Fincredible MacroTalk March 23rd: Cybersecurity
Comments on cybersecurity from $CRWD $S $PANW $GOOG $ZS $ROK $FTNT $BAX
In today’s digital world, a robust cybersecurity infrastructure is crucial for governments, organizations and corporations. Each year the number of connected devices grows, more workloads are shifted to the cloud, and the digital space takes a bigger role in our lives. This means the attack surface and potential harm grows each year. Because of this, cybersecurity spend is projected to grow significantly in the coming years.
In this post we’ve highlighted quotes from recent company earnings calls on the topic of cybersecurity. All quotes are sourced from Fincredible.
Importance of Cybersecurity
As the world gets more and more connected, information becomes easier to get. However, with increased connectedness comes imminent risks. More connected devices means a bigger attack surface, so every year companies are investing more resources to protect their information and their systems from malevolent hackers.
George Kurtz, CEO
“There are powerful tailwinds driving our markets, and we do not currently see any indication that these trends will abate anytime soon. The adversaries are certainly not slowing down, actually quite the opposite. As we've published in our most recent global threat report, 2021 provided no rest for the weary with an 82% increase in ransomware-related data leaks. As the nation's state events of the past few weeks have demonstrated, cyberspace is center stage joining land, air, sea and space as the fifth dimension of warfare. There are no borders in cyberspace and the cyber blast radius has no bounds, putting every organization and government at risk as attacks can extend far beyond their intended targets as we saw with NotPetya.
“Last year, 62% of attacks we observed were malware-less with most of these involving compromised identities. We expect that both e-criminals and nation-state adversaries alike will continue to exploit vulnerabilities across endpoints and cloud environments and ramp up tradecraft around the use of identity and stolen credentials to bypass legacy defenses.”
George Kurtz, CEO
Tomer Weingarten, CEO
“We continue to see an evolving and complicated threat landscape. We've highlighted in the past that cybersecurity is at the front and center of all conversations around risks and threats at companies as well as nation-state levels. We believe cybersecurity will continue to become more and more relevant and important. With increased alliance and technology and the prevalence of cyberattacks, there is an ability to disrupt businesses and critical systems, making cybersecurity an area will -- that will need continued focus on investment.”
Nikesh Arora, CEO
“Third, our cybersecurity products are helping product organizations like ANZ Bank, Meditech and Wayfair as a trusted cloud provider. VirusTotal helps product organizations from software supply chain vulnerabilities. Chronicle and security command center help organizations detect and protect themselves from cyber threats. And our fraud prevention and identity verification solutions are protecting over 5 million websites.
Finally, our secure communication and collaboration platform, Google Workspace is helping public sector organizations like USAID and the U.S. Air Force Research Laboratory as well as global brands, including Colgate and Roche, adopt secure hybrid work. Our new Work Safer program launched in Q4 provides the highest security for e-mail meetings and documents by bringing together Google Workspace, Titan security keys, 0 trust and other security advances”
Sundar Pichai, CEO
Demand for Cybersecurity
Demand for cybersecurity has been incredibly strong over the past couple of years, and the strength will likely continue in the coming years. Companies like Fortinet are seeing incredibly strong demand, and customers are spending a bigger percentage of their budget on cybersecurity. As more and more productive assets are moved to the cloud, the need to protect those assets grows.
“According to IDG's recent state of the CIO report, the top CEO mandate for IT in 2022 is to upgrade cybersecurity to reduce business risk. Whether it is supporting remote work, all enabling new digital customer and employee experiences, IT leaders must ensure that business operations are agile, resilient and secure. Given the explosion in ransomware and high-profile data breaches, IT leaders are looking to phase out castle and moat security to adopt zero trust architecture to unlock the full points of digital transformation. It is clear from our growth in our large enterprise wins that architecture matters.”
Jay Chaudhry, Co-Founder, President, CEO & Chairman of the Board
“Industrial cybersecurity demand was strong in the quarter and included a strategic win with one of the world's leading natural gas pipeline companies in North America. We also had a key win with one of the largest beverage manufacturers in EMEA, demonstrating how our industrial cyber business continues to create new ways for us to win.”
Blake D. Moret, Chairman, President & CEO
“For the third consecutive quarter, we added approximately 6,000 new logos. Worldwide government buildings grab the largest share of the mix at 16%. Financial services accounted for 14% of billings on billings growth of 63%. Billings and manufacturing, transportation, utilities, construction and other verticals that have not consistently been in our top 5 remained elevated with billings growth of 40%. We believe the growth of these verticals is an indication of the broadening nature and greater awareness of the threat landscape, which is driving cybersecurity investments in industries that have historically perhaps spent a little bit less on security budgets.”
Keith F. Jensen, CFO
“Enterprise evolutions are increasingly consolidating to a cybersecurity match approach. Fortinet Security Fabric platform delivers unparalleled protection through a cybersecurity match architecture that provide broad, integrated and ultimate protection across multiple edge from endpoint to data center and hybrid cloud environment.”
Ken Xie, CEO
“We want to make sure we have some new set of eyes look at the whole application. It looks really good. But there were areas that we think we could do better. Cybersecurity is one of them that we want to be always top decile when it comes to that. So we went back and made some adjustments and improvements, and that took time.”
Jose E. Almeida, Chairman, President & CEO
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