CyberArk Software Ltd. - CYBR STOCK NEWS

CyberArk (NASDAQ: CYBR) has launched FuzzyAI, an open-source framework designed to test and identify vulnerabilities in AI models. The tool has successfully jailbroken every major AI model tested, helping organizations address security challenges in both cloud-hosted and in-house AI implementations.

FuzzyAI features comprehensive fuzzing capabilities to probe AI models for vulnerabilities, including guardrail bypassing, information leakage, and harmful output generation. The framework is extensible, allowing organizations to add custom attack methods, and benefits from community collaboration for continuous improvement.

The tool will be available as open-source software on CyberArk Labs' GitHub Page from December 11, 2024, with a demonstration planned at Black Hat Europe Arsenal through a Capture The Flag event.

CyberArk (NASDAQ: CYBR) announced that its Workforce Identity component has achieved FIDO2 certification from the FIDO Alliance, validating its secure authentication standards. The certification ensures enhanced security, interoperability with other FIDO-certified solutions, and compliance with industry standards.

The FIDO Alliance aims to reduce reliance on passwords by promoting standardized authentication technologies. This certification comes as the U.S. Federal Reserve supports stronger authentication technologies like FIDO, moving away from phishing-prone MFA methods. CyberArk Workforce Identity Security enables Zero Trust and least privilege access management, providing secure access to resources with intelligent privilege controls.

CyberArk has announced a secondary public offering of 1,142,538 ordinary shares by Triton Seller, LP, an affiliate of Thoma Bravo funds. The offering is related to shares issued during CyberArk's acquisition of Venafi. BofA Securities is acting as the sole underwriter and book-running manager. The last reported share price was $327.57 on December 5, 2024.

The selling shareholder will receive all proceeds from the offering, with CyberArk not receiving any proceeds. The offering is being made through an effective shelf registration statement filed with the SEC on October 22, 2024.

CyberArk (NASDAQ: CYBR) has released new research highlighting security risks posed by employee behaviors. The study surveyed 14,003 employees across six countries and revealed that:

• 80% access workplace applications from personal devices lacking security controls.
• 40% habitually download customer data, and over 30% can alter sensitive data or approve large transactions.
• 49% reuse login credentials across multiple applications, while 52% have shared confidential information externally.
• 65% bypass cybersecurity policies for convenience.
• 72% use AI tools, but 38% do not follow guidelines for handling sensitive data.

Additional research from CyberArk Labs shows that individual browsing history can be exploited by attackers, increasing organizational risks. The findings emphasize the need for robust identity security programs with dynamic privilege controls.

CyberArk has achieved QC1 certification from Italy's Agenzia per la Cybersicurezza Nazionale (ACN) for two SaaS components of its Identity Security Platform. The certification enables CyberArk's SaaS products to be available in the ACN marketplace for Italian government organizations. The certified products include CyberArk Privilege Cloud, which secures privileged access in hybrid and multi-cloud environments, and CyberArk Endpoint Privilege Manager, which secures human identities by extending identity security to workstations and servers. This certification aligns with Italy's National Cybersecurity Strategy and follows CyberArk's recent FedRAMP® High Authorization achievement in the United States.

Konoike Transport, a Japanese logistics company with 24,000 employees, has implemented CyberArk's Privileged Access Manager to enhance its cybersecurity infrastructure. The implementation addresses previous challenges of fragmented privileged access management and siloed password systems. The new system provides unified visibility of privileged accounts, improved incident response times, and better compliance with requirements like the Sarbanes-Oxley Act. This implementation aligns with Konoike's cloud-first digital transformation strategy, enabling secure cloud-based privileged access within a single architecture.

CyberArk (NASDAQ: CYBR) has announced a strategic partnership with cloud security provider Wiz, integrating their Identity Security Platform with Wiz's Cloud Security Platform. The partnership aims to help cloud-native organizations strengthen their multi-cloud security by providing enhanced visibility and control over privileged access.

The integration addresses challenges faced by organizations managing numerous cloud environments and identities, focusing on reducing unauthorized access risks and meeting compliance requirements. The solution combines Wiz's capabilities in discovering critical risks and misconfigured cloud access with CyberArk's Zero Standing Privileges implementation.

CyberArk announced a planned CFO transition, with Josh Siegel stepping down on January 1, 2025, to become an advisor. Deputy CFO Erica Smith will assume the CFO role. Smith, who joined CyberArk in 2015, previously served as Senior VP of Finance and Investor Relations, playing key roles in the company's business model transition and recent $1.6 billion Venafi acquisition. During Siegel's 13-year tenure, CyberArk grew from under $40 million in revenue to nearly $1 billion in ARR, maintaining profitable growth. Smith brings over 25 years of finance leadership experience and will focus on supporting CyberArk's continued growth and innovation.

CyberArk (CYBR) reported strong Q3 2024 financial results, exceeding all guided metrics. Subscription revenue grew 43% year-over-year to $175.6 million, while total revenue increased 26% to $240.1 million. The company's Annual Recurring Revenue (ARR) reached $926 million, up 31% year-over-year, with the subscription portion growing 46% to $735 million. GAAP net income was $11.1 million ($0.24 per diluted share). The company raised its full-year 2024 guidance across all metrics and announced the successful closure of the Venafi acquisition on October 1, 2024.