Over a decade ago,Venafi began the journey of managing and protecting machine identities for the Global 5000. At that time, we could see that rapid increases in digital certificates and cryptographic keys would challenge organizations beyond their capacity for management. However, there just weren’t that many ways to keep track of machine identities—mainly spreadsheets, SharePoint sites or internal scripts.
Manual management techniques left too much room for human error
And we saw many high-profile instances of certificate-related outages that resulted from uncontrolled machine identities.New research indicates that these same under-managed machine identities are also prime tools for organized cyber criminals.
Forward-thinking companies began to realize the value of centrally managing, and ultimately protecting, machine identities early on. And now, we’re seeing an increasing number of the world’s leading organizations getting serious about protecting their machine identities.
Venafi, industry leader in machine identity management, recently released a press statement revealing a promising shift in current market trends and Venafi’s commitment to support them. The data shows significant improvement in awareness of and participation in managing machine identities. According to the press release, Venafi has seen a 50% increase in subscriptions with 95% renewals. The company also closed a $100 million round of financing, led by TCV, dedicated to creating new cybersecurity developments in machine identity management for the Global 5000.
Palo Alto-based CEO Jeff Hudson states,
“The world is undergoing a dramatic digital transformation, and now our very existence depends upon machines. The bad guys know this and they’re dedicating more time and resources to obtaining machine identities, so they can use them in attacks.”
The bad guys might be ramping up, but so is the global security community as a whole, increasing their commitment to integrating management for machine identities throughout their security infrastructure offerings. To support this effort, last year Venafi launched the Machine Identity Management Development Fund with $13 million dollars in direct sponsorship for developers, start-ups, consultants and cybersecurity vendors to integrate directly with machine identity solutions. The program already has three funded partners: OpenCredo, Cygnacom and Jetstack.
Global 5000 Using Venafi
As opposed to a decade ago when coding was still being written for machine identity management, this lineup of the Global 5000 who now have a dedicated solution for machine identity management speaks volumes about the rising tide of awareness:
- Top five U.S. health insurers
- Top four credit card issuers
- Three out of the top four accounting and consulting firms
- Four of the top five U.S. retailers
- Four of the top five banks in each of the following countries: U.S., U.K., Australia and South Africa.
"We invented the technology"
Jeff Hudson, CEO of Venafi sums up the company’s commitment to customer success, “We invented the technology that manages and protects machine identities and this extraordinary focus makes it possible for us to deliver unmatched success to our customers and in the marketplace. Security leaders choose Venafi because we are the only company that delivers a robust, scalable, battle-tested machine identity management solution."
To read the full press release, click here.