CyberArk Achieves FedRAMP® High Authorization

Rhea-AI Summary

CyberArk achieves FedRAMP High authorization for its SaaS offerings, empowering public sector customers to meet Zero Trust requirements. The company's identity security solutions aim to secure access to corporate applications, protect distributed workforces, and drive cloud innovation in alignment with government regulations.

Insights

Cybersecurity Analyst

The recent announcement by CyberArk achieving FedRAMP High authorization for its SaaS offerings is a significant milestone for the company and its stakeholders. This level of authorization is designed to protect the government's most sensitive, unclassified data in cloud environments. For investors, this development could signal potential growth in the public sector market share for CyberArk, as federal agencies are mandated to comply with Zero Trust security principles by Executive Order 14028.

From a cybersecurity perspective, the authorization can increase the company's competitiveness, as it becomes one of the trusted vendors that can meet stringent government security requirements. With the increasing frequency and sophistication of cyber threats, the demand for robust security solutions is on the rise. CyberArk's emphasis on securing both human and machine identities through intelligent privilege controls positions it advantageously in a market where identity security is paramount.

Market Analyst

Achieving FedRAMP High status can have a direct impact on CyberArk's market position and financial performance. The authorization effectively opens up a new revenue stream from federal contracts, which tend to be large and long-term. Given the current administration's push for cloud adoption and Zero Trust architecture, CyberArk's alignment with these initiatives may lead to increased adoption of their services within the public sector.

Furthermore, the endorsement by the federal government often serves as a benchmark for other industries, potentially leading to a halo effect in the private sector. Companies outside the public sector might also prefer vendors that meet these high standards, potentially expanding CyberArk's customer base. This could result in an upward trajectory for the company's stock as the market reacts to the expanded addressable market and the potential for increased earnings.

Risk Management Expert

The FedRAMP High authorization is a testament to CyberArk's commitment to risk management, particularly in the realm of identity security for cloud environments. For organizations, especially in the public sector, this means that adopting CyberArk's solutions can help mitigate risks associated with identity management and access control, which are critical components of a Zero Trust framework.

The long-term benefits include not just enhanced security but also potentially reduced costs associated with data breaches. While the immediate impact on CyberArk's business is positive, it's essential to monitor how effectively the company scales its operations to meet the demands of the public sector without compromising service quality or security standards. Stakeholders should consider both the opportunities presented by this authorization and the operational risks inherent in rapidly scaling to service a new, demanding sector.

CyberArk FedRAMP® Status Powers Public Sector Customers with Solutions to Meet Mandated Zero Trust Deadline

NEWTON, Mass.--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the identity security company, today announced that two of its leading software-as-a-service (SaaS) offerings, CyberArk Endpoint Privilege Manager and CyberArk Workforce Identity, have achieved Federal Risk and Authorization Management Program (FedRAMP) High authorization to operate (ATO) status. This authorization reinforces CyberArk’s ability to help federal agencies and other public sector organizations efficiently and effectively secure access to all corporate applications, protect distributed workforces and accelerate cloud innovation in alignment with Zero Trust principles outlined in EO 14028.

“Agencies must now come to terms with several cloud-based risks that lurk beneath the surface in this new technology landscape. Beyond the schemes of cybercriminals, non-malicious human error on its own has the potential to hinder mission-critical functions in the form of misconfigured networks and mismanaged controls. It’s now more important than ever to adopt the Zero Trust ‘never trust, always verify’ mentality,” said Theresa Payton, former White House CIO and member of the Cyber Defenders Council. “As new tools, technologies and threats arise, continued attention will need to be paid by government and government-adjacent regulatory programs. By adopting Zero Trust-focused compliance requirements, FedRAMP can place a greater onus on private sector organizations to launch the Federal Government efficiently and expediently into a more secure and more efficient future.”

“The market and the White House agree: Human and machine identities of are proliferating, and meaningful cybersecurity challenges result when these identities are not properly secured. Our investment in FedRAMP emphasizes our commitment to partnering with public sector organizations and agencies as they roll out Cloud Smart strategies based on Zero Trust principles,” said Matt Cohen, CEO, CyberArk. “Now, the Federal Government can access and implement CyberArk's leading SaaS-based identity security tools that safeguard workforce access and endpoints, helping to ensure that sensitive data is only being accessed by the right accounts, at the right time and from the right place.”

FedRAMP® is a government-wide program that promotes the adoption of secure SaaS solutions across the U.S. Federal Government by providing a standardized approach to security assessment, authorization and continuous monitoring for cloud products and services. It ensures agency adoption of cloud-based, Cloud Smart solutions. FedRAMP High was introduced to account for some of the government’s most sensitive, unclassified data in cloud computing environments—and is the highest level of authorization. You can find CyberArk on the FedRAMP marketplace.

The CyberArk Identity Security Platform, which includes Endpoint Privilege Manager and Workforce Identity, applies intelligent privilege controls to all identities – human and machine – with continuous threat detection and prevention across the entire identity lifecycle. To learn more about how CyberArk successfully serves customers in this sector, visit the Federal Solutions page.

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, Twitter, Facebook or YouTube.

Copyright © 2024 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240319067744/en/

Media Contacts:

Carissa Ryan, CyberArk

Email: press@cyberark.com

Investor Relations:

Erica Smith, CyberArk

Email: ir@cyberark.com

Source: CyberArk

FAQ

What is CyberArk's ticker symbol?

CyberArk's ticker symbol is CYBR.

What is the significance of CyberArk achieving FedRAMP High authorization?

CyberArk's FedRAMP High authorization allows it to provide secure SaaS solutions to federal agencies and public sector organizations, enabling them to adhere to Zero Trust principles and enhance cybersecurity measures.

What are the key benefits of CyberArk's Endpoint Privilege Manager and Workforce Identity achieving FedRAMP High status?

The authorization enables these solutions to apply intelligent privilege controls to human and machine identities, ensuring secure access to sensitive data and continuous threat detection and prevention.

What is the role of FedRAMP in promoting secure SaaS solutions?

FedRAMP is a government program that standardizes security assessment and monitoring for cloud products, facilitating the adoption of secure SaaS solutions within the U.S. Federal Government.

How does CyberArk's investment in FedRAMP benefit public sector organizations?

CyberArk's commitment to FedRAMP underscores its support for public sector organizations in implementing Cloud Smart strategies based on Zero Trust principles, enhancing workforce access security and endpoint protection.