DUBAI – CyberArk (NASDAQ: CYBR), a company specializing in identity security, has announced the launch of services from a data center based in the United Arab Emirates (UAE). This move aims to meet the data sovereignty requirements of various industries within the region, reinforcing CyberArk’s commitment to aiding UAE organizations in enhancing their defenses against attacks targeting human and machine identities.
The introduction of the UAE-based data center enables local hosting of the Software-as-a-Service (SaaS) components of the CyberArk Identity Security Platform. Consequently, organizations in the UAE can now manage, process, and store data, including sensitive credentials, within the country. This capability allows for the alignment of data protection strategies with local compliance standards and preferences.
Tom Lowndes, Director for the Middle East at CyberArk, emphasized the critical nature of securing privileged and sensitive access to prevent identity security threats, which are prevalent challenges for organizations. He stated that the CyberArk Identity Security Platform provides scalable risk reduction and optimizes security investments by enforcing appropriate privilege controls for various identities.
CyberArk's research indicates that nearly all organizations globally anticipate identity-related security breaches within the next year, often due to digital transformation efforts such as cloud adoption, hybrid work models, and third-party risks.
The company supports customers across the UAE, including government-owned enterprises and large corporations in sectors like financial services, telecommunications, energy, and cloud-native businesses.
CyberArk’s Identity Security Platform offers comprehensive and flexible solutions encompassing workforce and customer access, endpoint privilege security, privileged access management, secrets management, cloud privilege security, and identity management. These solutions are designed to enable Zero Trust security frameworks and implement least privilege policies.
The information for this article is based on a press release statement.
InvestingPro Insights
CyberArk (NASDAQ: CYBR) has taken an important step in expanding its global footprint by launching a datacenter in the UAE, which is poised to bolster the company's offerings in the region. The strategic move underscores the company's commitment to complying with data sovereignty requirements and enhancing identity security for businesses in the Middle East.
InvestingPro data underscores the financial health and market sentiment surrounding CyberArk. As of the last twelve months ending Q4 2023, CyberArk has a market capitalization of approximately $9.93 billion, reflecting its significant presence in the cybersecurity industry. The company's gross profit margin stands impressively at 79.51%, indicating strong operational efficiency. Despite facing challenges in profitability, with a negative P/E ratio of -153.45, CyberArk has demonstrated robust revenue growth of 27.07% over the same period, suggesting an expanding market demand for its services.
InvestingPro Tips highlight several key aspects of CyberArk's stock performance and market position. Analysts anticipate that net income is expected to grow this year, which could signal an upcoming positive shift in profitability. Additionally, the stock's Relative Strength Index (RSI) suggests it is currently in oversold territory, potentially presenting a buying opportunity for investors. It's worth noting that CyberArk has experienced a high return over the last year, with a price total return of 68.98%.
For those looking to delve deeper into CyberArk's financials and market potential, more InvestingPro Tips are available, including insights on the company's debt levels, valuation multiples, and profitability predictions for the year. With 11 additional tips listed on InvestingPro, investors can gain a comprehensive understanding of CyberArk's investment profile.
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