CyberArk has launched Privilege Cloud, a security-as-a-service (SECaaS) offering that enables organizations to scale their privileged access security programs without having to manage underlying infrastructure.
Organizations can use Privilege Cloud to store, rotate and isolate user credentials and monitor user sessions, according to a prepared statement. Privilege Cloud also can be used in combination with CyberArk's Endpoint Privilege Manager solution to reduce privileged credential-related risk.
Privilege Cloud could help CyberArk capitalize on the rising demand for SECaaS solutions.
The global SECaaS solutions market is projected to expand at a compound annual growth rate (CAGR) of 21.1 percent between 2016 and 2022, market research firm Mordor Intelligence has predicted. This market also could be worth approximately $12.2 billion by 2022.
In addition, Privilege Cloud could help CyberArk further accelerate its revenue growth following a successful first quarter of 2018.
CyberArk recorded $71.8 million in total revenue in 1Q18, up 22 percent year over year. Furthermore, CyberArk is projecting total revenue in the range of $72 million to $73.5 million in 2Q18; this would represent a year-over-year revenue increase between 25 percent and 28 percent.
How Does CyberArk Work with MSSPs?
CyberArk offers the Service Provider Offering, which enables MSSPs to deliver privileged access control for on-premises, cloud and hybrid IT environments. The Service Provider Offering is designed for MSSPs of all sizes and allows them to address a variety of business requirements, market segments and customer needs.
The Service Provider Offering empowers MSSPs with access to the following CyberArk privileged access security solutions:
- Application Identity Manager: Removes hard-coded credentials, including passwords and encryption keys from applications, service accounts and scripts with no impact on application performance.
- Conjur: Addresses the secrets management and privileged access security challenges of development and operations (DevOps) teams.
- Core Privileged Account Security: Helps organizations manage privileged account credentials and access rights, monitor and control privileged account activity, identify suspicious activity and respond to security threats.
- Endpoint Privilege Manager: Enforces least-privilege policies on Windows endpoints and servers and provides granular segregation of duties for IT administrators.
CyberArk in April expanded its Privileged Account Security Solution to help MSSPs add privileged access security capabilities to their portfolios. It also unveiled the CyberArk Marketplace in April; this marketplace allows security and IT operations teams to deliver privileged security access on-premises, in hybrid cloud environments and throughout the DevOps pipeline, the company stated.