Coca-Cola Hellenic Bottling Company Selects CyberArk for Identity Security
CyberArk (NASDAQ: CYBR) has been selected by Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) to secure its cloud migration and manage sensitive access. Coca-Cola HBC, with over 33,000 employees in 29 markets, needed a partner to modernize their security approach. CyberArk's Identity Security Platform will provide centralized privileged access management for internal and external users, including multiple external vendors.
CyberArk was chosen for its best-in-class PAM capabilities, allowing Coca-Cola HBC to manage endpoints, workforce, and privilege access from a single platform. This decision aims to minimize risk and secure access across multiple geographies, optimizing Coca-Cola HBC's cybersecurity posture and supporting digital growth.
- CyberArk selected by Coca-Cola HBC, indicating strong market trust.
- CyberArk to secure over 33,000 employees across 29 markets.
- Implementation of best-in-class PAM capabilities.
- Centralized management of privileged access for internal and external users.
- Supports Coca-Cola HBC's cloud migration and digital growth.
- Enhanced security posture for Coca-Cola HBC’s multi-cloud environments.
- Potential high costs associated with implementing CyberArk's solutions.
- Dependence on a single security platform may pose risk if vulnerabilities are discovered.
- Complexity of managing privileged access across multiple geographies and vendors.
- Possible need for extensive training and adaptation period for Coca-Cola HBC's IT staff.
Insights
From a technical perspective, Coca-Cola Hellenic Bottling Company's decision to adopt the CyberArk Identity Security Platform is a significant move towards strengthening its cybersecurity posture. The importance of Privileged Access Management (PAM) cannot be overstated, especially for a company operating across 29 different markets and employing over 33,000 individuals. PAM solutions are designed to manage and monitor privileged accounts, which if compromised, can lead to severe data breaches.
The use of a centralized platform that provides holistic management of endpoints, workforce and privileged access simplifies the complexity involved in securing hybrid and multi-cloud environments. This is particularly important given the varied and expansive nature of Coca-Cola HBC's operations which include the involvement of numerous external vendors.
Additionally, the adoption of CyberArk's solution aligns with industry trends where companies are increasingly focusing on securing both internal and external access points. By managing sensitive access through a single platform, Coca-Cola HBC aims to minimize the risk of unauthorized access and potential cyber-attacks, which can disrupt operations significantly.
From a financial standpoint, Coca-Cola HBC's partnership with CyberArk can be seen as an investment in risk mitigation and operational efficiency. The company's choice to enhance its cybersecurity measures is likely driven by the increasing frequency and sophistication of cyber threats. Investing in a robust identity security platform can help in avoiding potential financial losses associated with data breaches, which can be substantial in terms of both monetary penalties and reputational damage.
Moreover, securing critical assets and managing sensitive access effectively can lead to smoother business operations, which might translate into better financial performance. This is particularly important for a company with such a large and distributed workforce. Ensuring secure and seamless access to necessary resources without operational hindrance can contribute to improved productivity and efficiency.
On the downside, the initial cost of implementing such a comprehensive cybersecurity solution may be high. However, the potential long-term savings from avoided breaches and improved operational efficiency can outweigh these up-front costs. Investors typically view these kinds of strategic investments positively as they indicate a proactive approach to risk management and a commitment to sustaining business continuity.
From a market perspective, Coca-Cola HBC's decision to utilize CyberArk's Identity Security Platform showcases a growing trend among large enterprises to prioritize cybersecurity in their digital transformation journeys. As organizations increasingly adopt cloud technologies, the need for robust and scalable security solutions becomes critical.
This move also highlights a broader industry shift towards comprehensive security platforms that can handle diverse and complex environments. Coca-Cola HBC's choice could set a precedent for other companies in the FMCG and CPG sectors, which often face similar operational and security challenges. The ability to manage both internal and external access securely can be a strong competitive differentiator in such industries.
Furthermore, this partnership may positively influence CyberArk's market position, potentially increasing its visibility and credibility as a leading provider of identity security solutions. Successful implementations in high-profile companies like Coca-Cola HBC can serve as powerful testimonials, encouraging adoption by other firms.
For investors, this indicates a strong alignment of Coca-Cola HBC with current technological and market trends. It also reflects a proactive approach in addressing cybersecurity challenges, which is becoming increasingly important for maintaining operational integrity and protecting shareholder value.
Coca-Cola HBC is an established beverage partner of the Coca-Cola Company. With more than 33,000 employees across 29 different European and African markets, the company needed an identity security partner that could both modernize the approach to securing sensitive access to their cloud workloads and environments and also provide centralized privileged access management (PAM) capabilities for hundreds of IT administrators. Additionally, Coca-Cola HBC uses multiple external vendors to assist with distribution and other IT operations. These users also need to be managed and secured.
The aim is to ensure everyone and everything that touches the organization’s sensitive data is assigned the right levels of permissions and privileges - and only when needed. To achieve this goal, Coca-Cola HBC selected CyberArk because it provides best-in-class PAM capabilities to secure privileged access for IT teams migrating, scaling and operating applications in hybrid and multi-cloud environments.
“We were feeling the pressure that many other FMCG and CPG companies experience. We have so many potential attack vectors and it is challenging to secure all of them without hindering operations. From software and factories to shipping supply chains, our business has multiple areas for potential interruption. To minimize risk, we needed a partner who could help us secure access for employees, vendors and other partners across multiple geographies – ideally from a single tool,” said Theodoros Stanimerakis, Cyber Security Platforms Manager, Coca-Cola HBC. “We chose CyberArk once we saw that we could manage endpoints, workforce and privilege access from a single platform. It delivers an innovative, reliable, holistic solution that protects our most critical assets and systems.”
“Alongside the sensitive access requirements that cloud environments inevitably bring, organizations with highly distributed operations like Coca-Cola HBC face ongoing challenges in securing third-party access to critical internal resources,” said Rich Turner, president, EMEA at CyberArk. “We are grateful that Coca-Cola HBC chose to standardize on CyberArk to help secure privileged and sensitive access for their IT admins, in their multi-cloud environments and for their wider ecosystem partners, hardening their overall cybersecurity posture and supporting the company’s continued digital growth.”
Built for the dynamic enterprise and backed by intelligent privilege controls, the CyberArk Identity Security Platform enables secure access for any identity — human or machine — to any resource or environment from anywhere, using any device.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, X, Facebook or YouTube.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240610510539/en/
Carissa Ryan
Press@CyberArk.com
Erica Smith
IR@CyberArk.com
Source: CyberArk
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