CyberArk Publishes Fourth Annual Environmental, Social and Governance Report

Rhea-AI Summary

CyberArk (NASDAQ: CYBR), a leader in identity security, has published its fourth annual Environmental, Social, and Governance (ESG) report. The report showcases CyberArk's commitment to governance, cybersecurity, culture, community, and environmental stewardship.

Key achievements include obtaining SOC 2 and SOC 3 certifications for eight SaaS services, enhancing risk management processes, achieving a 90% completion rate for their new Code of Conduct e-Learning course, and appointing Mary Yang to the Board of Directors. The company also reported an employee engagement score of 86% and verified its Scope 1 and 2 greenhouse gas emissions.

Positive

• Eight SaaS services received SOC 2 and SOC 3 certifications.
• Implemented a new risk management system.
• Achieved over 90% completion rate for Code of Conduct e-Learning course.
• Appointed Mary Yang to the Board of Directors.
• Employee engagement score increased to 86%, above the industry benchmark.

Negative

• Scope 1 and 2 greenhouse gas emissions were only verified to a level of assurance, indicating potential gaps in comprehensive environmental impact reporting.

Report Highlights Accomplishments of CyberArk’s Continued Efforts To Build a Diverse, Equitable and Sustainable Organization

NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the identity security company, today announced the release of its latest Environmental, Social and Governance (ESG) report. CyberArk’s approach to ESG is grounded in its commitment to its people, core values, communities and environmental stewardship.

The report details the company’s sustainability program milestones, including its progress enhancing initiatives across its core focus areas: Governance, Ethics and Compliance; Cybersecurity and Data Privacy; Culture and Talent; Communities; and Environment.

“We continue to make progress on our mission to secure the world against cyber threats so together we can move fearlessly forward. As the leader in identity security, the cornerstone of our business is helping ensure our customers are secure and as a result their operations are more sustainable. We believe that one of the keys to our success is CyberArk’s culture and core values, which are central forces in our operating rhythm, strategic planning and decision making,” said Matt Cohen, CEO, CyberArk. “We are proud of our progress in advancing our ESG priorities and creating sustainable, long-term value for our stakeholders.”

Highlights from the report include:

• Cybersecurity and Data Privacy: Eight of our software-as-a-service (“SaaS”) services received SOC 2 Type 2 and SOC 3 certifications.
• Corporate Security: Enhanced our risk management process by implementing a new risk management system that supports continual risk assessments.
• Ethics and Compliance: Launched a new Code of Conduct e-Learning course to all existing employees and exceeded our 90 percent completion rate target within three months.
• Governance: Appointed Mary Yang to the Board of Directors, highlighting our commitment to add a new member to the Board of Directors at least once every five years to ensure independence as well as inclusion of diverse backgrounds, skills and experiences and perspectives that are essential for effective oversight.
• Culture and Talent: Increased our employee engagement score to 86 percent, well above the industry benchmark of 76 percent.
• Environment: Obtained independent, third-party verification of our Scope 1 and Scope 2 greenhouse gas emissions (to a limited level of assurance), which we plan to use as a starting point to explore ways to further reduce our environmental impact.

To view the full report, please visit https://www.cyberark.com/company/esg/.

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.

Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of our management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating, but not limited to: risks related to the proposed acquisition of Venafi Holdings, Inc.; changes to the drivers of our growth and our ability to adapt our solutions to the information security market changes and demands, including artificial intelligence (“AI”); our ability to acquire new customers and maintain and expand our revenues from existing customers; intense competition within the information security market; real or perceived security vulnerabilities, gaps, or cybersecurity breaches of our, or our customers’ or partners’ systems, solutions or services; risks related to our compliance with privacy, data protection and AI laws and regulations; our ability to successfully operate our business as a subscription company and fluctuation in the quarterly results of operations; our reliance on third-party cloud providers for our operations and SaaS solutions; our ability to hire, train, retain and motivate qualified personnel; our ability to effectively execute our sales and marketing strategies; our ability to find, complete, fully integrate or achieve the expected benefits of additional strategic acquisitions; our ability to maintain successful relationships with channel partners, or if our channel partners fail to perform; risks related to sales made to government entities; prolonged economic uncertainties or downturns; our history of incurring net losses, our ability to generate sufficient revenue to achieve and sustain profitability and our ability to generate cash flow from operating activities; regulatory and geopolitical risks associated with our global sales and operations; risks related to intellectual property claims; fluctuations in currency exchange rates; the ability of our products to help customers achieve and maintain compliance with government regulations or industry standards; our ability to protect our proprietary technology and intellectual property rights; risks related to using third-party software, such as open-source software; risks related to stock price volatility or activist shareholders; any failure to retain our “foreign private issuer” status or the risk that we may be classified, for U.S. federal income tax purposes, as a “passive foreign investment company”; risks related to our Convertible Senior Notes due 2024 (the “Convertible Notes), including the potential dilution to existing shareholders and our ability to raise the funds necessary to repurchase our Convertible Notes; changes in tax laws; our expectation to not pay dividends on our ordinary shares for the foreseeable future; risks related to our incorporation and location in Israel, including the ongoing war between Israel and Hamas and conflict in the region; and other factors discussed under the heading “Risk Factors” in our most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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/20240701802637/en/

Media Contact:

Nick Bowman

CyberArk

+44 (0) 7841 673378

press@cyberark.com

Investor Relations:

Srinivas Anantha, CFA

CyberArk

617-558-2132

ir@cyberark.com

Source: CyberArk

FAQ

What certifications did CyberArk's SaaS services receive according to the 2023 ESG report?

CyberArk's SaaS services received SOC 2 Type 2 and SOC 3 certifications.

What new system did CyberArk implement to enhance risk management?

CyberArk implemented a new risk management system to support continual risk assessments.

Who was appointed to CyberArk's Board of Directors in the latest ESG report?

Mary Yang was appointed to CyberArk's Board of Directors.

What was CyberArk's employee engagement score stated in the 2023 ESG report?

CyberArk reported an employee engagement score of 86%.

How were CyberArk's greenhouse gas emissions verified in the latest ESG report?

CyberArk's Scope 1 and 2 greenhouse gas emissions were verified to a level of assurance by an independent third-party.