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Fortinet, Inc. (NASDAQ: FTNT) is a leading global provider of network security appliances and the market leader in unified threat management (UTM). Headquartered in Sunnyvale, California, Fortinet develops comprehensive cybersecurity solutions that help businesses protect against dynamic security threats while simplifying IT security infrastructure. The company's flagship product, FortiGate, offers ASIC-accelerated performance and integrates multiple layers of security to safeguard against application and network threats. Fortinet's extensive product line extends beyond UTM to secure the entire enterprise, from endpoints to the core network, including databases and applications.
Fortinet's platform-based cybersecurity offerings cover network security, cloud security, zero-trust access, and security operations. The company generates most of its revenue through sales of its subscription and support-based services. With over 700,000 customers worldwide, including many from the 2010 Fortune Global 100, Fortinet has established itself as a trusted cybersecurity provider for enterprises, service providers, and government entities globally.
Recent achievements include the launch of the FortiGate Rugged 70G with 5G Dual Modem, designed for industrial environments and remote ATMs. This new product merges enterprise-grade threat protection with high-performing networking capabilities, ensuring high availability and secure connectivity in extreme conditions. Fortinet's commitment to innovation is evident in its continuous development of the FortiOS, the industry's most powerful network security operating system. The latest version, FortiOS 7.6, introduces new generative AI features, enhanced data protection, and managed services to help customers mitigate risks and simplify network management.
Financially, Fortinet has shown strong performance. For the fourth quarter of 2023, the company reported significant growth in Security Operations billings and SASE billings, driven by a successful sales strategy shift and improved execution. The firm's platform strategy continues to resonate with enterprises worldwide, positioning Fortinet as a leader in secure networking and firewall solutions.
Fortinet is also committed to closing the global cybersecurity skills gap. Through the Fortinet Training Institute, the company offers extensive training programs and has made remarkable strides in providing cybersecurity education to underserved communities, including women and veterans. Fortinet's collaboration with various public and private entities further emphasizes its dedication to enhancing global cyber resilience.
Learn more about Fortinet's innovations, financial highlights, and commitment to cybersecurity at Fortinet.com.
Fortinet's FortiGate 600F series has earned a prestigious 'AAA' ranking from CyberRatings.org in all four categories, establishing itself as a leading cybersecurity solution. The FortiGate 600F demonstrated superior capabilities in Threat Prevention, SSL/TLS Functionality, Stability & Reliability, and Routing & Access Control. Notably, it achieved a 100% block rate for client-initiated exploits, reinforcing its effectiveness against cyber threats. Additionally, it offers a lower price per Mbps compared to competitors, enhancing its value proposition for enterprises. This recognition underscores Fortinet's commitment to delivering high-performance cybersecurity solutions, catering to modern enterprise needs.
Fortinet (NASDAQ: FTNT) announced its membership in the Joint Cyber Defense Collaborative (JCDC) as of April 18, 2023, reinforcing its commitment to enhancing U.S. cybersecurity. The company will leverage its over 20 years of expertise and its FortiGuard Labs threat intelligence to combat cyber threats. Founded by the Cybersecurity and Infrastructure Security Agency (CISA) in 2021, JCDC aims to improve public-private collaboration in cybersecurity. Fortinet's collaboration will help in sharing actionable threat intelligence and best practices to mitigate cyber risks and vulnerabilities. This partnership aligns with Fortinet's ongoing efforts to build systemic resilience against growing cyber threats.
Fortinet (NASDAQ: FTNT) has announced significant updates to its secure networking portfolio at its Accelerate 2023 conference. Key innovations include a new Hybrid Mesh Firewall designed for data centers and cloud environments, enhancing security and performance by integrating advanced AI/ML technologies. The FortiGate 7080F NGFW series boasts a performance increase of up to 5x faster than industry standards. Additionally, improvements to the Secure SD-WAN and integration of FortiSASE with FortiManager promise enhanced management and visibility across hybrid networks. These advancements address the growing complexity of secure networking as organizations transition towards integrated security solutions.
Fortinet (NASDAQ: FTNT) has announced significant updates to its Network Security Expert (NSE) Certification program, aiming to address the cybersecurity skills gap and enhance training for professionals. These changes, effective later this year, will provide more flexible pathways for individuals, aligning training with job roles such as Cloud Security Specialists and Security Operations Analysts. Notably, the NSE designations are evolving to include Fortinet Certified Expert, Engineer, Professional, Associate, and Fundamentals. These updates reflect Fortinet's commitment to bridging the skills gap and responding to the increasing demand for cybersecurity talent.
Fortinet has announced enhancements to the Fortinet Security Fabric with new capabilities aimed at improving cybersecurity. Key innovations include FortiOS 7.4, aimed at consolidating security products into a unified platform. Recent Gartner research indicates that 75% of organizations are pursuing vendor consolidation, highlighting a shift toward more integrated solutions. Fortinet's offerings now include advanced threat detection and response across five key areas: Endpoint Security, SOC Automation, AI-Powered Threat Intelligence, Identity and Access, and Application Security.
Fortinet (NASDAQ: FTNT) announced a conference call scheduled for May 4, 2023, at 1:30 p.m. PT to discuss its first quarter financial results. The call will be available in listen-only mode via the company's investor relations website, with access recommended 10 minutes prior to the start. Prepared remarks and a replay will follow on their Quarterly Earnings page. Fortinet is recognized for its extensive cybersecurity portfolio and vast customer base, ensuring enhanced security across various platforms.
Fortinet Research Highlights Cybersecurity Talent Shortage Impact
Fortinet's 2023 Global Cybersecurity Skills Gap Report reveals a 53% increase in organizations experiencing five or more breaches, demonstrating the urgency of addressing the cybersecurity talent shortage. The report indicates a need for 3.14 million professionals to fill gaps, with 68% of organizations reporting additional cyber risks due to unfilled positions. Fortinet aims to train 1 million people in cybersecurity by 2026 to help mitigate these challenges.
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