NEWTON, Mass. & PETACH TIKVA, Israel - CyberArk (NASDAQ: CYBR), a company specializing in identity security, has been selected by Heng Leong Hang, a prominent retail brand in Taiwan, to reinforce its cybersecurity framework across over 70 stores. The retail giant is implementing the CyberArk Identity Security Platform to enhance protection against cyber threats, safeguarding its core systems and customer data.
Heng Leong Hang, facing significant cybersecurity threats, including data theft and risks to its point of sale systems, has been the target of frequent cyberattacks. The company's digital transformation has intensified the urgency to secure its privileged accounts, which are a primary attack vector for cybercriminals.
The CyberArk Identity Security Platform will provide Heng Leong Hang with advanced privilege controls and automation of the identity lifecycle, enabling a Zero Trust security model and enforcing least privilege principles. The platform's components are designed to secure the identities of employees, especially those with privileged access, and to automate security processes, which can improve work efficiency and ease compliance burdens.
Timo Lu, Head of Information Department at Heng Leong Hang, acknowledged the challenge posed by managing a large employee base and emphasized the importance of identity security in addressing cybersecurity concerns. CyberArk's solutions have not only bolstered access management and control but also significantly mitigated risks associated with identity theft, surpassing the company's expectations.
Edward Hsieh, Regional Director of CyberArk in North Asia, expressed satisfaction in assisting Heng Leong Hang to fortify its cybersecurity architecture, which is vital for protecting its employees, customers, and business operations in a digital and cloud-based business landscape.
CyberArk offers a comprehensive security solution for any identity, whether human or machine, across various environments, including business applications, distributed workforces, hybrid cloud environments, and the DevOps lifecycle.
The information is based on a press release statement from CyberArk.
InvestingPro Insights
As CyberArk (NASDAQ: CYBR) continues to expand its reach and secure the digital identities of prominent retail brands like Heng Leong Hang, it's worth noting the financial health and market sentiment surrounding the company. The latest data from InvestingPro paints a picture of a company with strong growth potential and favorable analyst outlook.
CyberArk has demonstrated impressive revenue growth over the last twelve months as of Q4 2023, with an increase of 27.07%. This is further bolstered by a quarterly revenue growth of 31.9% in Q4 2023, reflecting the company's ability to expand its market share and revenue streams in the competitive cybersecurity sector. The gross profit margin stands at a robust 79.51%, showcasing CyberArk's ability to maintain profitability on its services.
Investors and analysts are taking note of CyberArk's potential, with 17 analysts having revised their earnings upwards for the upcoming period, signaling confidence in the company's future performance. Moreover, CyberArk's market capitalization is currently valued at 10.75 billion USD, indicating a strong position in the market.
For those interested in deeper insights and additional metrics, there are more InvestingPro Tips available for CyberArk. These tips highlight various aspects of the company's performance and outlook, including the expectation of net income growth this year and a high return over the past year. For a more comprehensive analysis, you can find additional tips on InvestingPro's platform, which could further inform your investment decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and unlock all the insights that InvestingPro has to offer.
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