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Cyber-Ark Announces Record Quarter and Significant Traction Within Financial Services Market
Information Security Provider Grows Orders by 80 percent and Announces Key Financial Service Customer Wins
Dedham, Mass. - May 1, 2006 - Cyber-Ark Software Inc., the information security software company that develops and markets digital vaults for securing and managing highly-sensitive information within and across global enterprise networks, has announced that the recently concluded quarter was a record for the company. In addition, the company signed on eight new customers within the financial services industry, marking continued significant growth of the organization's secure, digital vault solutions in this highly regulated marketplace.
Over the past year, with the heightened attention to security brought on by Sarbanes-Oxley 404 compliance requirements and the increasing frequency of data breaches and identity thefts, Cyber-Ark has focused on providing the most secure, yet flexible digital vault solutions to allow organizations to protect, securely share and track their most highly sensitive information.
With Cyber-Ark's Enterprise Password Vault™ organizations are now better able to secure, automatically change and log all accesses and uses of the most powerful passwords in their enterprise that are used to access critical systems, servers, network devices and applications. With this level of administrative password security in place, these organizations are able to address their SOX compliance concerns, while also being assured that their intellectual property, financial data and customer information does not end up being misused or in the wrong hands.
"The more organizations that we speak with, the more we hear the need for a privileged user management solution that is able to grow and adapt with the complex network infrastructure that is established and continues to evolve within their enterprise," said Udi Mokady, president and founder at Cyber-Ark Software. "As this past quarter represents, any organization that has information that needs to be secured and protected on a regular basis, will benefit from our digital vault solutions."
Cyber-Ark has found that the mismanagement of privileged users' passwords is a major cause of security breaches and one of the main reasons for long recovery processes from IT failures. The inaccessibility of a password by an on-call administrator, for instance, may cause hours of delay in recovering from an IT failure and thus leave hundreds of users unproductive and information inaccessible which severely hurts information heavy markets. Cyber-Ark solves the complete spectrum of privileged user management problems allowing organizations to better control, manage and track generic IDs, hard-coded IDs, System Administrator and Root identities for all types of devices and applications.
"Passwords for privileged roles within the IT organization allow access to sensitive business information, and are therefore a weak point in the security frameworks of many organizations," said Graham Titterington, principal analyst at Ovum. "They make it difficult to achieve compliance with corporate obligations, particularly in the financial arena. Establishing an effective identity and access management requires this problem to be solved. Cyber-Ark has provided a very useful product in dealing with this issue."
With its most successful quarter recently completed, Cyber-Ark now looks to continue to penetrate its core markets with information security solutions that will increasingly help organizations meet their growing compliance requirements and better secure their most critical information. Financial services organizations that have recently purchased from Cyber-Ark include, ABN Amro, T. Rowe Price, ING Financial Services, Temple Inland, Standard Bank of South Africa, and American Century Investments.
Cyber-Ark Software is an Information Security company that develops and markets digital vaults for securing and managing sensitive information within and across global enterprise networks. Based on it's patented Vaulting Technology, Cyber-Ark's digital vault products include: The Inter-Business Vault®, a secure infrastructure for cross-enterprise data exchange of highly-sensitive information; the Network Vault®, for secure storage and management of highly-sensitive documents, and the Enterprise Password Vault, for the secure management of administrative, emergency and privileged user passwords.
Cyber-Ark Software was founded in 1999 by a team of industry-recognized security experts with the aim of producing a truly effective security offering where complete end-to-end security was the initial, key design consideration rather than applied as an afterthought. Today, over 200 Global 1000 companies rely on Cyber-Ark Software's digital vault solutions for managing, sharing and securing highly-sensitive information both within their organization and with their partners, vendors and customers. Cyber-Ark Software is privately held and backed by some of the world's most successful venture capitalists, including Jerusalem Venture Partners, Seed Capital Partners (a SOFTBANK Affiliate), JP Morgan/Chase Partners and Vertex Management.
The Company is located in Dedham, Mass. and on the World Wide Web at www.cyber-ark.com.
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