U.S. Department of Treasury and Pacific Northwest National Laboratory, is providing advanced threat intelligence to financial institutions through a new partnership. This initiative aims to enhance cyber resilience in the financial services industry by offering a Custom Indicator Feed to combat ransomware, phishing, and other threats. The partnership will enable financial services organizations using Cloudflare Gateway to access exclusive threat indicators for better defense against cyberattacks.

Cloudflare, Inc. (NYSE: NET) announced Cloudflare for Unified Risk Posture, a new suite of risk management solutions to identify, evaluate, and manage cyber threats. The offering includes partnerships with leading security providers to enhance threat remediation. This solution aims to simplify risk management for organizations across all attack vectors, internal and external, providing real-time threat assessment and control capabilities globally.

Cloudflare, Inc. (NYSE: NET) reported strong first quarter financial results for 2024, with a 30% year-over-year revenue increase to $378.6 million. The company also achieved record net-new customers spending over $100,000, $500,000, and $1 million annually. Cloudflare's GAAP gross profit was $293.6 million, with a 77.5% margin, while non-GAAP income from operations reached $42.4 million. Operating cash flow was $73.6 million, and free cash flow was $35.6 million. Cloudflare's CEO, Matthew Prince, highlighted the company's growth, innovation, and customer expansion, emphasizing a positive outlook for the future.

Cloudflare collaborates with Booz Allen Hamilton to provide expedited Under Attack as a Service (UAaaS) with 30-Day Rapid Response DDoS Mitigation. The partnership offers immediate Incident Response to enterprises facing cyber attacks, ensuring rapid protection and continuous monitoring. Cloudflare's industry-leading technology and Booz Allen's expertise combine to safeguard organizations during critical times of cyber threats.