CyberArk Named a Leader in the 2024 Gartner® Magic Quadrant™ for Privileged Access Management

Rhea-AI Summary

CyberArk (NASDAQ: CYBR) has been named a Leader in the 2024 Gartner® Magic Quadrant™ for Privileged Access Management for the sixth consecutive time. The company is positioned furthest in Completeness of Vision, highlighting its strength in offering strategy, innovation, and market understanding.

Key points:

• CyberArk's Identity Security Platform secures various identity types, including workforce, IT, developer, and machine identities.
• The platform offers advanced PAM, secrets management, and endpoint privilege security capabilities.
• CyberArk recently introduced new features, including support for secure standing access and zero standing privileges.
• The company launched CORA AI™ for enhanced identity threat detection and response.
• CyberArk's partner ecosystem includes over 1,300 partners and 200 certified integrations.

Positive

• Named a Leader in the 2024 Gartner® Magic Quadrant™ for Privileged Access Management for the sixth consecutive time
• Positioned furthest in Completeness of Vision among evaluated vendors
• Introduced new capabilities for securing every identity type, extending PAM controls
• Launched CORA AI™ for improved identity threat detection and response
• Extensive partner ecosystem with over 1,300 partners and 200 certified integrations

Negative

• None.

Insights

Market Research Analyst

CyberArk's recognition as a Leader in Gartner's Magic Quadrant for the sixth consecutive time is a significant achievement in the competitive cybersecurity market. This positioning, especially being furthest in Completeness of Vision, suggests strong market understanding and innovation. The statistic that 93% of organizations suffered multiple identity-related breaches last year underscores the critical need for robust identity security solutions.

CyberArk's focus on securing all identity types, including machine identities, aligns with the growing complexity of hybrid and multi-cloud environments. Their unified, SaaS-based platform approach could be appealing to organizations looking to simplify their security infrastructure. The introduction of CORA AI™ for faster threat detection and response is a forward-thinking move, potentially giving CyberArk a competitive edge in the AI-driven security landscape.

However, investors should note that while leadership in Gartner's Magic Quadrant is prestigious, it doesn't directly translate to financial performance. The company's ability to capitalize on this recognition and convert it into market share and revenue growth will be important for long-term success.

Tech Expert

CyberArk's comprehensive approach to Privileged Access Management (PAM) is technically impressive. Their platform's ability to secure various identity types across diverse environments, from on-premises to multi-cloud, addresses a critical challenge in modern IT architectures. The emphasis on Zero Standing Privileges in public cloud environments is particularly relevant, given the increasing adoption of cloud services.

The integration of AI through CORA AI™ for anomaly detection and rapid response is a significant technological advancement. This could potentially reduce the mean time to detect and respond to threats from hours to minutes, a important factor in mitigating damage from cyberattacks.

CyberArk's extensive partner ecosystem, with over 1,300 integrators and 200 certified integrations, suggests a strong technological foundation and compatibility with diverse IT environments. This ecosystem approach could be a key differentiator, allowing for more seamless integration into existing enterprise architectures.

However, as the PAM market evolves, CyberArk will need to continue innovating to maintain its leadership position, especially in areas like quantum-resistant cryptography and advanced machine learning applications in security.

Financial Analyst

While Gartner recognition is valuable for brand positioning, investors should focus on CyberArk's financial performance and market growth potential. The company's consistent leadership in the PAM space suggests a strong market position, which could translate into sustained revenue growth.

The expansion into securing machine identities and cloud environments opens up new market opportunities as organizations increasingly adopt multi-cloud strategies. This could potentially drive revenue growth and expand CyberArk's total addressable market.

CyberArk's SaaS-based platform model aligns with industry trends towards subscription-based services, which can provide more predictable recurring revenue streams. The company's investment in AI capabilities and partner ecosystems could also lead to improved operational efficiencies and customer retention rates.

However, investors should monitor CyberArk's ability to convert its technological leadership into financial results. Key metrics to watch include revenue growth rates, customer acquisition costs and profit margins. Additionally, the competitive landscape in cybersecurity is intense and CyberArk will need to maintain high R&D spending to stay ahead, which could impact short-term profitability.

NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the identity security company, today announced it has been named a Leader in the 2024 Gartner® Magic Quadrant™ for Privileged Access Management.¹ CyberArk is positioned as a Leader for the sixth consecutive time and is positioned furthest in Completeness of Vision, which evaluates vendors on offering (product) strategy, innovation and market understanding among other evaluation criteria.

With 93% of organizations suffering two or more identity-related breaches in the last 12 months, managing and securing identities has become a critical requirement. The CyberArk Identity Security Platform enables organizations to secure the entire spectrum of identities, including workforce, IT, developer and machine, supporting modern access use cases such as the need to enforce Zero Standing Privileges in public cloud environments. A core component of the platform is CyberArk’s privileged access management (PAM) capabilities, which allow customers to apply flexible privilege controls to help prevent malicious account, credential and secrets access throughout the entire enterprise infrastructure.

