The Centrify solution made great strides in 2017, chronicled in Part I of this blog. Product enhancements, combined with the market’s growing understanding of the essential role identity plays in effective cybersecurity propelled the business forward. Here are some additional business highlights:
The Centrify/Ponemon study
Early in 2017, Centrify sponsored a Ponemon research study
to discover the business and financial impact of a data breach on areas like shareholder value, brand reputation and the responsibility of C-suite. The study found that breaches ranked among the top three most negative events that can happen to an organization, and the loss of brand value and reputation were substantial.According to the study, breaches are worse for some than others: Companies with a strong security posture lost three percent of their stock price which rebounded just seven days later, with a relatively low customer churn rate of less than two percent. Companies with a weak security posture lost seven percent of their stock value (which took months to rebound), lost more than five percent of their customer base and suffered an average revenue loss of nearly $4 million.
Just a few weeks after it was published, Equifax proved nearly every point in the study. In fact, the event illustrated the difference between a security conscious organization that suffers a breach and a marquis brand like Equifax, whose gross negligence and poor management resulted in far greater repercussions: An exodus of senior management, over two dozen class-action lawsuits and the loss of a third of its shareholder value that has yet to fully recover.
Record fiscal year financial results
Driven by channel growth and a 95 percent plus customer retention rate, Centrify hit a milestone of more than $100M in sales in fiscal 2017. We expanded our footprint within the Fortune 5000 with global brands like Louis Vuitton, Office Depot and Colgate-Palmolive and achieved positive cash flow from operations. Centrify now serves 32 members of the Fortune 50.
AWS Advanced Partner Status
Centrify achieved two milestones with Amazon Web Services (AWS) this year. We were named an Advanced-tier Partner in the AWS Partner Network and Centrify Identity Services were made available on the AWS Marketplace. This allows us to leverage AWS’s shared security model and provide identity and privilege management solutions for AWS administrators and developers, and users of applications and workloads running on AWS services.
In partnership with the Institute for Critical Infrastructure Technology (ICIT) Centrify reengineered its annual CentrifyConnect event to more comprehensively tackle the many security issues organizations face today. Former NSA Director and four-star army General (Ret) Keith B. Alexander’s keynote covered the most serious threats against US interests and outlined how to prioritize and defend against them.
His presentation was followed by more than a dozen CISOs from the Fortune 500 as well as former Inspector General of the US House of Representatives, Theresa Grafenstine, who spoke of building a culture of trust within an organization. The event was very well received by attendees. Mark your calendars and plan to attend next fall.
If 2017 was a banner year for Centrify, 2018 looks to be a watershed year for the entire industry. Organizations will break into two distinct categories: Those that take the necessary steps to secure their users, data and resources, and those that don’t. If you’re in the latter group, it would be a good idea to ramp up your crisis communications teams and ensure a thorough response plan is in place. Things could get scary.
Last, I’d like to send out a sincere “thank you” to our employees, all our channel partners, our investors, and, most importantly, our customers. We could not do it without each and every one of you. Happy holidays!