Fareportal Sees 60% Jump in Cybersecurity Efficiencies Using CyberArk

Rhea-AI Summary

CyberArk announced that Fareportal, a leading travel technology company, has chosen the CyberArk Identity Security Platform to enhance its security management and privileged access control. Fareportal, which handles over 500 million site visits monthly, implemented CyberArk Privileged Access Manager to address challenges in managing privileged accounts across its U.S. and India operations. The solution has improved cybersecurity management efficiencies by 60%, streamlined user access, and enhanced compliance with standards like ISO 270001 and PCI DSS. Key benefits include:

• Unified view of privileged accounts
• Automated credential management and rotation
• Improved audit and reporting processes
• Enhanced security for hybrid work environments

Positive

• Fareportal reports a 60% improvement in cybersecurity management efficiencies
• Implementation of CyberArk Privileged Access Manager enhances compliance with ISO 270001 and PCI DSS standards
• Streamlined user access and automated credential management for over 100 privileged users
• Improved audit and reporting processes for regulatory compliance

Negative

• None.

Insights

Cybersecurity Analyst

Fareportal's implementation of CyberArk's Identity Security Platform marks a significant leap in their cybersecurity infrastructure. The 60% improvement in cybersecurity management efficiencies is a standout metric, indicating substantial operational gains. This enhancement is particularly important given Fareportal's handling of over 500 million site visits monthly, which presents a considerable attack surface.

The shift from manual privileged access management to an automated system addresses several critical vulnerabilities:

• Elimination of password recycling and reuse across domains
• Automated credential rotation, reducing the risk of compromised accounts
• Streamlined user onboarding and offboarding, minimizing the window of unauthorized access
• Improved compliance with ISO 270001 and PCI DSS standards

The implementation's ability to adapt to hybrid work environments is noteworthy, especially in the context of the post-pandemic shift to remote work. This flexibility enhances the company's resilience against evolving threat landscapes.

However, it's important to note that while this solution significantly improves Fareportal's security posture, it's not a panacea. Continuous monitoring, regular security assessments and employee training remain important components of a comprehensive cybersecurity strategy.

Financial Analyst

From a financial perspective, Fareportal's investment in CyberArk's Identity Security Platform presents a compelling case for long-term cost savings and risk mitigation. The 60% improvement in cybersecurity management efficiencies translates to significant operational cost reductions, potentially freeing up resources for other strategic initiatives.

Moreover, the enhanced security measures could lead to:

• Reduced risk of costly data breaches and associated legal liabilities
• Improved customer trust, potentially driving higher customer retention and acquisition rates
• Easier compliance with industry standards, potentially lowering audit-related expenses

For CyberArk (NASDAQ: CYBR), this case study serves as a strong testimonial, potentially boosting its market position in the competitive cybersecurity sector. The successful implementation in a high-volume, customer-facing business like Fareportal could attract similar clients, potentially driving CyberArk's revenue growth.

However, investors should note that while such implementations are positive indicators, they don't guarantee immediate financial returns for CyberArk. The cybersecurity market remains highly competitive and CyberArk's financial performance will depend on its ability to consistently win and retain clients across various sectors.

NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the identity security company, today announced that leading travel technology company, Fareportal, has chosen the CyberArk Identity Security Platform to improve its security management, reduce risk and gain greater privileged access control and visibility. The CyberArk Identity Security Platform enables secure access for any identity — human or machine — to any resource or environment from anywhere, using any device.

Every month, Fareportal handles over 500 million site visits from customers looking for low-cost, high-value travel experiences and has implemented robust cybersecurity programs to protect these customers as well as its staff, assets and operations. However, visibility in managing and controlling privileged access was becoming increasingly complex. With over 100 privileged users across the U.S. and India, Fareportal also aimed to improve onboarding processes and password practices to enhance compliance with standards like ISO 270001 and PCI DSS.

Most of Fareportal’s IT infrastructure is on-premises, with a few cloud-hosted virtual machines for SaaS products. The shift to remote work during the COVID-19 pandemic meant the company needed a more holistic identity security strategy that covered hybrid working environments.

Fareportal deployed CyberArk Privileged Access Manager, a component of the CyberArk Identity Security Platform, to enable the company to map all privileged accounts to its existing corporate user directory. In a friction-free process, privileged users now only need their corporate IDs to access their privileged accounts instead of needing multiple identities. Credentials and passwords are hidden from users and are automatically granted and rotated within CyberArk.

As a result, Fareportal estimates that cybersecurity management efficiencies have improved by as much as 60%. In addition, CyberArk also helps the company meet regulatory demands more easily by streamlining audit and reporting processes.

Pooja Bansal, Director - Information Security, at Fareportal, said, “Managing multiple privileged accounts was a significant challenge. We had to manually on and off-board privileged user accounts and passwords and did not have a unified view to oversee them. Passwords were recycled inconsistently - and some administrators even used the same password across multiple domains. With CyberArk, we now have clear insight into who is accessing what, allowing us to worry less about privileged access and focus more on delivering high-value customer service and experience improvements.”

Rohan Vaidya, Area Vice President, South Asian Association for Regional Cooperation & India at CyberArk, said, “We are grateful that Fareportal chose CyberArk to enhance their identity security. By implementing CyberArk, Fareportal enables the highest levels of control, management and security for all its privileged identities, adding a critical layer of protection to the company’s key assets.”

To find out more about CyberArk’s work with Fareportal, please visit: https://www.cyberark.com/customer-stories/cyberark-strengthens-companys-security-position-while-protecting-privileged-access-and-sensitive-data/

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/20240731732225/en/

Investor Relations Contact:

Srinivas Anantha, CFA

CyberArk

617-558-2132

ir@cyberark.com

Media Contact:

Nick Bowman

CyberArk

+44 (0) 7841 673378

press@cyberark.com

Source: CyberArk

FAQ

How has CyberArk's Identity Security Platform improved Fareportal's cybersecurity efficiency?

CyberArk's Identity Security Platform has improved Fareportal's cybersecurity management efficiencies by approximately 60%, primarily through streamlined privileged access management and automated credential rotation.

What specific challenges did Fareportal face in managing privileged access before implementing CyberArk (CYBR)?

Fareportal faced challenges in manually onboarding and offboarding privileged user accounts, inconsistent password recycling, and lack of a unified view to oversee privileged accounts across its U.S. and India operations.

How does CyberArk's solution help Fareportal meet regulatory demands?

CyberArk's solution helps Fareportal meet regulatory demands by streamlining audit and reporting processes, enhancing compliance with standards like ISO 270001 and PCI DSS.

What impact has CyberArk (CYBR) had on Fareportal's password management practices?

With CyberArk, Fareportal now has automated credential management where passwords are hidden from users and automatically granted and rotated, improving security and eliminating issues of password recycling across multiple domains.