Increasing Demand for Holistic Insider Threat Protection Drives Significant Company Growth
BOSTON – July 10, 2019 – ObserveIT, the leading Insider Threat solution provider with more than 1,900 customers around the world, today announced a record second quarter, securing a 70 percent increase in Annual Recurring Revenue (ARR). Additionally, the company saw a steep increase in sizeable deals, closing a record 18 six-figure contracts in the past three months, further confirming comprehensive Insider Threat protection is critical for enterprises across the globe.
A May 2019 Forrester report titled, “Best Practices: Mitigating Insider Threats,” indicates that “Insiders are responsible for more than half of your data breaches.” According to the May 2019 Gartner Market Report in which ObserveIT is recognized as a top “Vendor to Watch,” “getting information that leads to deeper analysis such as motive and intent often means moving the detection mechanism closer to the user.” Dedicated Insider Threat solutions like ObserveIT monitor both user and file activity providing organizations with much-needed context for Insider Threat investigations and the ability to reduce investigation time by 90 percent.
In an effort to remain on the cutting edge of Insider Threats, ObserveIT released its latest solution, ObserveIT 7.8 in the second quarter. The new release enhances ObserveIT’s already robust data exfiltration defense capabilities by providing another layer of visibility and detection of data exfiltration via email, context around sent and received attachments and Activity Replay to capture user activity pre and post a policy violation.
“In the past, organizations focused primarily on preventing external security threats. Over the past few years, a dramatic shift has taken place with security teams focusing on insiders as a growing channel for data exfiltration,” said Dave DeWalt, Founder of NightDragon Security. “Every day we’re seeing more and more breaches stem from employees or contractors who either accidentally or maliciously leak sensitive information. In order to protect valuable IP and the organization’s reputation, businesses are increasingly recognizing that they need an Insider Threat strategy that includes training and technology to ensure employees, contractors and business partners understand security protocols and the repercussions of a breach.”
ObserveIT also secured notable industry validation in the second quarter. Specifically, the company was named a Bronze Stevie Winner in the Endpoint Security Management Solution category of The American Business Awards. ObserveIT was also included in The Boston Business Journal’s list of the largest cybersecurity companies in Massachusetts. And finally, as a result of its innovative solution, dynamic company culture and dedication to employee growth and satisfaction, ObserveIT was named a finalist for BostInno’s “Coolest Companies” list.
Additional milestones achieved by ObserveIT in Q2 2019 include:
- Secured one of the leaders in the home security industry and one of the largest Private Equity firms in the world as customers
- Further expanded the company’s cross-industry client roster with leading organizations from manufacturing, aerospace and defense, and financial services
- Hired Jason Reeve as Vice President of Pre-sales and Customer Success
“It’s exciting to see the momentum we generated in the first few months of 2019 continue into the second quarter,” said Mike McKee, CEO of ObserveIT. “Our growing, highly diverse client base is confirmation that no industry is immune to Insider Threats. We’re proud to be the trusted partner for organizations across the globe, helping them navigate the complex Insider Threat landscape and ensure the integrity of their business assets.”
To learn more about ObserveIT’s Insider Threat solution and how it helps companies detect anomalous behavior, reduce investigation time and prevent data loss, visit here. For a free trial of ObserveIT 7.8, visit here.
ObserveIT is the leading Insider Threat solution with more than 1,900 customers across 87 countries. ObserveIT is the only solution that empowers security teams to detect insider threats, streamline the investigation process, and prevent data exfiltration. With 350+ out-of-the-box insider threat indicators of compromise, rich metadata and outstanding search capability and playback of any policy violation, ObserveIT provides comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing, and reduces investigation time from weeks to minutes. For more information visit: www.observeit.com.
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