Fortinet To Secure Cloud Environments Of 4 Major Companies

Fortinet (NASDAQ:FTNT) recently announced that its multi-cloud security offerings have been adopted by Aspire Global, MediaKind, MLP Finanzberatung SE and Nubank to improve their cloud environments with secure connectivity and consistent visibility and control.

Transition of workloads to the cloud has several concerns — the most important being security issues. In such an environment, complexities of using different security solutions are best avoided.

Per Gartner, 50% of enterprises will unknowingly directly expose some of their IaaS storage services, network segments, applications or APIs to public by 2021, up from 25% in 2018. This projection reflects the dire need of strong multi-cloud security offerings, which will cover all the security gaps that might crop up.

How it Works

Fortinet’s multi-cloud security products and solutions are part of the Fortinet Security Fabric. Notably, the Security Fabric architecture contributed to market share gain throughout 2018, along with improved sales and marketing. The strong momentum continues to aid the company.

Its FortiCASB-Cloud will enable customers to monitor activity and configuration of multiple cloud resources, and eliminate potential attack triggers. FortiWeb-VM will protect web APIs and front-end web applications from threats. FortiCloud Sandbox Service will analyze files and storage services to identify malware.

Expansive Efforts on Fortinet Security Fabric

Fortinet is focused on expanding the Security Fabric product suite. Strong global demand for the company’s Security Fabric offerings, led by digital transformation across most industries, is pushing the company to undertake such initiatives.

Last year, Fortinet joined Amazon’s (NASDAQ:AMZN) AWS Consulting Partner Private Offer ecosystem, which will enable the company to be natively rooted in the AWS selling process and enable it to accelerate customers’ journey to the cloud.

Further, the company announced three more key customers in its Fabric-Ready Partner program, which already includes AWS and Nozomi Networks — RAD, Indegy and SecurityMatters. This will enhance the security solutions available to operational technology customers through the Fortinet Security Fabric.

Moreover, more than 50 of the company’s solutions in the Security Fabric suite were approved by Department of Defense Information Network last year.

In October 2018, Fortinet acquired the threat analytics company — ZoneFox — that strengthened the Security Fabric platform.

Competition a Concern

Fortinet faces competition from numerous players in the security application market. In the multi-cloud security space, the most notable competitors to Fortinet are Palo Alto (NYSE:PANW) and Cisco (NASDAQ:CSCO) .

Palo Alto recently revealed its intent to acquire container security company Twistlock, and serverless security firm PureSec, to better protect customers’ journey to the cloud. The company also introduced its comprehensive cloud security suite, Prisma. These proposed buyouts are expected to further boost the company’s cloud security suite.

Cisco’s cloud security solutions are also gaining significant momentum due to various efforts to boost business. Notably, in October last year, Cisco acquired Duo Security to enhance its cloud security portfolio.

However, we believe that Fortinet’s robust steps to maintain stronghold in the cybersecurity market position it comfortably amid intense competition.

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