Shalom Life | July 10, 2015

Startup Club: CyberArk

After its Nasdaq IPO last week, the Israeli cyber security company is currently valued at $880 million

By: Caitlin Marceau

Published: October 2nd, 2014 in Business » World

Over the past few decades, a growing number of small businesses involved in various industries have popped up around the world meeting the needs of an ever-growing, ever-changing market.

Jewish businessmen and innovators continue to excel throughout these industries, displaying their prowess as creative, forward-thinking entrepreneurs, and tapping into continuously developing markets with 'startup' companies.

In a bid to recognize these decorated entrepreneurs for their ongoing contributions and advancements to these fields, Shalom Life is pleased to present: Startup Club, highlighting the best and the brightest of Jewish entrepreneurs who continue to provide our community with new, influential and innovative ideas that will forever change the way we interact with the world, and with one another.

Follow our lead and we’ll follow yours – send us tips or suggestions via email, comment below or tweet us @ShalomLife, in our mission to celebrate the most visionary of Jewish entrepreneurs.

Check out last week's inductee into the Club here.

Business: CyberArk

Entrepreneurs: Alon Cohen and Udi Mokady

Base of Operations: Petach-Tikva, Israel

Industry: Technology

Founded: 1999

In this digital age, cyber attacks have become commonplace. Hacking into computers to dig up private information, sending in viruses that can corrupt files and bring computers to a halt are unfortunately part of the norm. Everyone from the average Joe to the head of an international corporation has felt the sting of online attacks; however, the consequences of a bank being hacked or consumer credit information being stolen can be significantly more severe than the effects of the average computer bug.

Which is why CyberArk aims to stop cyber attacks before they happen, and minimize potential consequences or escalation if they do.

Founded in 1999 by Alon Cohen and Udi Mokady in Israel, the duo aimed to protect information in a time when everything was easily accessible online… even when it shouldn’t be. CyberArk is responsible for the innovative idea of a digital vault, which locks up information in layers of security and, essentially, is nearly impenetrable from cyber attacks.

The company offers several different products via their website, including a password protected vault, the ability to manage and monitor users with access to sensitive information, and the ability to detect before an attack happens and how best to deescalate the situation and take action. These preventative measures don’t just keep outside threats at bay, but rather internal threats to a company out as well.

“According to international research firm Deloitte, 100% of sophisticated attacks used privileged accounts to get into critical systems. We prevent attacks simply by choking off access to these accounts, denying hackers the opportunity to use them to break into systems,” explained the manager of CyberArk Israel, Chen Bitan, in an interview with The Times of Israel. “In many organizations they have no idea how many privileged accounts are on their servers. Our tool scans for the existence of these accounts, identifying and isolating them — and we have found that in many organizations, there are four times more privileged accounts than there are employees… Once they get into a privileged account, that’s it — they are there to stay, and they will remain there until they compromise the system. The only solution is to keep them out of accounts altogether, and we’re happy to say that we do this very well.”

Although firewall and digital security management software has existed before CyberArk, with several Israeli companies protecting online assets better than most, it’s CyberArk’s dedication to preventing attacks and not just holding up when under fire that’s helped contribute to their international success. According to their website, “CyberArk is a vital security partner to more than 1550 global businesses, including: more than 35% of the Fortune 100, 17 of the world’s top 20 banks, 8 of the world’s top 16 pharmaceutical companies, (and) 75 of the leading energy companies.”

They’ve also made waves by going public with their stock on the NASDAQ along with both MobilEye and ReWalk, both of which are also from Israel. This past year has seen incredible success from Israeli startups reaching international recognition for their cutting edge technology and innovative ideas.

According to various news sources, CyberArk’s shares went on the market at $16 a piece on the 24th of September, and currently hover around the $30 mark, having raised in value by a whooping 86%. The company is now said to be valued at over $880 million, according to Reuters, and saw the price of their shares double in a day as the cost of shares rose to about $35 before settling back down to their current price.

Although the future of cyber attacks is still ever evolving, two things remain certain. While cyber attacks may always be a part of our lives, CyberArk will always be there to keep them at bay.

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