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CYBER-ARK CELEBRATES LEADERSHIP AND INNOVATION IN PRIVILEGED PASSWORD MANAGEMENT
Strong Combination of Innovative Technology, 100+ New Customers, Strategic Partnerships, Increased Global Presence and Industry Honors Set Stage for Ongoing Growth
NEWTON, MA - March 19, 2007 - Cyber-Ark® Software today announced that 2006 marked a year of tremendous prosperity and growth in the emerging Privileged Password Management (PPM) market as regulatory compliance, along with a slew of highly publicized network breaches, are finally forcing enterprises to prove the security of their administrative or privileged passwords. Cyber-Ark highlights from 2006 include the industry's first PPM survey of IT professionals, the release of Enterprise Password Vault™ (EPV) 4.0, the addition of more than 100 customers worldwide, new corporate and European headquarters as well as a number of prestigious industry award recognitions.
"Our remarkable success over the past year shows that customers around the world choose Cyber-Ark as their technology of choice for Privileged Password Management," said Udi Mokady, Founder, President and CEO of Cyber-Ark Software. "This company is built on technology excellence and determination. While others are releasing first-generation point solutions to address the privileged password problem, we've long recognized the security and compliance threat of mismanaged privileged accounts and have eliminated the problem with the release of our fourth generation EPV product."
Cyber-Ark has garnered significant recognition within the analyst and press, including:
- Cyber-Ark is fulfilling a pressing need in the market for the extension of secure identity management solutions" -Sally Hudson, IDC
- EPV receives an "A" for Effectiveness - Tom Bowers, Information Security Magazine
- EPV awarded a Four Star Rating - Justin Peltier, SC Magazine
- "The use of embedded passwords in systems is becoming one of the reasons organizations fail technology audits... Enterprise Password Vault successfully addresses these issues." - Mark Blowers, The Butler Group
Significant customer growth
Cyber-Ark saw an enormous upturn in business in 2006, and over the past six months in particular, with a dramatic increase in its customer base and with revenues increasing three fold. In 2006, Cyber-Ark added more than 100 new enterprise customers in the US and Europe, and is seeing a growing demand for its products in the Asia Pacific region. Companies including Bank of England, PCAOB, Capital One, People's Energy, Temple-Inland, ConAgra Foods and Sentry Insurance are experiencing an immediate return on investment through their use of EPV.
In addition to EPV's continued success in banking and financial services, a significant number of Fortune 1000 companies across a new range of industries, from energy and retail to telecommunications and pharmaceutical sectors, are investing in EPV to manage and secure their most sensitive data, including privileged user passwords.
First-ever U.S. privileged password survey
Cyber-Ark's 2006 Privileged Password Survey brought to light troubling security vulnerabilities among major enterprises. Completed by more than 140 IT professionals, the survey revealed that privileged passwords-the non-personal passwords that exist in virtually every device or software application in an enterprise, such as root on a UNIX server, Administrator on a Windows workstation, and Cisco Enable on a Cisco device-are far more common in enterprises than previously thought. Approximately one-half of all enterprises contain more privileged passwords than individual ones. Second, although these privileged passwords provide "super-user" system access, the survey exposed that up to 42% of privileged passwords are never updated, a frightening prospect in today's environment of increased audits and hacker attacks.
In many cases, these passwords are never even changed because organizations still manually update them, which is a time-consuming process. One IT executive from a Fortune 500-sized company stated: "manually changing thousands of passwords across hundreds of databases is simply impractical." This is validation that there is a tremendous need for Cyber-Ark's technology.
First comprehensive study of PPM
The Cyber-Ark survey supports the findings of a recent IDC white paper, which showed that companies are hemorrhaging millions every year due to the hidden costs, security risks and compliance liabilities all associated with administrative, super-user or privileged passwords. Entitled "Privileged Password Management: Combating the Insider Threat and Meeting Compliance Regulations for the Enterprise" (Jan 2007, #204906) and sponsored by Cyber-Ark, this report is groundbreaking as the first comprehensive study of PPM or Privileged Password Management.
Cyber-Ark has pioneered much of the groundwork for what is now considered the basis of PPM tools and released in October version 4.0 of its flagship product, Enterprise Password Vault (EPV).
Until the release of Cyber-Ark's EPV, organizations had no way to effectively secure, manage, update and control the full range of shared, service or "privileged user" accounts. EPV provides a "safe haven" where all privileged users' passwords can be securely archived, transferred, shared and managed by authorized users, and is the only solution on the market to provide an enterprise-wide view of privileged password activity.
New corporate headquarters, increased global presence
In 2006, in order to accommodate the industry's growing demand for PPM solutions and support its own exponential growth, Cyber-Ark moved its global headquarters from Dedham, Mass., to a larger facility in nearby Newton. In addition, Cyber-Ark expanded its global presence with the opening of its European headquarters in London. From there, Cyber-Ark will deliver a heightened level of service and support to its European prospects and existing customers such as Voca, Belgacom and ING.
Key new partnerships
In October, Cyber-Ark announced a strategic partnership with Courion® Corporation to provide the industry's first comprehensive identity and privileged management solution. The integrated Courion-Cyber-Ark solution came in response to overwhelming demand from Courion customers to extend the reach of Courion's user provisioning and password management solutions to include privileged and administrator account protection.
Wipro Technologies, the global IT services division of Wipro Limited (NYSE: WIT), also recognized the gap that currently resides within traditional Identity Management solutions. As a result, Cyber-Ark recently announced a strategic partnership with Wipro, by which Wipro will offer EPV in addition to its full line of technology-driven business solutions.
In addition, Cyber-Ark continues to stand out against the competition with a string of prestigious industry award recognitions and honors:
- Info Security Products Guide - Hottest Companies 2007
- Deloitte Technology Fast 500 EMEA
- Israel Technology Fast 50
- Info Security Products Guide - Global Excellence in Password Protection - Customer Trust 2006 Award
- "As we close out 2006 and 2007 begins, our executive team is confident that we will continue to make our mark on a global scale-continuing product innovation, sharing customer successes and expanding on our current leadership status in the PPM market," added Mokady. "We are very proud of where we have been and look forward to additional successes in the months to come."
Cyber-Ark Software is an Information Security company that develops and markets digital vaults for securing and managing privileged passwords and highly-sensitive information. Based on its 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 Sensitive Document 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's Vaulting platform has been tested by ICSA Labs, an independent division of Cybertrust. ICSA is the security industry's central authority for research, intelligence, and certification testing of security products.
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 250 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 Newton, Mass. and on the World Wide Web at www.cyber-ark.com
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