New CyberArk Managed Service Provider Console Makes It Easy for MSPs to Offer Identity Security Services at Scale
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Insights
The introduction of the CyberArk MSP Console represents a significant advancement in the realm of identity security for managed service providers. The centralization of monitoring and administration capabilities into a single dashboard is likely to enhance the operational efficiency of MSPs. This efficiency stems from streamlined processes such as single-click access to all tenants and assets, which can reduce the time spent on routine tasks and allow MSPs to focus on more strategic activities.
From a cybersecurity perspective, the unified view of privileged accounts and the oversight of access policy adjustments are important for maintaining a robust security posture. The emphasis on a Zero Trust approach and enforcement of least privilege principles aligns with current best practices in mitigating unauthorized access and potential breaches. The ability to handle both human and non-human identities is particularly relevant as the proliferation of machine identities, such as bots and IoT devices, introduces new vulnerabilities.
For businesses, especially small and medium-sized enterprises (SMEs) that often lack in-house cybersecurity expertise, outsourcing to MSPs equipped with tools like the CyberArk MSP Console can be a strategic move. It can enhance their resilience against cyber threats while potentially reducing costs associated with identity security management.
The launch of CyberArk's MSP Console may have a positive impact on the company's market position. By addressing the security skills gap highlighted in their research, CyberArk is tapping into a growing demand for cybersecurity solutions among SMEs. These businesses increasingly seek the expertise of MSPs to bolster their defenses against cyberattacks.
The addition of this tool to CyberArk's offerings could potentially increase the attractiveness of their identity security platform to current and prospective MSP partners. The ability for MSPs to scale their services with this console could lead to an expansion of CyberArk's customer base and, consequently, its revenue streams.
Furthermore, CyberArk's emphasis on low costs and complexity, combined with high autonomy, is likely to resonate with MSPs aiming to optimize their operations and reduce overhead. This strategic move may position CyberArk as a preferred partner for MSPs, enhancing its competitive edge in the cybersecurity market.
The financial implications of the CyberArk MSP Console launch are multifaceted. For CyberArk, the ability to offer a tool that enhances operational efficiency for MSPs could translate into a competitive advantage that drives sales and market share growth. The focus on reducing maintenance time and costs for MSPs may lead to higher adoption rates, which in turn could result in increased recurring revenue from subscription-based models.
In the short term, investors should monitor the uptake of the MSP Console and its impact on CyberArk's financials, particularly in terms of revenue growth and profit margins. Over the long term, the success of this product could solidify CyberArk's position as a leader in identity security solutions, potentially leading to sustained revenue growth and improved profitability. However, it's important to consider the competitive landscape and the potential for other players to introduce similar offerings, which could influence CyberArk's market share and pricing power.
Investors should also consider the broader market trends, such as the increasing reliance on MSPs by SMEs and the growing importance of cybersecurity, which may bolster the demand for CyberArk's solutions. These factors could have a positive impact on the company's stock performance, provided that the MSP Console delivers on its promises and is well-received by the market.
Unified Interface Means MSPs Can Seamlessly View, Monitor and Administer All MSP-Controlled CyberArk Customer Environments from a Single Place
Snapshot of the CyberArk MSP Console (Graphic: Business Wire)
CyberArk’s network of partners is one of the largest in the industry, exceeding 1,300 security-focused partners globally and including an expanding ecosystem of MSPs. Providing MSPs with a single command center to scale their identity security services offerings is a key step in powering their ability to better protect all their customers’ human and non-human identities.
“In today’s digitally interconnected world, choosing the right MSP is akin to selecting a trusted advisor for your business journey. The decision not only impacts the efficiency of your day-to-day operations but also your resilience against the ever-evolving cybersecurity threat landscape,” said Jan Vanhaecht, partner, Risk Advisory, Deloitte Belgium, who leads Deloitte's global Digital Identity efforts. “Digital Identity by Deloitte, our fully managed identity security solution, combined with the CyberArk MSP Console, significantly reduces identity security management maintenance time and costs, allowing us to concentrate on bringing identity security benefits to new and wider markets.”
Centered on intelligent privilege controls, the CyberArk Identity Security Platform seamlessly secures human and machine identities accessing workloads from hybrid to multi-cloud. It flexibly automates the identity lifecycle, safeguarding access to sensitive data and assets through a Zero Trust approach and by enforcing least privilege. The new CyberArk MSP Console connects to CyberArk Privilege Cloud environments to aggregate data into a unified view, providing:
- Single-click access to all tenants and assets
- A consolidated location for account onboarding
- Centralized search of privileged accounts and the identities with entitlements to access them
- A view of activity related to access policy adjustments and credential rotation
- Unified privileged session audit and log overview
“CyberArk research found that nearly one-third of companies believe that the security skills gap hampers their ability to defend against cyberattacks, explaining why more and more small and medium-sized businesses are partnering with MSPs to reduce cyber risk,” said Chris Moore, senior vice president of global channels at CyberArk. “The CyberArk MSP Console provides our MSP partners with the ability to scale their identity security services so more end-user organizations can ensure that every identity, both human and machine, is secured with the right level of privilege controls, at the right time.”
Emphasizing high autonomy, low costs and low complexity, the CyberArk MSP Console is the latest step in a journey to enable MSPs to deliver identity security-based managed services rapidly and efficiently, driving more revenue by ensuring the security and compliance of their clients’ identities and how they are managed.
To learn more about the CyberArk MSP Console, click here. To find out more about the CyberArk Partner Program, visit the CyberArk Partner Network site and submit a partner inquiry.
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/20240402835010/en/
Media:
Carissa Ryan
Press@cyberark.com
Investors:
Erica Smith
InvestorRelations@cyberark.com
Source: CyberArk
FAQ
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