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News

Privileged account management growth in 2014

BeyondTrust : 29 January, 2015  (Company News)
BeyondTrust reflects on a year of growth during 2014 in both privileged account and vulnerability management as customer demand increases
Privileged account management growth in 2014

BeyondTrust has had significant success and growth in both Q4 and the 2014 fiscal year, marked by a Q4 which resulted in company records for new business bookings, renewal bookings and total bookings. The Q4 new business bookings growth of approximately 30% represented the ninth consecutive quarter-over-quarter of organic growth. The strong Q4 helped buoy a record fiscal year 2014, where new business bookings grew approximately 40% and total bookings grew approximately 30% year-over-year. With the record bookings growth, the company also achieved a quarterly and annual record in profitability, resulting in a 35% increase in year-over-year profitability.

“The growth we’ve experienced over the last year, especially with our PAM solutions, proves the industry is moving in the right direction in terms of protecting sensitive data,” said Kevin Hickey, President and CEO, BeyondTrust. “Today’s security measures must include keeping an eye on not only outside attackers, but also monitoring for internal threats, which take advantage of excessive employee privileges. As we move into 2015, BeyondTrust has no plans of slowing down; cyber criminals will only continue to ‘innovate,’ and we intend to do the same.”

BeyondTrust’s growth is outstripping the rest of the PAM market. According to their June 2014 "Market Guide for Privileged Account Management," Gartner has estimated the vendor revenue for PAM licenses, hosting, support and maintenance reached $450 million in 2013, up from $325 million in 2012. Gartner shared that the PAM market continues to see strong growth, about 38%, across the board. Monitoring and auditing capabilities, advanced features for hypervisor and cloud infrastructure support, and behavioural analysis tools are differentiators for products – all capabilities delivered by BeyondTrust

BeyondTrust customers have access to the company’s unified PAM solution suite, meaning they experience greater efficiency, visibility, and control vs. PAM deployments cobbled together from multiple vendors. In a world of increasingly complex IT environments, the ability for BeyondTrust to simplify processes and deployments wherever possible is very attractive to new and existing end users.  This is evidenced by commensurate new business bookings growth among both core product lines for fiscal year 2014:

* Privilege Account Management – 42%
* Vulnerability Management  – 39%

Among many market drivers for privileged account management solutions is the need to better protect access to sensitive data. This was evidenced in a December 2014 report from the Ponemon Institute titled, “Corporate Data: A Protected Asset or a Ticking Time Bomb.” Report findings shared that IT practitioners recognize end users have too much access to company data. For example, only 20 percent of IT practitioners say their organization enforces a strict least privilege model (i.e. access to company data only on a need to know basis). Thirty-four percent say it is not enforced at all. This means that 80 percent of organizations are at some level of risk, and more than a third of the organizations are at an extreme level of unnecessary risk to potentially crippling breaches or compliance violations because of this security oversight. Given the number of high-profile breaches that occurred over the last year, this number is still alarmingly high. Organizations need better controls and accountability must be put into place; employing a least privilege model helps to achieve that and more.

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