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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 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.
Fortinet (NASDAQ: FTNT) announced a successful deployment of its Secure SD-WAN solution by Emirates National Oil Company (ENOC), enhancing operational efficiency and customer experience. The implementation led to a 55% reduction in costs associated with MPLS and significantly improved network performance, achieving an 18x decrease in POS transaction time. ENOC's transition from a managed MPLS service to Fortinet's SD-WAN has resulted in a 4x increase in network speed and eliminated downtime, thus strengthening security measures. This digital transformation is part of ENOC's AED 250 million investment plan aimed at advancing customer service.
Fortinet has announced significant updates to FortiSASE, enhancing its integrated single-vendor SASE solution. These upgrades aim to improve security and deployment flexibility for organizations utilizing hybrid workforces. Key enhancements include improved integration with FortiGate Secure Edge, which allows for both on-premises and cloud security operations, and enhancements in secure access for private applications, SaaS, and internet services. A recent survey indicated that 55% of businesses support hybrid work, emphasizing the need for robust security solutions like FortiSASE.
Fortinet (NASDAQ: FTNT) CEO Ken Xie has been reappointed to the U.S.-Brazil CEO Forum by U.S. Secretary of Commerce Gina Raimondo. This role emphasizes Fortinet's commitment to cybersecurity and workforce development, aiding in recommendations for better bilateral trade and investments between the U.S. and Brazil. Established in 2007, the forum includes top CEOs from both countries, focusing on enhancing economic and commercial ties. Xie's involvement aims to foster public-private partnerships to combat cybercrime and improve cyber training initiatives. Fortinet remains dedicated to its mission of reducing cyber risks and enhancing training accessibility.
On March 2, 2023, BetterInvesting Magazine announced that Fortinet Inc. (NASDAQ: FTNT) is its "Stock to Study," while Peabody Energy Corp. (NYSE: BTU) is designated as the "Undervalued Stock" in its May 2023 issue. The Editorial Advisory Committee emphasizes the significance of investing in high-quality growth companies amid economic uncertainty, citing recent bankruptcies as a cautionary tale. Investors are encouraged to explore BetterInvesting's tools for analyzing FTNT's and BTU's potential, with an emphasis on educating themselves before making investment decisions.
Fortinet (NASDAQ: FTNT) has been recognized as a Visionary in the 2022 Gartner Magic Quadrant for Endpoint Protection Platforms. The company emphasizes the importance of integrating endpoint protection solutions into a single agent, which includes firewall, VPN, EPP, EDR, SASE, and ZTNA capabilities. This innovation is bolstered by advanced AI-driven incident response, enabling quicker detection and mitigation of threats, including ransomware. Fortinet's customers report significant satisfaction, with an average rating of 4.6 out of 5 on Gartner Peer Insights. The firm aims to provide a comprehensive work-from-anywhere security solution, enhancing connectivity and protection.
Fortinet (NASDAQ: FTNT) has launched new and improved products focused on operational technology (OT) security, expanding its Fortinet Security Fabric for OT. This move addresses the growing cybersecurity risks in industrial control systems, with a focus on integrating security into OT environments. The 2022 Fortinet State of Operational Technology and Cybersecurity Report indicated that 93% of organizations experienced security breaches, with 61% targeting OT systems. Key product introductions include the FortiGate 70F Rugged Firewall and FortiDeceptor, aimed at enhancing visibility and response for OT security teams.
Fortinet (NASDAQ: FTNT) released its Global Threat Landscape Report, highlighting the increasing sophistication of cyber adversaries. The report reveals a 53% jump in wiper malware incidents between Q3 and Q4 2022, with ongoing ransomware threats peaking globally, particularly via Ransomware-as-a-Service (RaaS). Despite extensive cybersecurity efforts, vulnerabilities like Log4j persist, affecting 41% of organizations. Fortinet emphasizes the importance of machine learning in real-time threat intelligence to combat evolving threats. The report illustrates the need for prioritization in risk mitigation to safeguard against a widening attack surface.
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