Fortinet, Inc. - FTNT STOCK NEWS

Fortinet's 2024 Global Cybersecurity Skills Gap Report highlights a critical shortage in cybersecurity skills, with nearly 90% of organizations attributing breaches to this gap and 70% recognizing increased risks. The report reveals severe repercussions, including fines and job losses for leaders, with over 50% of breaches costing more than $1 million. Boards are prioritizing cybersecurity, with 97% viewing it as a business imperative. Certifications are highly valued, though 70% find it hard to find certified candidates. Organizations are expanding hiring criteria, focusing on training and diversified recruitment. Fortinet aims to train 1 million people by 2026 and has already trained nearly half a million. The company promotes a three-pronged approach combining training, awareness, and technology to enhance cyber resilience.

Fortinet's 2024 State of Operational Technology and Cybersecurity Report reveals a significant increase in cyberattacks on Operational Technology (OT) systems. Nearly three-fourths (73%) of organizations reported an impact on OT systems this year, compared to 49% last year. Intrusions have risen dramatically, with 31% of organizations facing over six intrusions, up from 11% in 2023. Detection and response capabilities are lagging, with only 5% achieving complete visibility, down from 10%. Phishing and compromised business email are the most common intrusion methods. Executive responsibility for OT cybersecurity is also rising, with 60% of organizations planning to elevate OT security roles to C-suite levels. Fortinet recommends best practices including network segmentation, enhanced visibility, integrated security operations, and a platform-based security approach.

Fortinet (NASDAQ: FTNT) has agreed to acquire Lacework, a leading AI-powered cloud security company. Lacework's platform integrates CNAPP services, providing comprehensive security from code to cloud. The acquisition will enhance Fortinet's Security Fabric platform and support its Unified SASE expansion. This merger aligns with Fortinet's growth strategy and commitment to innovation. Financial terms are undisclosed, and the transaction is expected to close in the second half of 2024, subject to regulatory approvals.

FC Barcelona has partnered with Fortinet (NASDAQ: FTNT) as its Official Cybersecurity Partner for the next three seasons, until 30 June 2028. Fortinet's Security Fabric platform will secure digital environments at the future Spotify Camp Nou stadium, making it a global example of technology in sports and entertainment. This collaboration supports FC Barcelona's goal to turn Espai Barça into an international innovation hub. Fortinet's solutions will protect Wi-Fi, OT infrastructure, and data centers, enhancing security and efficiency. The partnership also aims to provide a superior experience for visitors and fans.

DGR Systems (DGR) has been named a Fortinet Engage Preferred Services Partner (EPSP), an exclusive designation recognizing elite partners who excel in service delivery. DGR's extensive knowledge and dedication to implementing and integrating Fortinet's security solutions in multi-vendor environments ensure comprehensive protection against modern security threats. This recognition enhances DGR's service delivery, technical expertise, and sales capabilities. The partnership provides DGR with exclusive access to Fortinet's engineering, training, and support, which will further bolster their ability to deliver complex security solutions.

Fortinet reaffirms its commitment to secure product development processes and responsible vulnerability disclosure policies. The company signed CISA's Secure by Design pledge, emphasizing a culture of radical transparency and customer safety. Fortinet aligns with industry best practices and international standards, promoting secure product development through robust security testing, trusted supplier programs, information security, and third-party certifications. The company's Product Security Incident Response Team maintains high security standards, proactively disclosing vulnerabilities. Fortinet's public and private partnerships further strengthen its dedication to radical transparency and cybersecurity resilience.

Fortinet released the FortiGuard Labs 2H 2023 Global Threat Landscape Report, highlighting cyber attackers exploiting vulnerabilities 43% faster than the first half of 2023. The report emphasizes the need for robust security measures from vendors and proactive patch management by organizations to mitigate risks.

Fortinet reported strong financial results for the first quarter of 2024, with total revenue reaching $1.35 billion, up 7% year over year. The company's service revenue saw a significant increase of 24% year over year, totaling $944 million. Fortinet also achieved a GAAP operating margin of 23.7% and a non-GAAP operating margin of 28.5%. Cash flow from operations reached $830 million, with free cash flow amounting to $609 million. The company's CEO, Ken Xie, highlighted the success in executing their strategic plans and emphasized their leadership in Unified SASE and Security Operations markets.

Fortinet announced the FortiGate 200G series, a next-generation firewall appliance designed to provide top-notch security and networking performance for modern campuses. Built on FortiOS and Fortinet's SP5 ASIC, the new series offers increased firewall throughput, AI-powered security services, and 5GE ports for Wi-Fi 7. This enables organizations to efficiently manage data-rich traffic and cloud-based applications in campus environments.