Venafi Unveils New Product Capabilities to Help Organizations Prepare for a Multi-Cloud and Post-Quantum Future

Rhea-AI Summary

Venafi, a CyberArk company, has unveiled new product capabilities in its Control Plane for Machine Identities at the 2024 Machine Identity Security Summit. These advancements aim to address critical machine identity security challenges and help organizations prepare for a multi-cloud and post-quantum future. Key features include:

1. Support for Post Quantum Cryptography (PQC) in TLS Protect and CodeSign Protect
2. Cloud-to-Cloud Connectivity for multi-cloud environments
3. Workload Identity Federation to enhance security and reduce reliance on API keys
4. OpenShift Routes component for Red Hat OpenShift users

These new capabilities are designed to help security and platform teams tackle emerging machine identity challenges, improve overall security posture, and ensure organizations are prepared for future technological advancements.

Positive

• Introduction of new product capabilities to address critical machine identity security challenges
• Support for NIST-approved post-quantum algorithms in TLS Protect and CodeSign Protect
• Cloud-to-cloud connectivity for easier management of machine identities in multi-cloud environments
• Implementation of workload identity federation to reduce reliance on static API keys
• New OpenShift Routes component to enhance security automation for Red Hat OpenShift users

Negative

• None.

Insights

Cybersecurity Expert

Venafi's new product capabilities address critical challenges in machine identity security, particularly for multi-cloud and post-quantum environments. The support for Post Quantum Cryptography (PQC) is a significant advancement, allowing organizations to prepare for quantum computing threats. This proactive approach could give Venafi and CyberArk a competitive edge in the cybersecurity market.

The cloud-to-cloud connectivity feature is particularly noteworthy, as it simplifies management across major cloud providers. This could lead to increased efficiency and cost savings for clients, potentially driving adoption and revenue growth. The workload identity federation capability addresses a key security vulnerability by reducing reliance on static API keys, which could be attractive to security-conscious enterprises.

These enhancements position Venafi and CyberArk well in the rapidly evolving cybersecurity landscape, potentially leading to increased market share and revenue opportunities. However, the impact on CyberArk's stock may be in the short term, as product updates typically take time to translate into financial results.

Financial Analyst

While this product announcement is positive for CyberArk (CYBR), its immediate financial impact is likely to be The new capabilities in Venafi's Control Plane for Machine Identities should strengthen CyberArk's competitive position in the cybersecurity market, potentially leading to increased sales and market share in the medium to long term.

The acquisition of Venafi, completed on October 1, 2024, is a strategic move that expands CyberArk's portfolio in the machine identity security space. This product update demonstrates the company's commitment to innovation and addressing emerging security challenges, which could justify the acquisition's value.

Investors should monitor future earnings reports for signs of revenue synergies from the Venafi acquisition and adoption rates of these new features. While not likely to cause immediate stock price movements, this development reinforces CyberArk's long-term growth strategy in the evolving cybersecurity landscape.

Latest Advancements to Venafi’s Control Plane for Machine Identities Enable Security and Platform Teams to Tackle Emerging Machine Identity Security Challenges

BOSTON--(BUSINESS WIRE)-- Machine Identity Security Summit 2024 -- Venafi, a CyberArk (NASDAQ: CYBR) company¹, today introduced new product capabilities in its Control Plane for Machine Identities during the 2024 Machine Identity Security Summit. This latest version of the Venafi Control Plane will enable security and platform teams to address the most critical machine identity security challenges and help future-proof their organizations, including post-quantum readiness, cloud-to-cloud connectivity and workload identity security.

“As today’s security landscape continues to rapidly evolve with multi-cloud and post-quantum readiness as key concerns, security professionals and developers alike are faced with new, emerging machine identity challenges every day. Organizations need a unified platform for end-to-end machine identity security that brings security and platform teams together to address all of these challenges at enterprise scale,” said Shivajee Samdarshi, chief product officer at Venafi. “Together with CyberArk, Venafi can now help organizations solve more machine identity security problems more quickly and easily – and ensure they are prepared for today and the future.”

