Backblaze Achieves StateRAMP Progressing Snapshot and TX-RAMP Provisional Authorizations

Rhea-AI Summary

Backblaze, Inc. (BLZE) has earned inclusion in StateRAMP’s Progressing Snapshot and the TX-RAMP Provisional programs, enhancing data security for education and government entities. The programs standardize security requirements, empowering public institutions to level up their security posture with verified security standards.

Insights

Cybersecurity Expert

With the inclusion of Backblaze in StateRAMP’s Progressing Snapshot and TX-RAMP Provisional programs, we're observing an enhanced emphasis on cybersecurity within the public sector. These programs, leveraging NIST guidelines, are pivotal for state and local governments and educational institutions in mitigating the heightened risks of cyberattacks that have been reported to target these entities with increasing frequency.

The rigorous standards required for these certifications suggest that Backblaze has implemented robust security measures. This is not just about technical compliance; it's a proactive step towards building trust with potential government clients who prioritize data protection. For investors, this can be seen as a strategic move to expand market share within the public sector, which is known for long-term contracts and stable revenue streams.

However, it's worth noting that achieving and maintaining such certifications can be resource-intensive. The ongoing commitment to security controls could lead to increased operational costs. Yet, if managed effectively, the long-term benefits of securing public sector contracts could outweigh these initial investments.

Market Analyst

The announcement by Backblaze can be interpreted as a strategic maneuver to capitalize on the growing need for secure cloud storage solutions in the public sector. The SLED market segment is particularly sensitive to compliance and security and Backblaze's alignment with StateRAMP and TX-RAMP may provide it with a competitive edge.

From a market perspective, this development could signal Backblaze's potential to secure a larger footprint in the public sector. This could lead to increased revenue and market stability. It's important to monitor how this translates into actual contracts and revenue growth, as the procurement process in the public sector can be lengthy and competitive.

Investors should also consider the scalability of Backblaze's infrastructure to meet the demands of this new market segment. The ability to handle increased loads without compromising security or performance will be key to their success.

Financial Analyst

The financial implications of Backblaze's recent certifications are multifaceted. On one hand, the company's investment in achieving StateRAMP and TX-RAMP compliance could lead to a short-term increase in operating expenses. However, the long-term revenue potential from securing government and educational contracts could be substantial.

Investors should evaluate the company's current financial health and its ability to absorb the costs associated with these certifications. Additionally, the market's response to this news may influence Backblaze's stock in the short term, as it reflects the company's potential for growth in a new sector.

It's also prudent to consider the competitive landscape. If Backblaze can leverage these certifications to distinguish itself from competitors, it could capture a significant share of the SLED market, which would positively impact its financial performance over time.

Cybersecurity assessments aid education and government entities in improving security posture with Backblaze products

SAN MATEO, Calif., March 28, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading specialized storage cloud, today announced it has earned inclusion in StateRAMP’s Progressing Snapshot and the TX-RAMP Provisional programs. These programs standardize security requirements by assessing solutions that serve state and local government and education (SLED) institutions, empowering public institutions to level up their data security with safeguards that meet verified security standards.

According to 2023 reporting from Sophos, cybercriminals are targeting SLED enterprises more frequently than any other segment, creating an increasingly complex threat and compliance landscape for IT teams in education and government. StateRAMP and TX-RAMP help cut through this complexity by delivering consistent standards that require implementation of information security safeguards based on National Institute of Standards and Technology (NIST) guidelines. This allows state agencies to more confidently select compliant cloud providers to secure delivery of the essential services they provide.

“The TX-RAMP and StateRAMP programs require a standardized set of cybersecurity controls. The StateRAMP Progressing Snapshot status and the TX-RAMP Provisional status demonstrate Backblaze’s ongoing commitment to rigorous information security controls,”' said Mark Potter, Chief Information Security Officer at Backblaze. “We want organizations to feel confident that they can trust our solutions to help them adhere to standards-based practices for protecting their valuable data. Alongside our SOC 2 Type 2 attestation, we’re happy to add this new StateRAMP status and TX-RAMP Provisional authorization to our robust security profile.”

While hundreds of SLED entities already trust Backblaze to secure their data from ransomware, hardware failure, natural disasters, and other data mishaps, many other publicly funded institutions require StateRAMP or TX-RAMP authorizations for procurement. In particular, TX-RAMP is a requirement for technology providers seeking to serve the SLED space in Texas. As such, this announcement signals the availability of Backblaze products for a wider swath of the public sector.

About Backblaze

Backblaze makes it astonishingly easy to store, use, and protect data. The Backblaze Storage Cloud provides a foundation for businesses, developers, IT professionals, and individuals to build applications, host content, manage media, back up and archive data, and more. With over three billion gigabytes of data storage under management, the company currently works with more than 500,000 customers in over 175 countries. Founded in 2007, the company is based in San Mateo, CA. For more information, please go to www.backblaze.com.

Press Contact:
Jeanette Foster
Communications Manager, Backblaze
jfoster@backblaze.com

FAQ

What programs has Backblaze earned inclusion in?

Backblaze has earned inclusion in StateRAMP’s Progressing Snapshot and the TX-RAMP Provisional programs.

What do the StateRAMP and TX-RAMP programs aim to do?

The programs aim to standardize security requirements by assessing solutions that serve state and local government and education institutions, empowering them to enhance their data security with verified security standards.

Why are cybersecurity assessments important for education and government entities?

Cybersecurity assessments are important to improve security posture and protect valuable data from cybercriminals who target SLED enterprises more frequently than any other segment.

What standards do StateRAMP and TX-RAMP require for cybersecurity controls?

StateRAMP and TX-RAMP require the implementation of information security safeguards based on National Institute of Standards and Technology (NIST) guidelines.

Why is the TX-RAMP authorization important for technology providers in Texas?

The TX-RAMP authorization is a requirement for technology providers seeking to serve the SLED space in Texas, allowing Backblaze products to be available for a wider swath of the public sector.

Who is the Chief Information Security Officer at Backblaze?

Mark Potter is the Chief Information Security Officer at Backblaze.

What type of attestation does Backblaze have alongside the StateRAMP status and TX-RAMP Provisional authorization?

Alongside the StateRAMP status and TX-RAMP Provisional authorization, Backblaze has a SOC 2 Type 2 attestation.

What are some threats that education and government entities face according to Sophos?

According to Sophos, education and government entities face threats from cybercriminals targeting SLED enterprises more frequently than any other segment.

What data mishaps can Backblaze products help protect against?

Backblaze products can help protect data from ransomware, hardware failure, natural disasters, and other data mishaps.

Why is it important for publicly funded institutions to have StateRAMP or TX-RAMP authorizations?

Many publicly funded institutions require StateRAMP or TX-RAMP authorizations for procurement to ensure compliance with security standards.

What does the inclusion in StateRAMP’s Progressing Snapshot and the TX-RAMP Provisional programs signify for Backblaze?

The inclusion signifies Backblaze's ongoing commitment to rigorous information security controls and the availability of their products for a wider public sector audience.