CyberArk Receives Cyber Catalyst SM Designation From Global Cyber Insurance Leaders

Rhea-AI Summary

CyberArk (NASDAQ: CYBR) announced that its Core Privileged Access Security has received the Cyber Catalyst designation from Marsh, recognizing its effectiveness in reducing cyber risk. This designation signifies that leading insurers view the solution as capable of addressing significant threats such as ransomware and unauthorized access. The evaluation highlighted CyberArk as a top solution for identity access management and compliance, affirming its role in current cybersecurity strategies.

Positive

• Received the Cyber Catalyst designation from Marsh, indicating strong approval from leading insurers.
• Considered one of the best solutions for identity access management, enhancing compliance and control.
• Addresses critical cyber threats including ransomware and unauthorized access effectively.

Negative

• None.

CyberArk (NASDAQ: CYBR), today announced that CyberArk Core Privileged Access Security has received a Cyber Catalyst^SM designation.

Created by Marsh, a global leader in insurance broking and risk management, the Cyber Catalyst program convenes leading cyber insurers to evaluate cybersecurity solutions and awards the Cyber Catalyst designation to those they believe can have a meaningful impact on cyber risk. The program’s rigorous evaluation process involved participating insurers assessing the ability of cybersecurity solutions to address prominent risks including ransomware, supply chain and vendor management, cloud migration and management, social engineering, and privacy regulation and data management.

With compromised privileged credentials continuing to be the root cause of the most damaging cyberattacks, a strong privileged access management program is more important than ever. Delivering the most comprehensive Privileged Access Management solution for cloud and hybrid environments, CyberArk helps to control, manage and audit privileged accounts, credentials and secrets for human and non-human users to reduce risk while also improving operational efficiency and compliance.

“The Cyber Catalyst designation signals that leading insurers believe the CyberArk Core Privileged Access Security solution can help reduce cyber risk, and strongly merits consideration by organizations who seek solutions that yield meaningful improvements in cyber risk outcomes. The 2020 class of Cyber Catalyst solutions target the five most significant cyber risks identified by cyber insurers and, together with the 2019 designees, comprise a roster of more than 30 cybersecurity products insurers believe can be highly effective against cyber threats,” said Thomas Reagan, Marsh Cyber Practice Leader, US & Canada.

In their evaluation, the insurers said of CyberArk:

“One of the best identity access management solutions, and timely given emerging regulatory concerns regarding visibility of data. Helps meet the requirement for improved control and oversight of access to data based on user role.”

“A comprehensive solution for privilege access management and simplifies the local admin access problem. Targets the key ways attacks happen and looks closely at unauthorized actions rather than standard indicators of compromise.”

“As high profile cyberattacks continue to make headlines, the compromise of privileged credentials plays a critical role, giving attackers the ability to access high value assets and cause significant business damage and disruption,” said Mike O’Malley, senior vice president of global marketing, CyberArk. “The Cyber Catalyst program designation validates the importance of privileged access management to an overall cybersecurity strategy. It’s this notion that remains at the heart of our mission -- to help customers reduce privilege related risk, address compliance concerns and ultimately be able to confidently and securely move their businesses forward.”

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in privileged access management, a critical layer of IT security to protect data, infrastructure and assets across cloud and hybrid environments and throughout the DevOps pipeline. CyberArk delivers the industry’s most complete solution to reduce risk created by privileged credentials and secrets. The company is trusted by the world’s leading organizations, including more than 50 percent of the Fortune 500, to protect against external attackers and malicious insiders. A global company, CyberArk is headquartered in Petach Tikva, Israel, with U.S. headquarters located in Newton, Mass. The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan. To learn more about CyberArk, visit https://www.cyberark.com/, read the CyberArk blogs or follow on Twitter via @CyberArk, LinkedIn or Facebook.

Copyright © 2021 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

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FAQ

What is the Cyber Catalyst designation awarded to CyberArk?

The Cyber Catalyst designation recognizes CyberArk's Core Privileged Access Security for its potential to significantly reduce cyber risk, as evaluated by leading insurers.

What cyber risks does CyberArk's solution address?

CyberArk's solution targets major risks such as ransomware, supply chain management, cloud migration issues, and privacy regulation compliance.

How does CyberArk help improve cybersecurity strategies?

CyberArk provides a comprehensive solution for managing privileged access, which is critical for reducing risks associated with compromised credentials.

When was the Cyber Catalyst designation announced?

The Cyber Catalyst designation was announced as part of CyberArk's press release on January 15, 2021.

What is the stock symbol for CyberArk?

The stock symbol for CyberArk is CYBR, traded on NASDAQ.