Cyber-Ark Software, the leading provider of Privileged Identity Management (PIM), Sensitive Information Management and Digital Vault solutions, today announced that one of the world's largest and most influential global financial institutions has chosen Cyber-Ark's Privileged Identity Management Suite to secure and manage its privileged identities and application passwords.
This seven figure deal marks another major win for Cyber-Ark in a sector that is more selective than ever with their IT investments.
"We're thrilled that Cyber-Ark was chosen among the vendors evaluated by this large banking institution as its Privileged Identity Management solution," said Udi Mokady, President and CEO of Cyber-Ark Software. "The scope of the deployment, as well as the rigorous evaluation that was performed on the vendors that participated, highlights the deep interest in and need for a superior Privileged Identity Management solution that is enterprise ready, scalable and can meet the performance requirements of large scale deployments. With this win, more than 35 percent of Fortune 50 companies have now selected Cyber-Ark as their Privileged Identity Management solution."
Compliance regulations such as Sarbanes-Oxley, PCI and Basel II, and the need to be accountable to internal and external auditors when they ask who has access to what information, has been the driver behind the incredible success that Cyber-Ark has recently experienced. Up to 70 percent of system breaches are caused by internal users, and in particular, users who mistakenly or purposely misuse their privileged access capabilities. Until recently, organizations had no way to effectively secure, manage and track the provisioning, use, and relocation of privileged user accounts-thus leaving these very powerful passwords especially vulnerable and a potential source of damaging information leaks.
To help banking organizations and major corporations address this problem, Cyber-Ark's Privileged Identity Management Suite, which includes the award-winning Enterprise Password Vault, provides a centralized solution to secure, manage, automatically change and log all activities associated with all types of privileged accounts-even application identities embedded in scripts, services and application code.
"Despite global economic problems that have impacted IT budgets, what we're seeing and hearing from our customers, partners and prospects is that securing privileged accounts-and application passwords in particular-is their top area of concern. As the Privileged Identity Management market continues to mature and attract corporations of all segments, we believe that Cyber-Ark will become a 'must have' technology for large organizations worldwide," added Mokady.