Cyber Daily: How 2020 Supercharged Cloud Security Companies
Hello. In our last edition of the year, we look at how enterprise businesses—and Wall Street—flocked to cloud-native cybersecurity companies during the coronavirus pandemic. The upshot, WSJ Pro’s David Uberti reports, is greater momentum for their bid to supplant larger and at-times more profitable vendors that also offer security tailored for physical offices. If you are figuring out what the new workplace looks like in 2021, watch these dynamics.
Also today: Travel company Sabre settles breach case; hackers chase Covid-19 vaccination distribution; Apple’s China app store sheds videogames; and three problems President-elect Biden faces in dealing with suspected Russian attack.
Our next newsletter will hit your inboxes Jan. 4, 2021. Visit wsj.com in the interim for the latest cybersecurity news. Good wishes to all for the year ahead!
Cybersecurity Vendor Landscape
How 2020 supercharged cloud security companies. The shift to remote work during the coronavirus pandemic means more companies are pushing their computer networks onto the cloud—and cybersecurity businesses focused on protecting the cloud are cashing in.
Although the future of the post-pandemic workplace remains uncertain, investors and executives at cloud-native companies are betting the acceleration of cloud adoption will continue boosting their prospects into 2021 and beyond.
“The old saying goes, ‘Never let a good crisis go to waste’,” said
George Kurtz,
co-founder and chief executive of cloud security company CrowdStrike Inc., which reported 86% year-over-year growth in its most recent quarter.
Cloud-based tools generally give more flexibility to companies whose employees work remotely or on different devices, cybersecurity experts say, but their adoption requires upfront costs and can expose businesses to new threats.
Read the full story at our website.
Quotable
“If companies want to have one foot in the cloud and one foot on their own data centers, our job is to make that efficient and secure.”
—
Philip Quade,
…