Skybox Security expands market leadership with over 4x growth in subscription business from new customers in 2021
SAN JOSE, Calif.: Skybox Security has announced that soaring global customer demand for its Security Posture Management Platform drove a 4x increase in subscription business from new customers year-over-year. Customer expansion and new logos also resulted in over 30% growth year-over-year, driven by global customer demand for Skybox vulnerability management and security automation capabilities. Further, Skybox Security reported the strongest quarter in the company's 19-year history to include significant expansion within the critical infrastructure sectors.
"Increasing cybersecurity regulations, digital transformation initiatives, and cloud migration continue to fuel demand for our preventative Security Posture Management Platform," said Skybox Security CEO and Founder Gidi Cohen. "Other cybersecurity companies say they do exposure analysis. Skybox Security delivers the only solution that can do it with the precision you need to prevent a cyberattack, with the full context of the network, cloud, and OT infrastructure of the organization."
New 2021 customers include Fortune 500, Global 500, major government agencies, and companies operating critical infrastructure in the energy, utilities, manufacturing, defense, and telecommunications sectors. Increasingly dangerous vulnerabilities, including but not limited to Log4j, require a new focus on preventing breaches by eliminating cyber exposure ahead of an attack.
A new path forward for breach prevention
The company's tremendous growth is fueled by capturing the ever-increasing market need for preventative cybersecurity management while strategically expanding into new verticals and regions. Hundreds of customers trust the industry-leading Skybox Security Posture Management Platform to prevent breaches before incidents happen.
Skybox Security is the only cybersecurity company to provide complete visibility and understanding of the attack surface. No other solution can visualize and analyze hybrid, multi-cloud, and OT networks across all industries and verticals.
2021 financial highlights: year-over-year growth
- 4x increase in new recurring subscription business
- 30% new business growth year-over-year, driven by global demand for Skybox vulnerability management and automation capabilities
- Added ten new logos in the critical infrastructure sector, including major international manufacturers, energy and utility providers, telecommunications leaders, and one of the largest U.S. oil & gas companies
- Won major government contracts across federal, state, and local agencies
- Continued expansion into the highly regulated financial services sector, with 18 new logos
- Reported the strongest quarter in the company's 19-year history
2021 new and expanded customers
- One of the largest U.S. energy & utility companies expanded its Skybox deployment to protect over 200,000 assets with Skybox Vulnerability Control. The company needed to ramp up its vulnerability management program and report to senior management teams. It was equally important for the company to get a centralized view for all departments to have an objective way to measure and manage risk, allowing admins to mitigate risk exposures on various assets.
- A major multinational oil & gas company purchased Skybox Vulnerability Control to reduce risk and increase the resiliency of OT assets. Then, the company decided to deploy Skybox Firewall and Network Assurance during the pilot phase to ensure compliance and segregation in OT and corporate environments continuously. Lastly, the customer selected Skybox Change Manager to reduce the risk and effort of making network changes throughout the organization, replacing an aging home-grown application.
- A multinational manufacturer purchased the Skybox Security Policy Management solution to collect, normalize, and optimize their network and security data. After a security assessment showed significant risks linked to network misconfigurations, the customer evaluated different security policy management solutions. Skybox Security was selected because it is the only solution to deliver comprehensive security policy management capabilities that enable the customer to automate firewall rules and see across their attack surface with the Skybox network model.
2021 product innovation highlights
- Delivered the most effective and efficient vulnerability remediation options available in the industry – beyond patching
- Released additional OT vulnerability management capabilities, allowing customers to eliminate cyber exposure across the entire enterprise environment, including IT, hybrid, multi-cloud, as well as OT assets
- Unveiled new OT security integrations with Claroty, Nozomi Networks, and Siemens' RUGGEDCOM products that expand Skybox Security's ability to identify exploitable vulnerabilities across IT/OT environments
- Enriched its multidimensional network model with new and enhanced integrations across leading hardware and software partners, including Zscaler, Palo Alto Networks, VMware, F5, and others
"Managing security posture has become a critical business imperative for reducing the risk of cyberattacks. Our global customer base relies on Skybox exposure analysis to understand exposed, exploitable vulnerabilities and reduce mean time to remediation (MTTR)," said Haggai Polak, Chief Product Officer, Skybox Security. "Our upcoming product innovations will continue to extend our industry-leading network model to ingest data from transformative technologies and model entire networks across IT, OT, and hybrid cloud."