Ransomware-Stopping Software Fueling Varonis Growth

The ability to stop ransomware and other damaging forms of cyberattack before they cause harm has placed Varonis Systems, Inc. (NASDAQ:VRNS), a leading provider of software solutions that protect data from insider threats and cyberattacks, and its rapidly growing DatAlert solution at the centre of the global battle being fought by organisations to protect their valuable data.

Varonis said attendance nearly doubled at its annual series of Varonis Customer Connect events, held in 20 cities across the U.S. and Europe during April and May 2016.

At each Varonis Connect event, customers have shared stories of ransomware and other attacks that have been stopped thanks to Varonis and, in particular, Varonis DatAlert. In announcing the company’s first-quarter financial results on May 4, 2016, Varonis Co-Founder and CEO Yaki Faitelson told analysts attending the conference call, “DatAlert is the fastest-growing license in Varonis’ history based on the number of customers that have purchased it from its GA to date, compared to similar time periods for our other software licenses.”

In Boston, Wade Sendall, Vice President of IT at The Boston Globe, told a packed Varonis Connect audience, “We’d like to think that we don’t have any insider threats, but like anyone else you don’t know until you have a solution like Varonis to show you what is going on. We recently had one of our admins go onto a website that downloaded Cryptolocker, it encrypted her local data, but what was really cool about it was that it told us very quickly that we had a problem. That’s one of the huge advantages that we’ve found with Varonis, that ability to generate automated responses from alerts. It shuts down her Active Directory account immediately so it very quickly mitigates any spread of the Cryptolocker around the company.”

Faitelson said, “Today’s sophisticated malware makes most perimeter security look pointless. With the growth of cloud and mobile use, these attacks are plaguing organisations everywhere. The best way to find ransomware and other, more stealthy and damaging insider threats is with user behaviour analytics (UBA).  You can’t catch what you can’t see, and we are enabling Varonis customers to detect ransomware like Cryptolocker, usually within minutes. With approximately 4,550 customers and a decade of experience collecting metadata, we have learned a lot. It takes very advanced machine learning to understand the relationships between users and data, and to detect and prevent these types of breaches.”

Already this year, Cyber Defense Magazine named Varonis the “Hot Company in User Behavior Analytics (UBA)”, citing Varonis DatAdvantage with DatAlert, and recognized Varonis DatAdvantage as the “Most Innovative Insider Threat Detection Solution.” DatAlert also was named a Gold winner of the Info Security Product Guide’s 2016 Global Excellence Awards® in the User Behavior Analytics (UBA) category.

In a recent poll of healthcare IT professionals, results showed that Ransomware is becoming a more prevalent threat vector, targeting and infecting 38% of IT professionals. This growth in Ransomware highlights the need for products like DatAlert that allow organisations to analyse and detect attacks, insider threats, breaches and new variants of Ransomware.

About Varonis

Varonis is a leading provider of software solutions that protect data from insider threats and cyberattacks. Through an innovative software platform, Varonis allows organizations to analyze, secure, manage, and migrate their volumes of unstructured data. Varonis specializes in file and email systems that store valuable spreadsheets, word processing documents, presentations, audio and video files, emails, and text. This rapidly growing data often contains an enterprise’s financial information, product plans, strategic initiatives, intellectual property, and confidential employee, customer or patient records. IT and business personnel deploy Varonis software for a variety of use cases, including data security, governance and compliance, user behavior analytics, archiving, search, and file synchronization and sharing. With offices and partners worldwide, Varonis had approximately 4,550 customers as of March 31, 2016, spanning leading firms in financial services, healthcare, public, industrial, insurance, energy and utilities, media and entertainment, consumer and retail, technology and education sectors.