“We are incredibly proud to once again be named a Leader by Gartner. CyberArk delivers identity security programs for a multi-cloud world. We feel that our position as a Leader in this year’s report, for the sixth consecutive time, is a testament to our commitment to ongoing innovation and customer success,” said Matt Cohen, CEO, CyberArk. “Identity security is no longer just about human identities. As identities – especially machine identities - proliferate, driven by new hybrid and multi-cloud environments, an effective identity security strategy must secure them all with the right level of privilege controls. CyberArk’s advanced PAM, secrets management and endpoint privilege security capabilities are key to empowering our customers to secure every identity and defend against cyberattacks.”

CyberArk aims to deliver the industry’s most comprehensive identity security platform, including:

• Outstanding Customer Experience: CyberArk is committed to a customer-first approach, ensuring that all identities are secured with the right level of privilege controls, while putting the customer at the center of all it does. Its unified, SaaS-based platform notably simplifies and improves the administrator and end user experience to reduce cost and complexity, helping organizations accelerate their migration to the cloud with consistent identity security controls in place.
• PAM Programs for a Multi-Cloud World: The CyberArk Identity Security Platform provides best-in-class, end-to-end PAM capabilities. CyberArk centrally and natively secures both shared and federated privileged access for IT and cloud ops teams supporting digital initiatives. By applying intelligent privilege controls within native tooling, CyberArk helps PAM programs scale across all environments – from long-lived systems in on-premises data centers to elastic cloud workloads, public cloud services and SaaS apps.
• Unified, Cross-Platform Innovation, Powered by AI: CyberArk recently introduced new capabilities for securing every identity, further extending PAM controls to all identity types, including workforce identities. Offerings now include support for secure standing access and zero standing privileges, with the ability to isolate and audit privileged sessions. In addition, CyberArk Endpoint Privilege Manager now offers strong end-to-end passwordless authentication when signing into endpoints and elevating application controls. CyberArk’s unified portal means that the end user experience is enhanced with one-click, native access to enterprise resources, while intelligent privilege controls protect the user. Earlier this year, CyberArk also announced CORA AI™, which will allow organizations to analyze anomalies and apply next-level identity threat detection and response actions, reducing reaction times from hours to minutes.
• World-Leading Partner Support and Technology Ecosystem: CyberArk aims to make it easier for partners to develop deep identity security practices and measurably reduce cybersecurity risk for customers. CyberArk invests heavily in its Channel Partner Program, with the launch of a new self-service portal for partners – as well as the CyberArk MSP Console - and new certifications underscoring its commitment to value creation for both joint customers and partners. CyberArk’s global ecosystem brings together more than 1,300 system integrators, managed service providers, strategic outsourcers, advisories, solution providers, distributors and marketplaces. Alongside this partner network, the CyberArk C³ technology alliance allows customers to make the most of their existing technology investments, featuring more than 200 certified integrations from providers of enterprise software, infrastructure and security solutions.

To download a complimentary copy of the 2024 Gartner Magic Quadrant for Privileged Access Management visit: https://www.cyberark.com/gartner-2024-mq-pam

1 – Gartner® Magic Quadrant™ for Privileged Access Management, by Abhyuday Data, Michael Kelley, Nayara Sangiorgio, Felix Gaehtgens, Paul Mezzera, 9 September 2024

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GARTNER is a registered trademarks and service mark, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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.

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/20240910351926/en/

Investor Relations:

Srinivas Anantha, CFA

CyberArk

617-558-2132

ir@cyberark.com



Media:

Nick Bowman

CyberArk

+44 (0) 7841 673378

press@cyberark.com

Source: CyberArk

FAQ

What recognition did CyberArk (CYBR) receive in the 2024 Gartner Magic Quadrant for Privileged Access Management?

CyberArk (CYBR) was named a Leader in the 2024 Gartner Magic Quadrant for Privileged Access Management for the sixth consecutive time. The company was positioned furthest in Completeness of Vision among evaluated vendors.

What new features has CyberArk (CYBR) recently introduced to its Identity Security Platform?

CyberArk (CYBR) recently introduced support for secure standing access and zero standing privileges, the ability to isolate and audit privileged sessions, and CORA AI™ for enhanced identity threat detection and response.

How extensive is CyberArk's (CYBR) partner ecosystem?

CyberArk's (CYBR) global ecosystem includes over 1,300 system integrators, managed service providers, strategic outsourcers, advisories, solution providers, distributors, and marketplaces. Additionally, the CyberArk C3 technology alliance features more than 200 certified integrations from various enterprise software, infrastructure, and security solution providers.

What types of identities does CyberArk's (CYBR) Identity Security Platform secure?

CyberArk's (CYBR) Identity Security Platform secures the entire spectrum of identities, including workforce, IT, developer, and machine identities. It supports modern access use cases such as enforcing Zero Standing Privileges in public cloud environments.