Check Point Software Technologies Ltd - CHKP STOCK NEWS

Check Point Software Technologies (NASDAQ: CHKP) has released its Global Threat Index for February 2023, highlighting that Remcos Trojan was used in phishing attacks on Ukrainian government entities. This malware's resurgence marks its return to the top ten for the first time since December 2022. The report indicates a 44% drop in weekly attacks per organization, yet Ukraine remains a primary target for cybercriminals. The Education/Research sector is noted as the most attacked industry. Additionally, the most exploited vulnerabilities include 'Web Servers Malicious URL Directory Traversal' affecting 47% of organizations globally.

Check Point Software Technologies (NASDAQ: CHKP) announced major leadership changes to enhance its business performance. Nataly Kremer has been appointed as Chief Product Officer and Head of R&D, bringing 12 years of experience from AT&T. Dr. Dorit Dor becomes the Chief Technology Officer, having played a pivotal role in the company for over 27 years. Rupal Hollenbeck has been promoted to President, continuing her leadership in commercial strategy. These changes aim to strengthen Check Point’s capabilities in delivering advanced cybersecurity solutions and meeting customer demands amid evolving industry challenges.

Check Point Software Technologies (NASDAQ: CHKP) has launched Check Point Infinity Spark, a new threat prevention solution designed for small and medium-sized businesses (SMBs). This platform delivers comprehensive security across networks, email, endpoint, and mobile devices with a 99.7% malware catch rate. Infinity Spark aims to simplify cybersecurity operations for SMBs, especially amid a shortage of skilled professionals. It consolidates security management, potentially reducing operational costs for managed service providers by 50%. The Infinity Spark suite is now available for order, offering an affordable, all-in-one security solution.

Check Point Software Technologies (NASDAQ: CHKP) has launched Check Point Quantum SD-WAN, a new cybersecurity solution designed to protect branch offices from advanced cyberattacks. This product delivers optimized connectivity while maintaining high security standards by blocking 99.7% of malware and phishing threats. It combines SD-WAN technology with robust security protocols, ensuring uninterrupted service for over 10,000 applications. Designed for organizations transitioning to cloud connectivity, this solution aims to balance speed and security effectively, mitigating risks associated with direct internet access.

Check Point Research released its Global Threat Index for January 2023, highlighting that the infostealer Vidar returned to the top ten list in seventh place. This resurgence was linked to increased instances of brandjacking. Additionally, a major campaign named Earth Bogle spread njRAT malware across the Middle East and North Africa through phishing emails. The research identified that the top exploited vulnerability was the Web Server Exposed Git Repository Information Disclosure, affecting 46% of organizations worldwide. The report underscores the importance of vigilance against phishing and malware threats.

Check Point Software Technologies has expanded its share repurchase program by $2.0 billion, allowing for quarterly repurchases of up to $325 million. This continued initiative follows the repurchase of approximately 204 million shares for a total of $13 billion since the program's inception. As of December 31, 2022, the company had about 120.8 million shares outstanding. The program, which may be conducted through various methods including open market transactions, reflects Check Point's commitment to enhancing shareholder value. Funding for repurchases will come from available working capital.

Check Point Software Technologies reported its Q4 and full-year 2022 financial results on February 13, 2023. Q4 revenues reached $638 million, a 7% increase year-over-year, with security subscription revenues at $231 million, up 13%. Full-year revenues were $2,330 million, up 8%. GAAP EPS for Q4 was $2.20, an 11% increase, while full-year GAAP EPS was $6.31, a 4% increase. Deferred revenues increased by 10% to $1,878 million. The company also authorized a $2 billion share repurchase program, continuing its commitment to returning value to shareholders.

Check Point Software Technologies (NASDAQ: CHKP) has launched Horizon XDR/XPR, a new cybersecurity solution aimed at preventing cyber threats by intelligently correlating data. Announced at CPX 360 on February 9, 2023, this integrated platform focuses on proactive prevention across all vectors, including email, cloud, networks, and endpoints. Unlike traditional detection-centric solutions, Horizon XDR/XPR shifts the paradigm to prioritize prevention, aiming to minimize the impact of cyberattacks. The solution promises comprehensive threat protection, streamlined management, and collaborative security operations, making it a significant advancement in the cybersecurity sector.

Check Point Research has released its 2023 Security Report, revealing a significant rise in cyberattacks, marking a 38% increase in 2022 over the prior year. Weekly attacks averaged 1,168 per organization. Notably, the healthcare sector experienced a 74% increase in attacks. The report highlights trends such as the rise of organized hacktivism, evolving ransomware tactics focusing on data wiping, and a 48% surge in attacks on cloud networks. Recommendations for Chief Information Security Officers (CISOs) include simplifying security operations and enhancing cybersecurity awareness among employees.