New capabilities and features in Venafi’s Control Plane include:

• Support for Post Quantum Cryptography (PQC) – As part of Venafi’s Control Plane for Machine Identities, the latest versions of TLS Protect and CodeSign Protect now support NIST-approved post-quantum algorithms, such as ML-DSA and SLH-DSA, and make it easy to test PQC migrations. This enables security teams to confidently issue TLS certificates and sign code using the new algorithms and effectively prepare for a quantum-safe future.

• Cloud-to-Cloud Connectivity – New enhancements in TLS Protect Cloud allow security and platform teams to natively integrate the product with all major cloud providers, including AWS, Azure and GCP. With this industry-first cloud-to-cloud connectivity, they can now easily discover and manage machine identities directly in any multi-cloud environment, which eliminates complexity, increases efficiency and reduces costs.

• Workload Identity Federation – Designed to help bridge the gap between security teams and modern developer teams, this new capability leverages custom API integration service accounts to securely access and authenticate Venafi Control Plane APIs, eliminating the need for traditional API keys. By implementing workload identity federation, organizations can reduce reliance on static API keys, which are common targets for attackers, and minimize the risk of credential leaks and unauthorized access. This helps improve overall security posture and scalability.

• OpenShift Routes – The latest release of TLS Protect for Kubernetes features a new OpenShift Routes component in its Venafi Control Plane Operator for Red Hat OpenShift users to reduce operational complexity and enhance security automation. The component helps platform teams automate the lifecycle of certificates used on OpenShift Routes – including managing and renewing TLS certificates – ultimately minimizing the risk of human error, accelerating deployment processes and ensuring consistent security practices across environments.

All new features are available today on Venafi’s Control Plane for Machine Identities. To sign up for a free trial, please visit https://venafi.com/try-venafi/.

For more information on the 2024 Machine Identity Security Summit or to tune into the event virtually, visit https://venafi.com/summit/. Follow #MISSummit2024 and @Venafi on Twitter, LinkedIn and Facebook for event updates.

¹On October 1, 2024, CyberArk announced the successful completion of its acquisition of Venafi from Thoma Bravo.

About Venafi, a CyberArk Company

Venafi, a CyberArk company, offers the most comprehensive solutions to address critical challenges in PKI, certificate management and workload identity management. Through centralized visibility and automation, Venafi helps customers monitor and secure any machine identity, anywhere, across extended enterprise networks. As an innovative leader, Venafi solves today’s greatest machine identity challenges while anticipating those of tomorrow.

By combining Venafi’s best-in-class machine identity management with CyberArk’s leading identity security capabilities, these two category creators together establish the world’s first platform for end-to-end machine identity security at enterprise scale. To learn more about CyberArk’s acquisition of Venafi, read the press release.

For more information about Venafi, visit https://www.venafi.com/.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241002102204/en/

Pauline Louie

pauline.louie@venafi.com

(801) 676-6900

Source: Venafi

FAQ

What new features did Venafi announce at the 2024 Machine Identity Security Summit?

Venafi announced new features in its Control Plane for Machine Identities, including support for Post Quantum Cryptography (PQC), cloud-to-cloud connectivity, workload identity federation, and an OpenShift Routes component for Red Hat OpenShift users.

How does Venafi's new PQC support help organizations prepare for a quantum-safe future?

Venafi's TLS Protect and CodeSign Protect now support NIST-approved post-quantum algorithms, allowing security teams to issue TLS certificates and sign code using new algorithms, effectively preparing for a quantum-safe future.

What benefits does the new cloud-to-cloud connectivity feature offer for multi-cloud environments?

The cloud-to-cloud connectivity feature in TLS Protect Cloud allows for native integration with major cloud providers, enabling easier discovery and management of machine identities in multi-cloud environments, reducing complexity, increasing efficiency, and lowering costs.

How does Venafi's workload identity federation improve security for organizations?

Workload identity federation reduces reliance on static API keys, minimizing the risk of credential leaks and unauthorized access. It uses custom API integration service accounts to securely access and authenticate Venafi Control Plane APIs, improving overall security posture and scalability.